It's still slow going for PennyMac Mortgage Investment Trust. The real estate investment trust, run by veterans of Countrywide Financial Corp., said this week that it lost money during its first full quarter of operations — and an auction for a failed bank's loan portfolio.

There were 23 bids in all at the Federal Deposit Insurance Corp.'s (FDIC) auction in September of the $1.3 billion portfolio of Franklin Bank, underscoring the competition among would-be bottom-fishers for a discouragingly small pool of available assets.

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