Firms Launch Mortgage Restructuring JV

March 24, 2008, 1:00 p.m. EDT 1 Min Read

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.

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

Housing markets

Several housing stocks escape stock market rout

The Dow Jones Industrial Average dropped over 2,200 on Friday, the second day of a sell-off due to tariffs, but that could be good for mortgage rates.

By Brad Finkelstein

April 4
Litigation

DOJ says CFPB stop-work order maintains statutory functions

The Department of Justice said in a court filing Friday that a February stop-work order from acting Consumer Financial Protection Bureau Director Russell Vought did not entail stopping statutorily mandated work by the bureau, defying earlier testimony.

By Kate Berry

April 4
Industry News

First American exec faces assault charges on cruise ship

The FBI intervened in the incident, which a lawyer for the company's CEO said was a response to another man's actions.

By Maria Volkova

April 4
Servicing

MBA raises alarm over winding down of VA relief program

Republican lawmakers, mulling a new partial claim proposal, slammed the expiring program that has purchased thousands of mortgages as Biden-era overreach.

By Andrew Martinez

April 4
Federal Reserve

Powell: Fed will wait to see tariffs' effects before acting

The central bank wants to let Trump's policies play out across the economy before deciding which way to move interest rates, and it's too soon to know what the impacts will be, the Federal Reserve chair said.

By Chana Schoenberger

April 4
Career moves

Former Fannie Mae economist Doug Duncan forms new business

Duncan announced the launch of a new company in a social media post in early April after retiring from the government-sponsored enterprise at the end of 2024.

By Spencer Lee

April 4