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Angelo Gordon Seeks Cash From JPMorgan Clients for Bad Mortgages

Angelo Gordon & Co. is seeking to raise as much as $750 million for a fund to invest in soured mortgages as banks and government agencies sell boom-era home loans at discounts.

The $26.5 billion investment firm, founded by John Angelo and Michael Gordon, is offering the fund through JPMorgan Chase & Co.’s private client group, according to a marketing document obtained by Bloomberg News. The firm is targeting $500 million to $750 million and will primarily invest in non-performing and previously delinquent mortgages. Allan Krinsman, senior counsel for New York-based Angelo Gordon, declined to comment, as did Darin Oduyoye, a JPMorgan spokesman.