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CALABASAS, Calif. – A vulture firm founded by former Countrywide Financial President Stanford Kurland filed Friday to raise as much as $750 million in an initial public offering.
The company, PennyMac Mortgage Investment Trust, is a new unit of the Kurland-led Private National Mortgage Acceptance Corp., and will invest in distressed mortgage assets being sold by the federal government.
Kurland spent almost three decades with Countrywide and was on the fast track to succeed founder Angelo Mozilo until the two had a falling out in 2006, two years before the implosion of the nation’s largest non-bank mortgage lender. Countrywide only avoided collapse by selling itself last year to Bank of America.
