Ex-Leaders at Countrywide Start Firm to Buy Bad Loans
PennyMac, whose full legal name is the Private National Mortgage Acceptance Company, also received backing from BlackRock and Highfields Capital, a hedge fund based in Boston. It makes its money by buying loans from struggling or failed financial institutions at such a huge discount that it stands to profit enormously even if it offers to slash interest rates or make other loan modifications to entice borrowers into resuming payments.
A year after Hurricane Sandy knocked out power to millions in the Tri-State area, including all of downtown Manhattan, a dispute over ConEd's request to raise electric rates has created uncertainty about whether the utility has adequate resources to prepare for another megastorm.
Frank Voisin submits: I am a big fan of title insurers. As I discussed in my earlier write-up on Investors Title Company (NASDAQ: ITIC), title insurers receive a single premium up front that insures the policyholder in the event that a property's title is not clear at the time of purchase/mortgage.
Jonathan Booth submits:As we all know, the mortgage crisis and recent recession has resulted in a significant downturn in the housing market that still does not seem to be firmly on the path to recovery. Naturally, the industries most closely related to the housing market have also seen their results suffer and stock prices drop as a result.
Ockham Research submits: Bloomberg.com’s David M. Levitt reported on the latest study of Manhattan real estate. The analysis conducted by real estate brokerage firm Cushman & Wakefield shows that Manhattan has 38% more office space for lease than a year ago. The past year appears shockingly bad, but could have been worse as the market actually took a turn for the better in the late part of 2009.