Hedge Funds

Mortgage men offer distressed vehicle


A Connecticut hedge fund firm that specializes in mortgage securities launched a new vehicle this month that will gobble up severely discounted mortgage-backed and other mortgage-related securities.

"We're not going to try to take advantage of all the carnage - there's way too much. We have a special place in our hearts for mortgages," says Donald Brownstein, chief executive and founder of Structured Portfolio Management of Stamford. "This is a liquidity crisis and that's what the economic function of a hedge fund is: to provide liquidity."

Donald Brownstein

Structured Portfolio is aiming to raise $500 million