Bear says mortgage funds are near worthless

Fri Jul 20, 2007

Bear Stearns on Tuesday told clients that its two troubled mortgage hedge funds are basically worthless after losing billions of dollars on subprime mortgage bets.

In a letter to investors, Bear wrote that its High Grade Structured Credit Strategies Enhanced Leverage Fund had “effectively no value left” and that...

ISSN: 2151-1845 / CDC10004H

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