Tuesday, March 06, 2007
Citadel wins bidding for ResMae
Citadel Investment Group agreed to buy ResMae Mortgage for about $180m, beating out Credit Suisse Group in a last-minute auction for the bankrupt mortgage lender, reports Bloomberg. The Chicago-based hedge-fund manager will pay about $20m for ResMae’s lending business and 98.5 cents on the dollar for the company’s $160m loan portfolio, said Ron Greenspan, a financial adviser for ResMae’s creditors. The sale price is still less than half what Credit Suisse bid for ResMae as recently as December, illustrating the swift deterioration of finances at companies that specialize in home loans to borrowers with poor credit.
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Lunch is for wimps
It's not a question of enough, pal. It's a zero sum game, somebody wins, somebody loses. Money itself isn't lost or made, it's simply transferred from one perception to another.
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