About Penny Mac
Private National Mortgage Acceptance Company, LLC
Private National Mortgage Acceptance Company, LLC (PNMAC) is a specialty asset management firm created to address the dislocations in the U.S. mortgage market. Through our licensed and registered subsidiaries, our focus is acquiring and managing residential mortgage assets on behalf of private investors.
PNMAC is bringing to the market fresh capital from long-term investors, as one step in addressing the U.S. mortgage crisis.
Through our licensed and registered subsidiaries, we acquire loans from financial institutions seeking to reduce their mortgage exposures. PNMAC creates value for both borrowers and investors through our distinctive approach to asset management. Our strategy is to keep borrowers in their homes by avoiding foreclosures through programs that address both their ability and willingness to pay their mortgages.
Our core guiding principle is to create value for investors and consumers while preserving home ownership. We support an environment of the highest standards, fostering ethical personal and business practices.
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Private National Mortgage Acceptance Company
27001 Agoura Road
Calabasas, CA 91301
PennyMac was founded and is managed by senior executives with years of mortgage finance experience and a passion for helping people to pursue the American dream of owning and keeping their own home.
Stanford L. Kurland
Founder, Chairman and Chief Executive Officer
Stanford L. Kurland, Founder, Chairman and Chief Executive Officer, is an extremely accomplished executive in financial services with more than 27 years of experience in the mortgage banking arena. He is well recognized for his leadership in developing the strategic direction, risk management activities, financial management, and organizational development of Countrywide Financial Corporation. During his tenure at Countrywide Financial, until his departure in 2006, where he served as Chief Financial Officer and then Chief Operating Officer, the company grew in market capitalization from just over one million dollars to a leading financial services firm with over 25 billion dollars in market value. Under his leadership, Countrywide built a world class organizational and governance structure. Mr. Kurland began his professional career in 1975 in public accounting and practiced as a CPA for the international accounting firm, Grant Thornton.
Mr. Kurland believes that the key to resolving the current turmoil in the mortgage market is to create and deliver loan enhancement opportunities that balance consumer and investor value generation through operational excellence and strong analytic capabilities. Mr. Kurland has an unwavering commitment to ethical conduct, continual operational excellence, and common sense risk management initiatives that are quantitatively sound. As Chief Executive Officer, Mr. Kurland brings the skills to organize, oversee, and direct the funding initiative.
Chief Investment Officer
David Spector, as Chief Investment Officer, is responsible for oversight of all activities pertaining to investments, and directs the activities of Portfolio Management, Capital Markets, and Credit as each relates to mortgage credit and company credit risk.
Prior to joining PennyMac, Mr. Spector was Co-Head of Global Residential Mortgages for Morgan Stanley, London, and, previously, Senior Managing Director, Secondary Markets, for Countrywide Financial Corporation where he was responsible for secondary marketing, including interest rate risk management and related functions, directing loan trading, pricing, hedging, and servicing. He was also a member of the Countrywide Asset Liability and Credit Committees, as well as Freddie Mac and Fannie Mae Advisory Committees.
PennyMac is supported by two leading financial institutions that serve as strategic partners, enhance PennyMac's relationships with global financial institutions and provide valuable input in structuring PennyMac's activities.
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At December 31, 2010, BlackRock’s AUM was $3.561 trillion. BlackRock offers products that span the risk spectrum to meet clients’ needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares® (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®.
BlackRock is a leading advisor to financial institutions with mortgage businesses, having advised clients on valuing, managing and assessing strategic options for distressed mortgage portfolios and working closely with 6 of the top 10 U.S. mortgage servicers. In the field of mortgage-backed securities, they pioneered the structured securities markets including Collateralized Mortgage Obligations and Asset Backed Securities. BlackRock analyzes more than $2 trillion in mortgages on a daily basis.
BlackRock is independent in ownership and governance, with no single majority stockholder and a majority of independent directors. Headquartered in New York City, as of December 31, 2010, the firm has approximately 9,100 employees in 25 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company's website at www.blackrock.com.
About Highfields Capital
Highfields Capital, founded in 1998, is a value-oriented investment firm focused on achieving long-term capital appreciation by investing in public and private companies. It invests its capital worldwide, across a wide variety of industries, security types and geographies and has made substantial investments in mortgage and real estate securities. For further information, seewww.highfieldscapital.com.