You have to give Boston’s Putnam Investments credit: It’s going where no one else wants to go.

The Boston Business Journal is reporting that the giant mutual-fund and institutional money manager is planning to create a new real estate investment trust (REIT) to invest in bonds backed by mortgages, including subprime mortgages. The thinking behind the move: There’s some good discounted investments out there in the mortgage market.

We’re not so sure, but you don’t make the big bucks by running with the pack.

File under: Gutsy move