Tuesday, July 31, 2007

Bear Stearns Halts Redemptions on Third Hedge Fund After Mortgage Losses

(Bloomberg) -- Bear Stearns Cos., manager of two
hedge funds that collapsed last month, halted redemptions from a
third fund after investors demanded their money back.

The fund had about $900 million invested in asset-backed
securities, including mortgage bonds, spokesman Russell Sherman
said in a telephone interview. The fund probably had losses in
July and was overwhelmed by redemption requests, Sherman said.


Read more at Bloomberg Bonds News

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