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August 2, 2012 08:30 AM ET
Stanford L. Kurland - Chairman and CEO
David A. Spector - President and COO
Anne D. McCallion - CFO
Doug Jones - Head of Correspondent Lending
Good morning and welcome to PennyMac Mortgage Investment Trust Second Quarter Earnings Conference Call. Before we begin, please take a moment to familiarize yourself with the forward-looking disclaimer on slide 2. Thank you.
I’d now like to turn it over to Stan Kurland, PMT’s Chairman and Chief Executive Officer. Stan?
Stanford L. Kurland
Thank you, Chris. The second quarter results demonstrated a significant earnings power of PMT’s and its potential for future growth. Both of the company’s business segments, Correspondent Lending and Investment Activities delivered strong results in the second quarter leveraging solid operational execution of our manager PNMAC Capital Management and fulfillment and servicing provider PennyMac loan services to drive double-digit pre-tax earnings growth.
The Company successfully raised $201 million in new equity capital immediately deploying the proceeds in accretive investments. PMT’s business model in relationship with PLS and PCM combined the expertise in infrastructure that enables the company to pursue the many opportunities present in today’s mortgage market.
Today I’d like to talk to you about our second quarter results. The self emerging market trend and touch on PMT’s position in the current competitive landscape. Then I will turn it over to Anne McCallion, PMT’s CFO, to discuss the quarterly financials in greater detail. Then, David Spector, PMT’s President and Chief Operating Officer, will take you through our investment activities and discuss how our business portfolio performed during the quarter. And finally I will ask Doug Jones, the Head of Correspondent Lending crew, to discuss the quarterly results for Correspondent as well as our future growth strategies for that business.