Countrywide: It's Baaack

From Fortune via CNNMoney.com

Last month, PennyMac (PMT), a finance company run almost entirely by alumni of Countrywide Financial, opened its first retail branch. The company expects to hire as many as 100 employees for the office, which is in Pasadena, California, including loan officers and underwriters.

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PennyMac doesn't appear to offer any deposit products. That's one little-known positive feature of Countrywide Bank. It had a top-notch internet bank with very competitive rates. That didn't last long after Countrywide was purchased by Bank of America.