Credit-Based Asset Servicing and Securitization LLC (C-BASS), a New York-based subprime loan company, said
it's in talks with investors to ensure it has sufficient funds. Mortgage insurers MGIC Investment Corp. and Radian
Group Inc. yesterday said their C-Bass joint venture may be worthless, requiring more than $1 billion in write
downs. Ouch. "The current severe state of disruption in the credit markets has caused C-Bass to be subject to an
unprecedented amount of margin calls from our lenders," C-Bass said today in a statement on Market Wire. C-
Bass buys mortgages with overdue payments, aiming to improve collection rates before selling packages of the
debt at a profit. "I'm surprised," said Mark Patterson, a managing director at Los Angeles-based NWQ
Investment Management, who may win the "Naïve person of the year" award.
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