New York Times (03/25/08) P. C2
BlackRock has teamed with Highfields Capital Management to back Private National Mortgage Acceptance (PennyMac), a new company seeking to raise $2 billion for purchase of delinquent home loans. While terms of the deal have not been disclosed, BlackRock and Highfields each have agreed to take stakes in PennyMac and contribute to its mortgage investment funds. PennyMac will look to work out loans that homeowners have stopped making payments on or that are on the verge of falling into delinquency, specifically focusing on those that have not been packaged into residential mortgage-backed securities. Former Countrywide Financial Corp. President Stanford Kurland has agreed to run PennyMac, stating, "We have the capability of holding the mortgages and assets through a recession, should that occur."
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