Dalton Investments LLC, a Los Angeles-based investment management firm, has announced that it is offering a new distressed-mortgage strategy under which defaulted loans are bought at significant discounts from mortgage servicing companies and restructured.The strategy will provide affordable monthly payments for homeowners and a residential mortgage- and real estate-backed investment vehicle for Dalton's investors, the firm said. The new strategy, a joint venture with Beach Front Property Management Inc., Long Beach, Calif., will be managed by Steven D. Persky, Dalton's co-founder and chief executive officer, and Kyle Kazan, president of Beach Front Property. "This new strategy will combine Dalton's expertise in distressed debt and Beach Front Property Management's experience in buying and restructuring troubled real estate assets," Mr. Persky said. "The subprime market is just beginning to unwind, and we expect defaults and foreclosures to skyrocket over the next six to 12 months." Dalton can be found online at http://www.daltoninvestments.com.

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