400 CAPITAL'S CHRIS HENTEMANN SAYS HE STILL SEES INVESTMENT OPPORTUNITIES IN RESIDENTIAL MORTGAGE DEBT DESPITE THE HOUSING RECOVERY, AND IS INCREASING HIS EXPOSURE TO COMMERCIAL REAL ESTATE DEBT. ANCHOR (OFF-CAMERA) ENGLISH SAYING: Now, your specialty is structured credit. I'm curious, you started the firm a couple of years ago just as housing really was starting to collapse. Was that why you started the firm? I mean, did you see opportunities then? CHRIS HENTEMANN, MANAGING PARTNER, 400 CAPITAL MANAGEMENT(ENGLISH) SAYING: Yeah, absolutely. I mean, it was a career progression for myself and my team and we've been in the sector for over 20 years which has given us the exposure to multiple cycles. And what we were seeing in the housing market years ago was basically a deterioration in credit and over-leverage in terms of the structure and then we started to see the reprising of that in the markets in 2007 and 2008 and just felt it was going to be a once in a lifetime career opportunity to get in as an aggressive, opportunistic investor. And there was nothing better than putting your own money into it which gave us the motivation to start the company in 2008 and then execute the portfolio strategy for the past couple of years, and so. ANCHOR (OFF-CAMERA) ENGLISH SAYING: So where are we now in terms of what is attractive to you? Are you still looking at residential credit? Are you looking more at commercial credit? Where is the opportunity? Has that part played out for you ...
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