Bayview Financial Holdings, a Coral Gables, Fla., mortgage finance company, has agreed to sell a minority position in its Bayview Asset Management  to Blackstone Group, a New York alternative investment manager.

The unit currently manages a $2 billion fund and said its servicing arm, which specializes in sub-performing and nonperforming loans, gives it "a unique advantage over other asset managers seeking to deploy capital" in mortgage investments.

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