PennyMac Mortgage Investment Trust

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PennyMac Mortgage Investment Trust (NYSE:PMT) is a REIT created to buy distressed loans.

PennyMac Mortgage modifies the mortgages to prevent foreclosure, and then resells them later, when the market has improved. While of course profit is their goal, it is good that they enable house buyers to remain in their homes.

PennyMac is based on Calabasas California. Stanford L. Kurland is President and Chief Executive Officer. They completed their initial public offering July 29, 2009.

The President of PennyMac Mortgage Investment Trust Used to Get Out Those Distressed Mortgages

Prior to forming PennyMac in January 2008, Stanford Kurland was Chief Financial Officer of Countrywide Mortgage, which was one of the main mortgage companies loaning money to people with little or no documentation they could afford the houses they were buying. Countrywide went out of business early in the financial crisis, when it was seen just as a subprime mortgage problem.

So it's kind of funny to me that he is now running a company that profits from those same home buyers when they are unable to make the monthly mortgage payments. At least he is helping them stay in the houses that they really could not afford.

PennyMac Mortgage Investment Trust may well profit if they can find buyers for their mortgages when the economy improves.

Next: Foursquare Capital -- a delayed IPO from its September 2009 scheduled date.

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