Submitted by Ronald Tennant with Metrocities Mortgage:
Wall Street Journal (05/22/08) P. C2
UBS AG has sold $22 billion in subprime and Alt-A mortgage-backed securities for $15 billion to BlackRock Inc., a U.S. asset fund that is 49-percent owned by Merrill Lynch & Co. BlackRock will purchase the securities using an $11.25 billion, multiyear collateralized term loan from UBS. The transaction shows that the Swiss bank is eager to unload its riskier assets.
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