Banks--- Betting on the recovery Message Board

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Non-Tech : Banks--- Betting on the recovery

WFC 87.12

-0.3%

Nov 4 3:59 PM EST

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To: Road Walker who wrote (1240)	11/20/2010 3:36:41 PM
From: tejek	of 1428

Bloomberg News, sent from my iPad. Pimco Said to Seek $1 Billion to Buy Troubled Assets From Banks Nov. 19 (Bloomberg) -- Pacific Investment Management Co., manager of the world’s largest mutual fund, is raising at least $1 billion for a private fund to buy troubled loans from banks divesting assets to meet new rules, said two people briefed on the plans. The Pimco Bravo fund, short for Bank Recapitalization and Value Opportunities, will acquire commercial and residential mortgage loans and other debt, according to a prospective investor who asked not to be named because the capital raising is private. Pimco plans to work with a loan servicer to renegotiate the terms of the acquired debt directly with creditors, the client said. I hope this is a sign that the worst is behind us....if the private sector is willing to buy the bad loans, then they must think the time is drawing near when those bad loans will not be so bad and they can make a profit. Having said that, I have sold all my banks except C and HBAN, both of which have good profits in my IRA. I made money on BAC and lost big on RF which saw three top execs. leave this past week and took a small loss on SNV.

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