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

Federal Reserve

Fed warns of liquidity strains for stocks and bonds

In its latest financial stability report, the Federal Reserve found that asset prices continue to exceed underlying fundamentals and leverage levels remain high, especially by hedge funds.

By Kyle Campbell

April 25
Earnings

Flagstar pins the success of its turnaround on C&I growth

The Long Island-based regional bank, which reported another quarterly loss Friday, continues to hire in the commercial-and-industrial lending sphere as it seeks to diversify its commercial real estate-heavy business.

By Allissa Kline

April 25
Earnings

Newrez sees growth opportunity from Rocket-Mr. Cooper merger

The lender's parent also said it is actively in preparation to move forward on plans to unlock equity value in 2025, with a Newrez spinoff among its options.

By Spencer Lee

April 25
Economy

Doug Duncan on the economy and new advisory roles

Doug Duncan may be retired from Fannie Mae, but not from the housing market—his new firm is ramping up with writing, speaking, and advisory work.

By Spencer Lee

April 25
Servicing

Servicers lose an option but gain discretion as VASP ends

The way mortgage firms address distressed military borrowers will become less regimented as the Veterans Affairs Servicing Purchase program gets phased out.

By Bonnie Sinnock

April 25
MARKETING TO BORROWERS

Buyers gain edge as home prices dip in key markets

The trend is not the norm but there are growing opportunities to buy for less in some areas many people gravitate to, real-estate brokerage Redfin found.

By Bonnie Sinnock

April 24