What We're Hearing

Here's an update on Home America, the REO investing firm managed by Kyle Walker, former CEO of Fremont Investment & Loan: not only is the young company buying beaten down homes but it's actively bidding on offerings from Fannie Mae. Once it raises additional capital, it hopes to increase its portfolio of homes under management by 1,000 properties. Meanwhile, on Wednesday PHH Corp. will hold a conference call with investors to further discuss its "transformation initiative" announced late last year." PHH's largest institutional share holder is Black Rock Financial which owns roughly 12% of the company, the nation's ninth largest mortgage servicer. (Figures courtesy of the Quarterly Data Report.) Black Rock also is a big investor in PennyMac, the publicly traded REIT managed by Stan Kurland...