Western Asset Mortgage Capital Corporation · Pasadena, CA United States ·(NYSE: WMC)

Western Asset Mortgage Capital is on the lookout for distressed residential and commercial mortgage-backed securities. The investment firm is also looking for opportunities to acquire asset-backed securities. It intends to finance its investments in these target assets through both US government programs and private funding sources, such as repurchase agreements and asset resecuritizations. Western Asset Mortgage Capital is managed by Western Asset Management Company, a subsidiary of Legg Mason. It intends to qualify as a mortgage REIT and will use certain proceeds from its 2009 IPO initially to make interest-bearing, short-term investments in money market accounts or funds. To read the full description, subscribe now.