It’s no secret many mall complexes have been struggling for years as
Americans do more of their shopping online. Now they’re catching the eye
of hedge-fund types who think some may soon buckle under their debts,
much as many homeowners did nearly a decade ago.
Like the run-up
to the housing debacle, a small but growing group of firms is
positioning itself to profit from a collapse that could spur a wave of
defaults. Their target: securities backed not by subprime mortgages, but
by loans taken out by beleaguered mall and shopping center operators.. .