PennyMac Mortgage Investment Trust is offering a $98 million pool of loans to investors, according to market sources.

One bidder who has seen the offering documents said the Calabasas-based vulture fund is marketing the loans as "mostly performing," adding that investors are allowed to buy different portions of the pool. No other details were available at press time.

A PennyMac spokesman said the company generally does not discuss its auctions until after a sale actually takes place. He noted that the publicly traded vulture fund and servicer will consider securitizing some of its assets "as a way of exploring leverage" but could not say anything concrete about the matter. PennyMac also is rolling out a conduit to securitize agency quality loans and eventually jumbo mortgages.

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