11/20/08

Updated On 07/25/08 at 11:40AM

Blackstone plans to buy subprime loans



Blackstone's Steve Schwarzman

The Blackstone Group announced it will enter the subprime market, buying up troubled loans to resell or securitize them for a profit. The private equity firm has already set aside $1.25 billion to do this through a partnership with Florida firm Bayview Financial. Hedge funds Fortress and Och-Ziff are also thinking of taking advantage of the down market.

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