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February 27, 2019  

New Direction for MBS Manager

Deer Park Road, which earned double-digit returns buying devalued mortgage-backed securities in the aftermath of the credit crisis, is now positioned to profit from a sell-off in the high-yield bond market.Over the past year or so, the Steamboat Springs, Colo., firm has built a massive short position via purchases of credit-default swaps referencing commercial mortgage-backed securities, U.S. and European high-yield corporate debt and other...

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