Prospect Mortgage is the top contributor with a 9.1 percent share, followed by Ditech Mortgage (8.6 percent) and Skyline Financial (7.1 percent). All three are nonbanks.
The repo is contingent upon PennyMac – a publicly traded REIT – maintaining minimum tangible net worth of $860 million and minimum unrestricted cash of $40 million.
The money will flow directly into the U.S. Treasury Department, which controls the senior preferred shares of the two government-sponsored enterprises.