MOORPARK, Calif.--(BUSINESS WIRE)--PennyMac Mortgage Investment Trust (NYSE: PMT) today announced the election of Nancy McAllister and Preston DuFauchard to its Board of Trustees.
Ms. McAllister has extensive experience in investment banking, primarily in the fixed income credit markets, having previously served as the Co-head of the Financial Institutions Group (FIG) in the Americas for Credit Suisse until May of 2011. In this leadership role, she oversaw a team of 90 investment bankers that provided strategic advice on debt and equity capital raising, balance sheet management and hedging to financial institutions throughout the U.S., Canada and Latin America. Prior to joining Credit Suisse in 2008, Ms. McAllister was Managing Director and Co-Head of the Depository Institutions coverage team within the Investment Bank for Lehman Brothers, Inc., where she worked for 17 years.
Mr. DuFauchard brings extensive legal and regulatory expertise to the Board. He previously served as the California Corporations Commissioner, leading a department responsible for the regulation and enforcement of state securities and franchise investment laws, as well as non-depository lending laws and regulations. Prior to joining the California Corporations Commission, he was an Assistant General Counsel at Bank of America, where he was responsible for litigation management and regulatory investigations in support of the Bank’s Global Corporate Investment Bank.
“We are pleased and honored to have both Nancy and Preston join PMT’s Board of Trustees,” stated Stanford L. Kurland, PMT’s Chairman and CEO. “As the Company continues to grow and expand into new opportunities, both their experience and expertise will be a welcome addition to the Board in its oversight of the Company and its business activities.”
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. PennyMac Mortgage Investment Trust trades on the New York Stock Exchange under the symbol “PMT” and is externally managed by PNMAC Capital Management, LLC, a wholly owned subsidiary of Private National Mortgage Acceptance Company, LLC.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: changes in general business, economic, market and employment conditions from those expected; continued declines in residential real estate and disruption in the U.S. housing market; the availability of, and level of competition for, attractive risk-adjusted investment opportunities in residential mortgage loans and mortgage-related assets that satisfy our investment objectives and investment strategies; changes in our investment or operational objectives and strategies, including any new lines of business; the concentration of credit risks to which we are exposed; the availability, terms and deployment of short-term and long-term capital; unanticipated increases in financing and other costs, including a rise in interest rates; the performance, financial condition and liquidity of borrowers; increased rates of delinquency or decreased recovery rates on our investments; increased prepayments of the mortgage and other loans underlying our investments; changes in regulations or the occurrence of other events that impact the business, operation or prospects of government sponsored enterprises; changes in government support of homeownership; changes in governmental regulations, accounting treatment, tax rates and similar matters; and our ability to satisfy complex rules in order to qualify as a REIT for U.S. federal income tax purposes. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.