Countrywide Financial vets pull off PennyMac IPO

Get smarter. Grow your referral network at Inman Connect San Francisco
Limited seating still available, July 17-20

PennyMac Financial Services, the mortgage originator and servicer that’s run by veterans of Countrywide Financial, is off to a strong start as a publicy-traded company following its initial public offering Thursday. PennyMac is also the parent company of a mortgage real estate investment trust, or REIT, that buys up distressed loans. Referring to the fact that investors don’t seem to be worried that seven of PennyMac’s nine executive officers worked at Countrywide, The Street’s Dan Freed muses that “having Countrywide on one’s resume may be more of an asset than a curse. Certainly these folks know where the bodies are buried, so who better to know where the most valuable tombs are so that they can now be plundered?” Source: thestreet.com.