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Funds Attack Banks’ Aid For Subprime Borrowers

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http://www.ft.com/cms/s/3ae806a2-0fa6-11dc...ies%2Ffinancial

Hedge funds are attacking bank decisions that help delinquent US mortgage borrowers remain in their homes in a move that pits some of the country’s richest people against its least well-off.

The dispute centres on derivatives contracts that pay money to investors when bonds backed by subprime mortgage loans – extended to people with past credit problems – run into trouble. The $1,200bn (€890bn) US subprime mortgage bond market has been hit recently by rapidly growing defaults, and hedge funds have profited from the crisis by buying such derivatives.

looks like they arnt getting on., good divde and fall.

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