CALABASAS, Calif. — Rows upon rows of desks sit empty at the offices of Private National Mortgage Acceptance Co. LLC.

At this stage in the cycle, the buyer and servicer of distressed home loans, known as PennyMac, had expected its call center to be filled with 250 chattering voices. But during a visit last week, there were only 10 people manning the phones, and the cavernous room was quiet.

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