The opportunities to be had in distressed assets are clear, but it appears that few early-movers in the space have been rewarded as yet. However, allocation to the sector looks set to increase in the coming months, potentially bringing some stabilisation for mortgage credit at least.
The majority of funds entering the distressed mortgage space over the last six to 12 months comprise big institutional money managers, which have largely been able to rely on their names and reputations to raise money.
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