BlackRock, Highfields Launch New Firm

Mar 24 2008 | 9:49am ET

Alternative investment firm BlackRock and hedge fund Highfields Capital Management have teamed up to launch a company that will acquire and restructure distressed residential mortgage loans.

The new company, Private National Mortgage Acceptance Company, or PennyMac, will raise capital from private investors, acquire loans from financial institutions seeking to reduce their mortgage exposures, and seek to create value for both borrowers and investors through distinctive loan servicing.

The new firm will be run by a management team made up of BlackRock and Highfields executives, led by Stanford Kurland, who will serve as PennyMac's chairman and chief executive officer.

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