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Monday, September 23, 2013

Soros to Goldman Poised to Win on Crisis-Era Housing Bet

Goldman Sachs Group Inc., JPMorgan Chase & Co. and billionaire George Soros are poised for gains from a housing bet placed in the depths of the financial crisis.
Essent Group Ltd., the Bermuda-based mortgage insurer that raised $500 million from a group including those backers in 2009, filed last week to sell shares in the first initial public offering of a home-loan guarantor in almost two decades.
The industry is rebounding from record homeowner defaults that triggered payouts, forced almost half the companies out of the business and pushed some of the biggest survivors to the brink of default. With property prices now rising at about the fastest pace since 2006 and the government reducing its role backing home loans, firms that sold policies before housing collapsed -- Radian Group Inc. and MGIC Investment Corp. -- are attracting new investors to replace capital lost in the slump.
Read More :http://www.bloomberg.com/news/2013-09-24/soros-to-goldman-poised-to-win-on-crisis-era-housing-bet.html>>>>

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George Soros was born in Budapest, Hungary, in 1930. His father was taken prisoner during World War I and eventually fled from captivity in Russia to reunite with his family in Budapest. Soros was thirteen years old when Hitler's Wehrmacht seized Hungary and began deporting the country's Jews to extermination camps. In 1946, as the Soviet Union was taking control of the country, Soros attended a conference in the West and defected. He emigrated in 1947 to England, supported himself by working as a railroad porter and a restaurant waiter, graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank.

In 1956, Soros immigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity', which he has laid out in his recent books THE ALCHEMY OF FINANCE and THE CREDIT CRISIS OF 2008 AND WHAT IT MEANS. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.