A Bear Stearns' hedge fund with about $900 million in mortgage investments is reportedly facing huge losses and is refusing to return investors' money, according to a news report published online Tuesday.

Revelations of the imperiled hedge fund comes weeks after the investment bank closed two hedge funds that suffered losses arising from the subprime-mortgage market.

Apparently the fund isn't quite worthless yet and Bear Stearns is trying to finagle things to keep it going. But they have resorted to delaying paying investors trying to get their money out, and that is usually the last resort before a crash. Because once you do that, every investor will try to get what they can out while they can.