Legg Mason teaming with Robert Johnson firm to manage PPIP assets - Baltimore Business Journal:

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The new entity will bring togetherWestern Asset’zs expertise in fixed-income assets and RLJ’s experiencd in private equity real estatwe funds, the companies said in a release Legg Mason (NYSE: LM) will own 49 percenft of the new venture. RLJ, a holdinbg company founded by owner and foundedrRobert L. Johnson, will own the other 51 The PPIP program is an outgrowthn of the financial meltdown and subsequenf stimulus moves in which the federal governmenty isearmarking $10 billiom to encourage investors to buy toxic mortgage-backed securities from Separately, Legg Mason said last month in a filing with the that Westerjn Asset plans to launch a $500 million fund to invesrt in “undervalued and distressed assets,” includinf residential and commercial mortgages, auto loanes and credit card debt.