Wilbur Ross, the US financier who specialises in distressed businesses, is planning a push into subprime mortgages in a sign the credit turmoil is opening up opportunities for bargain-hunting, risk-taking investors.

In an interview with the Financial Times, Mr Ross said the subprime market, which has been ravaged by rising defaults and mounting problems at mortgage lenders, was a new focus for his private equity firm, WL Ross.