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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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