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Article: REITs Reclaim Stage as Way to Cash In on Crisis.(Mortgages)(real estate investment trust)(PennyMac)
- Article from:
- American Banker
- Article date:
- July 31, 2009
- Author:
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Kate Berry
With private equity becoming harder to raise, investors hoping to clean up from the mortgage market's wreckage are turning to a vehicle that has fallen in and out of vogue over the years: the real estate investment trust.
On Thursday, a REIT set up by Private National Mortgage Acceptance Corp. raised $335 million through an initial public offering.
The company, which is run by former Countrywide Financial Corp. executives, said it plans to use the proceeds to buy distressed residential mortgage assets, something PennyMac has been doing through private-equity funds it manages since last year.
Gabe Poggi, vice ...