Submitted by Ronald Tennant with Metrocities Mortgage:
Reuters (UK) (05/23/08); Singh, Neha
Mortgage bond pioneer and former Salomon Brothers Inc. executive Lewis Ranieri is seeking $1 billion for a venture that will purchase home loans. According to a regulatory filing, Selene Residential Mortgage Opportunity Fund LP has already raised $151 million from investors in three states--New York, Ohio and Pennsylvania--as of mid-April. Ranieri is one of the fund's managing partners. Another Selene managing partner, David Creamer, states, "Our plan is to raise $1 billion and buy delinquent mortgages that we will recast and refinance and try to keep the borrower in the house without a foreclosure."
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