Some of the big hedge funds are beginning to look at these battered mortgages. Merrill Lynch has just sold off a huge amount of mortgage backed debt. The most important take away is that at least, there are some people who want to buy these CDO's.
The Blackstone Group: Puts aside 1.25 billion
PennyMac: Has a $2 billion war chest as is shopping
BlackRock: bought $15 billion in mortgages from Swiss bank UBS AG
This is going to be a bumpy , but I do believe we are putting in a bottom. Real estate cannot recover until these institutions finish purging...there will be little money or interest in funding new housing
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