NEW YORK (AP) -- 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 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.
Private National Mortgage, also known as PennyMac, will invest in and service resident mortgages on behalf of private investors. PennyMac will aim to avoid home foreclosures and instead restructure loans so borrowers can maintain payments.
Mortgage delinquency and default rates have risen rapidly since the middle of 2007, leading to a growing number of foreclosures. See Also
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