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FDIC's Hedge Fund Deal Hurts L.A. Economy

By Implode-Explode Heavy Industries

``Any agency of the federal government should be looking out for the public's interest. But that's not what happened in this case. FDIC made a deal with an East Coast hedge fund, Starwood Capital, in which Starwood was able to put up only $10 million cash and receive an interest-free loan of $7 million to purchase managing interest in the Concerto loan of $163 million.''

Full post as published by Mortgage Lender Implode-o-Meter on July 23, 2010 (boomark / email).