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UBS selling off $15 billion in mortgage assets
This is a not a good week for UBS. It posted an almost $11-billion first quarter loss and says it will have to cut more than 5,000 jobs. The Zurich-based bank also announced today it would sell off a massive chunk of mortgage assets. American investment firm Black Rock, Inc. will buy $15 billion worth of Alt-A and subprime assets from UBS. Alt-A securities are considered slightly safer than subprime loans. The Wall Street Journal reports BlackRock will manage the holdings in a fund for distressed securities.
Posted by Lori Stassi on May 6, 2008 2:32 AM PT | Permalink
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I've just listened to Mr. Stein's concern for the poor working man. No doubt he drove his Bronco to the station to make his plea for the common man. Honestly, Ben Stein weeping for the common man's fate? After my sides stopped hurting from laughing ...
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