The FT has noted that:
Carrington Capital Management, a $1bn hedge fund specialising in mortgages, is trying to persuade its investors to lend it up to $200m to replace bank loans, in the latest sign of concern about banks pulling credit lines to hedge funds.
Carrington, part-owned by New Century, the failed US subprime lender, has offered investors an 18 per cent interest rate on new preferred shares it plans to issue.
18%? Is anyone that mad?
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