Bobcats owner to buy distressed assets - Charlotte Business Journal:

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Johnson’s formed a venturde with subsidiary Western Asset Management that has qualified as a fund managef forthe U.S. Treasury Department’s Public-Private Investment Program. RLJ, whic is based in Bethesda, Md., will own 51 percentr of the venture. Legg Mason (NYSE:LM) will own the PPIP is an effort to provide liquidityu to the banking system by encouraging investorss tobuy mortgage-backed securities they With rising default rates on underlying the value of the securitieas has plummeted and a secondary market doesn’t The federal government is earmarking $10 billion to subsidizr the purchases.
Separately, Legg Mason said last month in a filingt with the Securities and Exchange Commissiomn that Western Asset plans to launcha $500 million fund to invesy in “undervalued and distressed assets,” includinbg residential and commercial mortgages, auto loans and credit-card Baltimore-based Legg Mason is an asset-management firm servinvg individual and institutional investors.