CALABASAS, Calif., Jan. 7 /PRNewswire/ -- Private National Mortgage Acceptance Company, LLC (PennyMac) announced today 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.

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.

"We are excited about investing in and managing mortgages in this unique transaction where we share in the economics with the FDIC," said Stanford L. Kurland, PennyMac's Chairman and Chief Executive Officer. "We believe that PennyMac's approach of strategically managing troubled loans combined with our best-in-class mortgage servicing will create significant value for homeowners as well as our investors."

PennyMac was formed in early 2008 by BlackRock, Inc. (NYSE: BLK), Highfields Capital, and a management team of mortgage industry veterans led by Mr. Kurland to address the ongoing dislocations in the U.S. mortgage market.

PennyMac's focus is acquiring and working out residential mortgage assets on behalf of private investors. PennyMac's operations include departments led by executives with deep expertise in the areas of sourcing investment opportunities; modeling, valuation, and capital markets activities; due diligence and transaction management; strategic portfolio management and deployment of PennyMac's innovative loan restructuring programs; and an integrated, dedicated mortgage servicer.

Mortgage servicing of the loan portfolio will be performed by PennyMac Loan Services, LLC, a wholly-owned subsidiary of PennyMac. PennyMac will apply the FDIC's loan modification programs and its proprietary mortgage restructuring initiatives in order to address the issues of troubled borrowers.

"PennyMac's objective is to maximize value by working with borrowers to maintain ownership of their homes and reduce foreclosures," said Mr. Kurland.

PennyMac has raised substantial commitments of capital from institutional investors in the U.S. and abroad in investment funds that purchased other residential mortgage loan portfolios from financial institutions last year.

About Private National Mortgage Acceptance Company, LLC

Private National Mortgage Acceptance Company, LLC (PennyMac) is a financial services firm created to address the dislocations in the U.S. mortgage market. PennyMac's focus is acquiring and managing residential mortgage assets on behalf of private investors. The company is managed by a team of mortgage industry veterans led by Stanford L. Kurland, and is based in Calabasas, Calif. PennyMac's strategic partners are BlackRock and Highfields Capital.

About BlackRock

BlackRock is one of the world's largest publicly traded investment management firms. At September 30, 2009, BlackRock's assets under management were $1.259 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products. In addition, a growing number of institutional investors use BlackRock Solutions(R) investment system, risk management and financial advisory services. The firm is headquartered in New York City and has employees in 22 countries throughout the U.S., Europe and Asia Pacific. For additional information, please visit the firm's website at www.blackrock.com.

About Highfields Capital

Highfields Capital, founded in 1998, is a value-oriented investment firm focused on achieving long-term capital appreciation by investing in public and private companies. It invests its capital worldwide, across a wide variety of industries, security types and geographies and has made substantial investments in mortgage and real estate securities. For further information, see www.highfieldscapital.com.

Forward-Looking Statements

This communication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to PennyMac's future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "potential," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions.

Readers are reminded that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and PennyMac assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

SOURCE Private National Mortgage Acceptance Company, LLC