Firms Launch Mortgage Restructuring JV

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.