Turning misfortune into a fortune - easy if you know how

distressed debt

There is money to be made in distressed debt investing.

"The sub-prime mortgage market was the first domino to fall in the credit collapse and the repricing of credit risk," says Martin Sass, chief executive officer of MD Sass in New York.

"We are probably only about mid-way through the sub-prime debacle, with more than $500bn of sub-prime real estate loans about to reset over the next 18 months at much higher interest rates.

"The sub-prime implosion triggered a sudden widening of credit spreads,

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