Foreclosures Give Rise to a New Industry

Waypoint, a private-equity real estate fund with $150 million in assets, is pioneering a new approach to making money from the housing crash. Since 2007, investors have been trolling the cratered suburbs stretching from California to Florida for cheap houses to flip. And firms such as PennyMac Mortgage Investment Trust have sought value in subprime-mortgage-backed securities. By Edward Robinson, March 31, 2012 READ MORE >