Items Tagged with 'Stanford Kurland'

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  • PennyMac Subsidiary to Issue $750 Million IPO

    [Update 1: clarifies PennyMac filed for an IPO; yet to offer shares.] PennyMac Mortgage Investment Trust, a distressed asset firm founded by former Countrywide Financial Corp. President Stanford Kurland, filed Friday to issue an upcoming initial public offering. The firm hopes to raise up to $750m with the IPO.
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  • PennyMac Funds Buy Mortgage Portfolio From FDIC

    Private National Mortgage Acceptance Company, LLC -- that's PennyMac to you and I -- said Wednesday morning that investment funds managed by its affiliate, PNMAC Capital Management, LLC, had recently completed the purchase of $558 million in residential mortgage loans from the Federal Deposit Insurance Corporation. The loans were formerly held by the First National Bank of Nevada, closed by the Office of the Comptroller of the Currency in July; the FDIC was named receiver.
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  • Heavy Hitters Bankroll Former Countrywide President's Distressed Mortgage Play

    The latest big name to get back into subprime is none other than Stanford Kurland, Countrywide's former president and COO -- Kurland leads a group of well-heeled industry execs headlining a new distressed mortgage purchaser/servicer, named the Private National Mortgage Acceptance Company, LLC. That's PennyMac for short, in an interesting play on GSE nomenclature.
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