Thursday, March 27, 2008

No matter how badly you mess up...

BlackRock, the publicly traded asset manager, and a hedge fund firm, Highfields Capital Management, are backing a new company seeking to raise $2 billion to buy delinquent residential mortgages.

Private National Mortgage Acceptance will be run by Stanford L. Kurland, former president of Countrywide Financial Corporation, the largest American home-loan provider, the companies said Monday in a statement. BlackRock and Highfields will take stakes in the company, called PennyMac, and contribute to its mortgage investment funds.
--Bloomberg News on the world of second chances

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