Update on Bill Frey’s Battle to Protect Bondholders

Bloomberg: Mortgage Investors Form Battle Lines Over Housing Aid

The head of Greenwich Financial
Services LLC warned bond investors in Washington last month that
government efforts to reverse the housing slump are doing more
harm than good by undermining debt contracts.

More than 30 money managers with stakes in the $6.7
trillion mortgage bond market that underpins the real-estate
industry heard Bill Frey’s March 25 talk, according to a list of
the attendees. Since then, a group of investors with home-loan
bonds totaling more than $100 billion have hired Patton Boggs
LLP, Washington’s biggest lobbying law firm, said Micah Green, a
partner and former head of the Bond Market Association.

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