PennyMac to Invest in Shaky Mortgages

NEW YORK -- Investment management firms BlackRock Inc. (BLK) and Highfields Capital Management said Monday they are sponsoring a new company that will acquire and restructure distressed mortgages, The Associated Press reported.

The new company, Private National Mortgage Acceptance Co. will be run by Stanford Kurland. Kurland served as president and chief operating officer of Countrywide Financial Corp., the nation's largest mortgage lender, until 2006, the AP reported.

-- NYSSCPA.org News Staff

Posted on 3/24/08