Fog Cutter Capital Group Inc., Portland, Ore., has reported the sale of certain mortgage-backed securities by its subsidiary Fog Cutter Capital Markets Inc. for approximately $53.2 million.Fog Cutter, which invests in mortgage and real-estate-related assets, said the sales were completed via arm's-length transactions with an unaffiliated buyer. They are expected to result in gains on sale of about $13.3 million in the fourth quarter and the repayment of $33.1 million of related debt. "The sale of these securities positions us to strategically redeploy our capital into new opportunities which we expect will arise from the current global economic environment," said Andrew Wiederhorn, Fog Cutter's chairman and chief executive officer.
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