PennyMac, run by ex-Countrywide execs, prices IPO

[Joanne98]

Source: Reuters

NEW YORK (Reuters) - PennyMac Mortgage Investment Trust (PMT.N), which buys distressed home loans and is run by several former Countrywide Financial Corp executives, on Wednesday raised $320 million from an initial public offering, $80 million less than planned.
The Calabasas, California-based company sold 16 million shares at $20 each. It had on July 16 projected an offering of 20 million shares at $20 each. The company had also said it hoped to raise $400 million from the offering.

The company plans to operate as a real estate investment trust. Its shares are expected to begin trading on Thursday on the New York Stock Exchange under the symbol "PMT."

Bank of America Merrill Lynch, Credit Suisse and Deutsche Bank Securities Inc arranged the IPO.


Read more: http://www.reuters.com/article/smallBusinessNews/idUSTRE56T0ZA20090730

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Who says crime doesn't pay!

[Flying Dream Blues]

1. Vultures. nt

[Phoebe Loosinhouse]

2. They made the crappy loans that dissolved their company

but which they themselves still made plenty of upfront money from (salaries, bounuses, commissions, sale of the mortgages, etc)and now they regroup to buy them back for pennies on the dollar. I would call that a win/win, wouldn't you?

[izquierdista]

3. Yes, but

There's a limit to the number of times the American public can be scammed. It may be more than once, but I'm sure it's less than the number of stars in the known universe.