Highfields Capital

PennyMac Buys $558m of FDIC Loans

PennyMac, a firm founded by Stanford Kurland and backed by BlackRock and Highfields Capital, bought $558m of home loans from the FDIC. PennyMac was formed by Kurland after he left Countrywide to do exactly this—take bad loans off of the books of other institutions and do it at a deep discount. According to Bloomberg: …The