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August 23, 2007

Luminent Mortgage Capital's Shotgun Wedding with Hedge Fund Arco Capital

posted by MR WAVETHEORY at 8/23/2007 05:18:00 PM
I've been looking for mortgage survivors and I am adding Luminent Mortgage Capital, Inc. (NYSE LUM) to the list. The company got backed into a corner like all the other subprime mortgage lenders. The difference is that they will survive. They announced an investment of $65 million from Arco Capital, a hedge fund. It's a shot gun wedding of sorts and marriage of convenience. After the investment, Arco will own up to 51% of the company and 49% voting stake. The stock is trading at $1.20 down around 90% from the high of $10.84. Arco got a steal at $.18 per share.

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Blogger Layla said...

I'm very happy that this mortgage company overcame all dificulties and clients didn't suffer. People need to use mortgage and especially bad credit mortgage, because if you have a poor credit rating your options for mortgage lending are somewhat limited. Most traditional mortgage lenders do not have programs for individuals with poor credit ratings. There are however, many mortgage lenders that specialize in mortgages for people with poor credit ratings.

7:53 AM  

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