Hedge-fund operator Ellington Management Group bid $58m to win an auction of home-mortgage loans and related securities from New Century Financial Corp, the Wall Street Journal reports. New Century, one of the biggest subprime mortgage lenders until last year, filed for bankruptcy-court protection a month ago and is liquidating to pay creditors. Connecticut-based Ellington, a specialist in trading mortgage securities, is headed by Michael Vranos, a former mortgage bond-trading chief at Kidder Peabody, a Wall Street securities firm that collapsed in 1994.

This entry was posted by Gwen Robinson on Friday, May 4th, 2007 at 5:45 and is filed under Capital markets, Hedge funds, People. Tagged with ellington, new century. Edit this entry.