JMP Securities has initiated coverage of PennyMac Mortgage Investment Trust, calling the residential-related vulture fund a "market outperform." Six firms are now following Calabasas, Calif.-based PennyMac, which is managed by former Countrywide Financial Corp. president Stanford Kurland. (Kurland departed Countrywide two years before the lender's problems began in earnest.) A publicly traded REIT, PennyMac has been actively bidding on nonperforming loan portfolios and is working on a lending conduit. Its affiliates include a servicing operation as well.
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