2009-07-31 — finalternatives.com
``PennyMac Mortgage Trust raised $320 million yesterday, $80 million less than expected. Demand simply wasn’t there for the new REIT, which had planned to sell 20 million shares at $20 a pop but could only move 16 million... PennyMac was set up last year by Highfields and BlackRock to buy delinquent home mortgages taken over by the federal government from failed banks. The operation, based in Calabassas, Calif., is headed by former Countrywide President Stanford Kurland and features a dozen former Countrywide executives.''
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