Hedge fund manager Steve Moyer joined 4,000 Realtors and bargain hunters at a five-hour Southern California housing auction in February. As the tuxedoed barker peddled foreclosed homes for hundreds of thousands of dollars below their previous sale prices, Moyer took notes-research that may help him make money from the biggest housing collapse in 26 years.
Moyer, who helps oversee $7 billion at Tennenbaum Capital Partners LLC, is part of the rush of more than 70 hedge funds-including those run by Blackstone Group LP and Goldman Sachs Group Inc.-to snap up distressed mortgages and securities from banks battered by the subprime meltdown.
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