(Reuters) - They said the sale appears related to losses sustained in subprime mortgages by at least one hedge fund managed by the investment bank. The sale came just as New York-based Bear Stearns said its quarterly earnings fell by a third, citing stress in the mortgage market that hurt bond trading revenue and as it wrote down assets at a stock trading venture.
The securities for sale are among the least likely to suffer losses from the meltdown in risky mortgage assets caused by years of loosened underwriting standards and a slump in the U.S. housing market. That would ensure the money is raised expeditiously, the managers said.
Read more at Reuters.com Business News
The securities for sale are among the least likely to suffer losses from the meltdown in risky mortgage assets caused by years of loosened underwriting standards and a slump in the U.S. housing market. That would ensure the money is raised expeditiously, the managers said.
Read more at Reuters.com Business News
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