Ex-Countrywide boss is back
A home-loan firm founded by a former executive at Countrywide Financial Corp., the company at the heart of the mortgage meltdown, got a chilly reception Thursday on Wall Street, a day after its initial public offering fell short of expectations. Gregory J. Wilcox in the Daily News.
PennyMac Mortgage Investment Trust, which buys distressed home loans and reworks the terms with the borrowers, on Wednesday raised $320 million with the sale of 16 million shares on the New York Stock Exchange. The IPO was trimmed from an expected 20 million shares and it raised $80 million less than planned, according to Reuters.
On Thursday, stock in PennyMac - founded by Stanford L. Kurland, the former president and CEO at Countrywide - closed at $19.10, down 4.5 percent from the IPO price of $20.
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Los Angeles Daily News City Hall reporter Rick Orlov writes about politics on the local, state and national stage.
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