Distressed-mortgage investors are descending on troubled Puerto Rico, Bloomberg News reported on Friday. There are big names among them: Goldman Sachs Group Inc. and Perella Weinberg Partners and TPG Capital. What’s luring them is the opportunity to scoop up home loans and foreclosed properties for pennies on the dollar.
Puerto Rico in Distress
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Puerto Rico's financial oversight board late on Friday approved a plan to wind down the island's Government Development Bank (GDB), bringing the defunct fiscal agent a step closer to settling more than $5 billion in debt, Reuters reported on Friday.
A group of hedge funds that owns $3.3 billion of Puerto Rico bonds disclosed in court documents the amount that each of them holds, Bloomberg News reported yesterday. The disclosure is related to the territory’s May 3 bankruptcy, which will allow Puerto Rico and its agencies to reduce the $74 billion of debt left after years of economic decline and borrowing to cover operating expenses.
Congress has not formally recognized Puerto Rico’s vote for statehood, but that isn’t stopping the territory’s political leaders from gearing up for a Capitol Hill clash with plans to dispatch representatives to Washington, D.C., FoxNews.com reported. Gov.