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PennyMac, run by ex-Countrywide execs, prices IPO

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posted on Jul, 31 2009 @ 12:34 PM
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PennyMac, run by ex-Countrywide execs, prices IPO


www.reuters.com

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.

The company plans to operate as a real estate investment trust.

Bank of America Merrill Lynch, Credit Suisse and Deutsche Bank Securities Inc arranged the IPO.
(visit the link for the full news article)




posted on Jul, 31 2009 @ 12:34 PM
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Ok someone please run this by me, I don't think i'm understanding this correctly.

Isn't this the same entities that created this mess, got so much money out of it then left, now they u-turn back in for more?

I don't know, I guess i'm not going to comment too much.

Can someone make me understand this a little better?
There's something i'm just not grasping here!

www.reuters.com
(visit the link for the full news article)



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