Stanford L. Kurland of PennyMac.

We’re pleased to report that a bunch of the folks who worked at Countrywide (now known as “a team of mortgage industry veterans”) are gainfully employed again, and they’ll be working with something they obviously know a lot about, which is a bunch of mortgages that fell off a failboat. The FDIC has successfully completed its first structured sale of residential mortgage loans, to PennyMac (PNMAC – the Private National Mortgage Acceptance Corporation), whose skeletal website should give you an idea of how shiny and new an organization they are. Not much buzz yet, but here’s the PR:

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.”

They’ll be working to modify these mortgages using both “the FDIC’s loan modification programs and [PennyMac's] proprietary mortgage restructuring initiatives,” which probably loosely translates to “whatever it takes to get a payment.” If your mortgage was with FNB Nevada I would like to suggest you try to make your next payment in casino chips and buffet vouchers, just to see if they’ll go for it.

Note also the PR indicates that PennyMac will “share in the economics with the FDIC,” which hopefully does not loosely translate to “FDIC eats the losses, BlackRock takes home the profits,” but until I can confirm this is not the case I am just going to go with it.