PennyMac Announces Purchase of Residential Mortgage Loan Portfolio From FDIC as Receiver...

PennyMac Announces Purchase of Residential Mortgage Loan Portfolio From FDIC
as Receiver for First National Bank of Nevada

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

Andrew Chang of PennyMac, +1-818-224-7392