PennyMac Aiming for $1 Billion in Monthly Correspondent Volume
Monthly production at PennyMac Mortgage Investment Trust's correspondent lending unit, which originated less than $0.1 billion in the second quarter, is expected to soar to $1 billion by the end of next year. Achieving the aggressive goal has been made easier by the planned exit of one of the nation's biggest correspondent lenders.

PennyMac's correspondent originations were $220 million based on third-quarter earnings data released Thursday. The distressed investor exceeded the $150 million in third-quarter correspondent production projected in August.

The company even blew past its $200 million fourth-quarter projection.
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Fortress Unit Completes Public Offering
A mortgage subsidiary of Fortress Investment Group LLC has completed a public offering.

IPO to Fund Acquisition of Subprime Loans, Agency MBS
A real estate investment trust plans an initial public offering that will fund the acquisition of subprime real estate loans and agency mortgage-backed securities. A government filing indicated that the time was right to invest in residential assets.

Planned Provident IPO to Fund Mortgage Portfolio
Provident Funding Associates LP -- which has been a party to several lawsuits -- plans an initial public offering for a newly formed real estate investment trust that will use the $300 million in proceeds for the acquisition of mortgage-related assets.

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.

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.