- According to Inside Mortgage Finance, Pimco (OTCPK:AZSEY) has purchased a stake in Maryland-based First Guaranty Mortgage, a nonbank set to originate more than $4B in residential mortgages this year.
- The timing of the purchase isn't clear, but the deal has closed, says IMF.
- The move presents a sizable capital infusion for First Guaranty, which should allow it to quickly scale far higher.
- Pimco also owns more than 11% of PHH Corp, the country's 7th-largest mortgage originator. Talks earlier this year to buy RoundPoint Mortgage never led to a deal.