Private National Mortgage Acceptance Co., run by former Countrywide Financial Corp. President Stanford Kurland, agreed to buy about $170 million in notes tied to mortgages originated by American International Group Inc.
The deal involving funds run by PennyMac may be completed about July 30, according to a regulatory filing Thursday. AIG's consumer lending unit disclosed this week it would sell about $1.6 billion of the notes through Credit Suisse Group AG.
A unit of Kurland's Calabsas, Calif., company was hired to service the roughly $2 billion of loans in the pool tied to AIG's deal with Credit Suisse, according to the filing. The filing was made by an investment firm that PennyMac is seeking to take public.
Kurland founded PennyMac last year with other former executives of Countrywide.