PennyMac Mortgage Investment Trust is offering a $98 million pool of loans to investors, according to market sources.

One bidder who has seen the offering documents said the Calabasas, Calif., vulture investor is marketing the loans as "mostly performing" and that investors are allowed to buy different portions of the pool.

A PennyMac spokesman said the publicly traded real estate investment trust generally does not discuss its auctions until after a sale has closed.

The REIT will consider securitizing some of its assets, he said, but could add nothing concrete about the matter.

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