BlackRock Fund Said to Be Seller in Mortgage-Bond Auction
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BlackRock Inc. is winding down one of the biggest wagers made on bonds backed by souring U.S. mortgages during the financial crisis.
The world’s largest money manager sold $3.7 billion of the $22 billion of securities it bought from UBS AG six years ago to Credit Suisse Group AG in yesterday’s auction of mostly subprime-mortgage bonds, according to a person with knowledge of the transaction, who asked not to be named because the information wasn’t public.