BlackRock Inc., Highfields Capital Management, and a management team led by a former Countrywide executive have announced the formation of a company that will acquire and restructure distressed residential mortgage loans. Private National Mortgage Acceptance Co. LLC, or PennyMac, has been formed in Calabasas, Calif., by the two firms and a group of industry veterans led by Stanford L. Kurland, a former president of Countrywide Home Loans. "Our intent is to combine fresh capital with deep mortgage portfolio management and servicing expertise," said Mr. Kurland, chairman and chief executive officer of PennyMac. The companies can be found on the Web at http://www.blackrock.com, http://www.highfieldscapital.com, and http://www.pnmac.com.
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Lenders and other businesses active in the state also stepped up with large donations and charitable campaigns in the days following the flooding disaster.
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The move their regulator Bill Pulte announced introduces competition for one metric but charges from three credit bureaus will remain in place.
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California-based Dunmor said it is launching a wholesale division, which will be led by a former Newfi executive.
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Onity Group's Jack Cavanagh describes how data science has changed processes in the mortgage industry and what type of misconceptions still exist about AI.
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New research from the Federal Reserve Banks of New York and San Francisco says markets put the odds of zero interest rates lower today than in the recent past, but economic uncertainty raises the potential for drastic cuts in the "medium to long term."
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