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It may not be a concert party in the strict definition of the term, but no question that it’s at least a trio—and probably a quartet—in a coincidental key, as some of the world’s best-known hedge funds put their shoulders to the very rickety wheel that is Accredited Home Lenders Holding Co (LEND). To review:

  • NEW YORK, March 21 (Reuters) - Citadel LP, which runs one of the world's largest hedge funds, on Wednesday said it has taken a 4.5 percent stake in Accredited Home Lenders Holding Co…
  • March 20 (Bloomberg)—Accredited Home Lenders Holding Co. got a $200 million loan commitment from hedge fund Farallon Capital Management LLC…Farallon…will collect a 13 percent interest rate…[and]…about 3.3 million warrants…at an exercise price of $10 a share. Farallon was Accredited's fourth-biggest shareholder as of Dec. 31, with 1.975 million shares, or a 7.8 percent stake, according to Bloomberg data. At current prices, the stake is valued at about $21 million, compared with $54 million at the end of 2006.
  • SAN FRANCISCO [Mar. 19 2007] (MarketWatch) - Newcastle Investment Corp (NYSE:NCT), a real estate investment trust managed by hedge fund giant Fortress Investment Group (NYSE:FIG)…said late Friday that it agreed to buy a $1.7 billion portfolio of roughly 7,300 subprime mortgages. Newcastle didn't say from which company it’s buying the loans and a spokeswoman for the REIT declined to comment…Accredited said late last week that it was in talks to sell $2.7 billion of its subprime loans at a discount to an unidentified third party…
    [Emphasis added...]
  • …Given the level of investor panic surrounding the sub-prime borrower lately, I’m feeling very greedy regarding sub-prime lenders these days, and am especially greedy over sub-prime mortgage lenders in particular…But once the current round of credit quality issues passes, it’s likely that the industry leaders will emerge with stronger competitive positions than ever. Of that group, one name stands out: Accredited Home Lenders. The investment partnership I manage has built a meaningful position in Accredited over the last three weeks...
    It's Time to be Greedy (Feb. 27 2007)
  • Source: Hedge Funds Lend Accredited Home Lenders Holding A Shoulder