Reap what you sow
By Matt Carter, Monday, March 24, 2008.Bookmarking Sites
With a half-whimsical, half-official sounding name -- PennyMac -- plus backing from investment management firm BlackRock and a 27-year Countrywide Financial veteran, Stanford Kurland at the helm, a new company that will buy up distressed mortgages is guaranteed to at least stir up some controversy and make headlines, if not gobs of money.
PennyMac -- the Private National Mortgage Acceptance Company LLC -- is even based in Countrywide's hometown, Calabasas, Calif., and also counts former Morgan Stanley residential mortgage guru David Spector on its management team.
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Submitted by Mark Daugherty on March 24, 2008 - 7:54pm.
Free markets are always the best solution, and I applaud PennyMac for taking on the challenge of resolving what can be resolved in the mortgage servicing industry. There many people who could afford to stay in their homes if the terms of their loan were more reasonable. Hopefully PennyMac will be able to help them.