A vulture firm founded by former Countrywide Financial Corp. president Stanford Kurland filed Friday to raise as much as $750 million in an initial public offering. According to Securities and Exchange Commission documents, the fund is telling investors that there are "unique" market opportunities in the distressed mortgage market whose size it estimates is at least $1 trillion. As a technical matter, the unit going public is called PennyMac Mortgage Investment Trust (a REIT) which will be managed by Private National Mortgage Acceptance Co., a Calabasas-based company that Mr. Kurland formed about two years ago with backing from BlackRock Inc. and Highfields Capital Investments. To date, PennyMac has made only one sizeable investment, a $558 million portfolio of 2,800 residential loans where it has a cash flow sharing arrangement with the government. PennyMac's chief investment officer is David Spector, former co-head of residential mortgages for Morgan Stanley. According to PMMIT's S-11 filing, its business plan is to invest mostly in residential loans and provide "attractive risk-adjusted returns to our investors over the long-term, primarily through dividends and secondarily through capital appreciation." It notes that $750 million is the maximum amount it hopes to raise.
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Horton, who stepped back from an executive role at his company D.R. Horton in October, died suddenly on Thursday.
May 17 -
A recommendation to give Ginnie Mae expanded authorities is drawing focus in the reactions to a Financial Stability Oversight Council report on nonbank risks.
May 17 -
The April and May announcements from the U.S. government, down payment assistance firms and lenders on easing the homeownership affordability crunch.
May 17 -
Rohit Chopra, director of the Consumer Financial Protection Bureau, said Friday that the agency will be moving forward with rules and enforcement actions after the defeat of a Supreme Court challenge to the agency's constitutionality.
May 17 -
Roam Boost eases the path for FHA and VA mortgages held by sellers to be assumed by the buyer.
May 17 -
The House Financial Services Committee passed eleven bills, including a Democratic-sponsored bill on homeless veteran housing and a Republican-led package on bank regulation.
May 17