Apollo Shines on European Mortgages
While many investors have turned fearful about Europe, the private equity firm Apollo Management has been looking to buy mortgages from Europe's ailing banks.
"We're spending a lot of time putting capital to work in Europe. Why? Because the banks are being forced by their governments to get into ratio on a regulatory basis and you have over a trillion dollars of assets being sold right now. We're buying billions of dollars of loans related to mortgages and real estate," Apollo head Leon Black said at the Milken Institute's Global Conference.
This idea of buying distressed mortgage securities is quickly becoming a theme here at Milken.
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