Thread: China to Buy $2 Billion Worth of US Mortgages

China to Buy $2 Billion Worth of US Mortgages

Published: Monday, 17 Aug 2009 | 3:17 AM ET
Reuters

China Investment Corp, the country's $200 billion sovereign wealth fund, is set to pour up to $2 billion soon into the U.S. mortgage system by hiring mandates under the U.S. Treasury-backed Public-Private Investment Plan (PPIP), sources told Reuters.

CIC has yet to select any firms as mandates but is expected to make a decision before the end of August, said the sources with direct knowledge of the matter.

The sources declined to be identified as the negotiations are private and confidential. CIC declined to comment.

CIC, established by the Communist government in late 2007, is keen to participate in the PPIP as it expects the U.S. property market to start to recover gradually late this year, said the sources.

http://www.cnbc.com/id/32443645

China will be taking these mortgages, knowing the Americans are losing jobs at half-million a month, and if the entire mortgage is in their portfolio, not just a slice of it, they will begin to foreclose. Watch CFIUS rubberstamp this deal as well, no questions asked.
Anyone know any good courses on line for Mandarin Chinese?