Banks will unload big volumes of distressed loans this year, the head of PennyMac predicts.

Stanford L. Kurland, the chairman and chief executive of the Calabasas, Calif., mortgage buyer and correspondent lender, said that it has taken much longer than he had expected for banks to sell their soured loans. When he founded PennyMac in 2008, he envisioned it primarily as a buyer of distressed mortgages but many sales did not materialize.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.