Monday, September 21, 2015 1:11:46 PM
By Paul Muolo pmuolo@imfpubs.com
Bond investing giant PIMCO has purchased a sizeable stake in First Guaranty Mortgage Corp., Frederick, MD, a nonbank that is on track to originate at least $4 billion in home mortgages this year, IMFnews has learned.
Andrew Peters, CEO of FGMC, declined to comment. At press time, PIMCO?s media department had not returned inquiries on the topic.
Although sources confirmed an investment has taken place, it?s not entirely clear when the stake was purchased. The acquisition was made through one of PIMCO?s many investment funds.
One observer noted that the investment represents a ?huge infusion of capital which will allow FGMC to make an exponential move in growth very rapidly.? PIMCO also owns just over 11 percent of PHH Corp., the nation?s seventh largest originator.
Early this year, PIMCO was in talks to buy RoundPoint Mortgage, a top 25-ranked servicer, but the transaction fell apart.
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