Another Bear hedge fund hit by mortgage turmoil

"The $850 million Bear Stearns Asset-Backed Securities Fund has suspended investor redemptions and expects losses in July. During the first half of 2007, the fund was up roughly 5%... The Bear Stearns Asset-Backed Securities Fund isn't leveraged, which means there's little pressure for the fund to sell positions. The fund also has less than 0.5% of its assets in subprime securities. Most of the assets are higher-rated mortgage-related securities."