When Blackrock Group agreed to buy $15 billion in mortgage assets from UBS in May this year, the move was seen as an indication of the depth of appetite among distressed funds for ABS assets. With some assets now discounted by as much as 30%, it is not surprising that hedge funds and sovereign wealth funds are moving in. But the perception that there is a large pool of money ready and waiting to mop up distressed ABS assets was roundly dismissed by several fund managers at...
