It appears that noted vulture investor Wilbur Ross is looking at the mortgage meltdown.

He’s made a fortune picking through the bones of failed steelmakers, textile mills and coal miners. Now billionaire investor Wilbur Ross is taking aim at another beleaguered industry: subprime mortgage lenders.

He took his first step on Monday by providing $50 million in debtor-in-possession financing for American Home Mortgage Corp (AHMIQ.PK: Quote, Profile, Research), which filed for bankruptcy earlier in the day.

He buys things like coal mines and steel companies on the cheap, and resells them to people who kill coal miners and default on retirement and health insurance guarantees.

Lovely fellow, and he’ll have a lot of work in the immediate future.