Vulture Fund PennyMac Is Now Selling Loans

PennyMac Mortgage Investment Trust, generally considered a buyer of problem residential loans, is auctioning off two different loan packages totaling $47 million. A company spokeswoman confirmed that the publicly traded REIT is offering an $18 million pool of nonperforming loans and a $29 million pool of performing mortgages. No other details were provided. The company is in the process of getting licensed as an originator and servicer in several states. In other nonperforming loan news, investment bankers say a large Wall Street firm is offering a small package of NPLs believed to be in the $20 million range. Gordon Albrecht, EVP for FCI Lender Services, Anaheim Hills, Calif., said he believes the NPL auction market is beginning to heat up but cautioned that "it's all small scale deals." Few large sales of NPLs — anything over $100 million in face value — have occurred over the past two quarters. (For full details see the Dec. 14 paper edition of National Mortgage News.)