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A smart bet on the collapse of the subprime housing market comes back to bite Geoff Grant and Ron Beller.

NEW YORK (Fortune) — Not long ago, Goldman Sachs alums Geoff Grant and Ron Beller looked like superstars. A prescient wager on the collapse of the subprime mortgage bond market generated last year a whopping 87 percent return for one of their hedge funds.

The twosome, who run London-based Peloton Partners, aren’t looking so shrewd these days. They’ve been forced to liquidate their once high-flying ABS fund after gambling big on a mortgage bond rebound that didn’t materialize. The $1.8 billion fund’s collapse comes after a series of recent trades dropped sharply in value, leading to margin calls from creditors that the firm was unable to meet.

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Tags: application, Goldman Sachs, mortgage, subprime

This entry was posted on Saturday, March 1st, 2008 at 12:38 am and is filed under Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.