PennyMac Sees Correspondent Opportunity
As earnings improved from the first quarter, PennyMac Mortgage Investment Trust reported that it picked up distressed mortgage loans at a 50 percent discount. The company's chief said he sees a "growing opportunity" in correspondent originations.
Investments in distressed mortgage assets during the second quarter were $133 million, the Calabasas, Calif.-based company reported Wednesday.
Included in the latest volume was $97 million in nonperforming residential loan investments, which PennyMac said had an aggregate principal balance of $195 million.
read full story
Hard Money Lender on Brink of Failure
It might be the end of the line for a Nevada-based hard money REIT.
Angry Investors Litigate
The owner of a California mortgage company and his father-in-law were sued by the government over allegations they misappropriated $10 million earmarked for loan fundings and used it to cover losses at other companies owned by one of the defendants. A Nevada REIT won a California case. In other mortgage-related investor litigation, a $38 million settlement has been proposed in the bankruptcy of mortgage firm that collapsed well ahead of the financial market crisis.
PennyMac Making Acquisitions, Launching New Conduit
PennyMac, the company launched two years ago by a former senior executive of Countrywide Financial Corp., reported three recent secondary transactions. The company plans to launch a new conduit for prime mortgages shortly.
New Firm to Invest in Agency RMBS
An investment firm and a real estate investment trust announced plans to merge and invest in agency securities.
PennyMac Plans IPO
PennyMac plans an initial public offering for a newly created entity that will invest in residential assets. The company plans to operate as a real estate investment trust.
Flurry of Florida Mergers
As is the case with the temperature, mortgage-related mergers in Florida are heating up -- with four deals closed or announced since last month. One deal involved a real estate investment trust. Merger transactions were also identified in three other states.
Over 100 Laid Off at Thornburg
More than 100 employees were laid off as Thornburg Mortgage Inc. winds down operations.
Thornburg to Liquidate
Thornburg Mortgage Inc. said today that it planned to file for bankruptcy and liquidate its assets.
Some Firms Saved by Mergers
Mergers have picked up steam as several mortgage companies -- including a real estate investment trust -- teeter on the brink of insolvency. Some of the mergers are forcing changes at the top of the executive ranks. Meanwhile, losses continue to pound financial firms -- forcing regulator actions at some.
