Stifel Nicolaus has initiated coverage of PennyMac Mortgage Investment Trust, calling the publicly traded vulture fund a "hold." There are now four investment firms following the company which went public last summer but has yet to turn a profit. PennyMac is trying to branch out from buying troubled mortgage assets into servicing and even lending through a conduit. Based in Calabasas, Calif., the company was formed two years ago by former Countrywide Financial Corp. president Stanford Kurland. It has been actively bidding on both nonperforming loan packages and servicing. It came in second in the bidding for an $11 billion package of jumbo servicing rights auctioned off by the bankruptcy trustee for Thornburg Mortgage of Santa Fe.
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