Wednesday, May 27, 2009
Stanford Kurland to float a venture which repackackage delinquent mortgages.
Reuters: Firm of ex-Countrywide boss files for $750 million IPO
PennyMac Mortgage Investment Trust, an investment firm run by the former president of Countrywide Financial Corp, has applied to raise about $750 million in an initial public offering, according to a filing with the U.S. Securities and Exchange Commission.
PennyMac, which plans to operate as a real estate investment trust, according to the filing late on Friday, will buy residential mortgages held by homeowners behind on their payments. It plans on modifying the terms of their loans, making a profit by selling off those loans once their credit quality has risen and made them more valuable.
** I'll give him one thing, he knows how to ride the cycle! **
Posted by 51ck-6-51x @ 06:26 PM (509 views) Add Comment
3 Comments
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1. 51ck-6-51x said...
"Once their credit quality has risen" LoL... fingers crossed, eh Stanford?!
2. d'oh said...
Why isn't he in jail already?
3. 51ck-6-51x said...
d'oh
- because he is a driver of positive GDP, innit! ;p