The Traderszone Network

Published in TZ Latest News 24 August, 2016 by The TZ Newswire Staff

Hedge funds looking for big payday on defaulted mortgage bonds

Two hedge fund managers are hoping for a big payday on defaulted pre-crisis mortgage bonds by capitalizing on legal fine print. The funds, Prosiris Capital Management and Tilden Park Capital Management, bought defaulted bonds issued prior to the 2008 crash by Countrywide Financial Corp, now part of Bank of America. In 2011, Bank of America settled with the bond investors, agreeing to pay $8.5 billion to cover their losses.

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