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Article: PennyMac Announces Purchase of Residential Mortgage Loan Portfolio From FDIC as Receiver for First National Bank of Nevada.
- Article from:
- Life Science Weekly
- Article date:
- January 20, 2009
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Private National Mortgage Acceptance Company, LLC (PennyMac) announced that investment funds managed by its affiliate, PNMAC Capital Management, LLC, have completed the purchase of $558 million in residential mortgage loans from the Federal Deposit Insurance Corporation (FDIC) as Receiver for First National Bank of Nevada (see also Private National Mortgage Acceptance Company, Llc).
The transaction is the first structured sale of a non-construction residential mortgage loan portfolio by the FDIC to date. First National Bank of Nevada, Reno, Nevada, was closed by the Office of the Comptroller of the Currency on July 25, 2008, and the FDIC was named receiver.
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