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PPIP, though small, psychs the markets

Only $6.2 billion was invested by year-end, but it revived mortgage-backed securities.

By Neil O'Hara For $21 billion New York hedge fund manager Angelo, Gordon & Co., participating in the Treasury's Public-Private Investment Program, or PPIP, was a commercial necessity, not a matter of choice. The firm, which specializes in distressed investments, began buying bombed-out mortgage-backed securities in November 2008, accumulating $5 billion

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