PennyMac Stock Has Poor DebutBy
It was an inauspicious debut for PennyMac Mortgage Investment Trust, the new mortgage REIT founded by former Countrywide Financial CEO Stanford Kurland. The mortgage industry veteran had originally hoped to raise $750 million to buy troubled loans. Instead his fund raised only $335 million and the stock—initially priced at $20 a share—closed its first day down at $19.10.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.