Blackstone, TPG near buying UK subprime mortgage lender – SkyNews

Pump money into it for legal fees to foreclose, I suppose…
What Congress needs to do is clarify that properties with dwellings and/or buildings of any sort may not be carried on the accounting books as an assets, but only as a liability due to the local tax burdens, insurance, homeowner association fees – etc. The only asset that may be counted are the monthly payments as received.

Justice League

(Reuters) – Private equity firms The Blackstone Group LP and TPG Capital Management LP [TPG.UL] are close to buying subprime mortgage lender, Kensington, Britain’s Sky News reported on Sunday.

Sky News said the sale of Kensington, owned by Anglo-South African financial services provider Investec, had not yet been finalised, but a deal could be announced this week.

The television and multimedia news agency said the two firms had lined up a new management team to take charge once the deal is completed. (http://bit.ly/1oGhSi0)

Blackstone and TPG are also expected to pump capital into the business, Sky reported.

Investec bought Kensington, which had specialised in lending to home buyers with a poor credit history, in a 283-million-pound deal in 2007.

Read on.

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