{"id":5536,"date":"2007-01-12T00:00:00","date_gmt":"2007-01-12T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"hedge-funds-asked-to-bid-on-ameriquest","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/01\/2007\/hedge-funds-asked-to-bid-on-ameriquest.html","title":{"rendered":"Hedge Funds asked to Bid on Ameriquest"},"content":{"rendered":"<p><span class=\"copy\">HedgeCo.Net (New York) &#8211;<\/span> Ameriquest has had talks with several hedge funds recently, including Ellington Capital Management, a large Old Greenwich, Conn.-based hedge fund,to see if there would be any interest in bidding on their company.<\/p>\n<p>  News of the possible sale was first reported by trade publication Asset Securitization Report. The New York Post reported that a source familiar with the hedge fund said J.P. Morgan bankers  representing Ameriquest asked the fund if it was interested, fund executives haven&#8217;t decided if they want to proceed and receive an offering circular.<\/p>\n<p>  Ellington&#8217;s strategy relies on their ability to identify and purchase undervalued securities. They manage around $4.5 billion, with over $3 billion dedicated to mortgage bonds. Ellington\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s Managing  Directors are also investors in its strategies, with over $50 million of their capital invested alongside its clients\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2 capital. One of the hedge fund&#8217;s specialties is hedging what Wall Street terms  &#8220;mortgage credit risk&#8221; or the risk that homeowners with less than stellar credit profiles &#8211; which is Ameriquest&#8217;s customer base &#8211; might default or fall behind on their payments.<\/p>\n<p>  According to rival hedge fund managers, selling the privately held Ameriquest to Ellington is a good idea, &#8220;Ellington has hundreds of millions of dollars in sub-prime paper on their books, they  have good risk management and they have the cash. If [Ameriquest] is cheap enough, why not?,&#8221; said one rival hedge fund manager. This rival noted that Ameriquest&#8217;s $295 million settlement with  regulators last year over predatory lending abuses removed a significant barrier for a possible buyer.<\/p>\n<p align=\"left\">  Alex Akesson<br \/>  Contributing Writer<br \/>  HedgeCo.Net<br \/>  Email: <a href=\"mailto:Editor@hedgeco.net\">Editor@hedgeco.net<\/a>   <\/p>\n<div align=\"left\">\n<p align=\"left\">    HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge    Funds!  <\/p>\n<div align=\"left\">\n<p align=\"left\">      <strong>Be sure to check out our sister sites. <a href=\"http:\/\/www.hedgefundlounge.com\/\">www.hedgefundlounge.com<\/a>, <a href=      \"http:\/\/www.hedgefundtools.com\/\">www.hedgefundtools.com,<\/a><\/strong> and <a href=\"http:\/\/www.hedgefundemployment.com\/\"><strong>www.hedgefundemployment.com.<\/strong><\/a>    <\/p>\n<\/p><\/div>\n<\/div>\n<p>  &nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HedgeCo.Net (New York) &#8211; Ameriquest has had talks with several hedge funds recently, including Ellington Capital Management, a large Old Greenwich, Conn.-based hedge fund,to see if there would be any interest in bidding on their company. News of the possible [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5536","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=5536"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5536\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=5536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=5536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=5536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}