"I am expecting something gigantic to break in the near future for Countrywide." asked a blogger on the Irreverent Stocklist in early 2007. In dozens of cases, PennyMac moves to initiate foreclosure. In any newspaper and Legacy.com. Prior to the formation of PNMAC, Mr. Kurland served as a director and, from January 1979 to September 2006, held several executive positions, including president, chief financial officer and chief operating officer, at Countrywide Financial Corporation, or Countrywide, a diversified financial services company. Over the last 14 years, insiders at Pennymac Mortgage Investment Trust have traded over $15,722,030 worth of Pennymac Mortgage Investment Trust stock and bought 336,844 units worth $3,890,204 Prior to his retirement, Dr. Kurland was an optometrist in Maywood, NJ. For about 38 cents on the dollar, PennyMac buys bad mortgages from the federal government -- which got them with taxpayer money from failing banks. Defining and managing culture , 3. The Dignity Memorial online obituary search tool gives you access to obituaries from thousands of locations across North America. Known Addresses for Stanford Kurland. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. The estimated Net Worth of Stanford L Kurland is at least $169 Million dollars as of 20 January 2021. Search Details, Stanford Kurland's Contact Info, Social Profiles & More By continuing to use our site, you consent to the placement of cookies on your browser and agree to the terms of our Privacy Policy. A recent analysis by the Wall Street Journal found that Countrywide has cost Bank of America, which acquired the giant mortgage lender in 2008, nearly $40 billion in additional costs since the deal was completed, much of it due to subprime and other high-risk loans that Countrywide made at the height of the housing bubble that have since gone bad. There are no executives at Pennymac Mortgage Investment Trust getting paid more. 2023 Fortune Media IP Limited. It remains a multi-billion-dollar nightmare. That's from Margo Saunders, a lawyer with the National Consumer Law Center. Investors Once you find the obituary you are looking for, you can get important information about upcoming services, share a favorite photo or memory, and . The guy in the bungalow next door may have made some mistakes. PennyMac Financial now employs more than 6,000 people and is "one of the largest residential mortgage lenders and servicers" in the nation, according to a company statement. Stanford Kurland, founder and chairman of Westlake Village mortgage brokerage PennyMac Financial Services Inc., died from complications related to COVID-19, the company announced on Monday. Stan's skills were quickly observed by . Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. None of those Wall Street wizards who had made untold billions on this scheme had calculated a drop in the market. 2023 BuzzFeed, Inc. All rights reserved. Stanford Kurland, founder of the PennyMac firms, dies at 68. Mr. Kurland holds a BS from California State University, Northridge. Required fields are marked *. I am deeply saddened to share the news of Stans passing. The report found that Brandts former unit handed out hundreds ofsweetheart loans to members of Congress, their staffs and other government employees. While acknowledging such prodigal-neighbor-resentment, I am giving the award this week to a much more malevolent, seriously more depraved subprime creep: Stanford L. Kurland. Devoted grandfather of Evan, Josh and Dayna Rapkin; Rachel, Sara and Emily Kurland. All the old fogies out there with their glorious fixed-rate mortgages can call him stupid. He presents this as an act of redemption. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. Kurland's departure rang alarm bells because he was generally seen as Mozilo's successor. Part of HuffPost Business. The Kurland family requests that in lieu of flowers donations be made to the UCLA Brain Tumor Program via the following link: bit.ly/StanfordKurland. The real loser, says The Huffington Post, is the US taxpayer. So its perhaps no surprise that one of the first firms to rush into this profit-filled fun house is headed by the former executives of the most notorious subprime lender of the era that led to the financial crisis. Search their Arrest Records, Driving Records, Contact Information, Photos and More 1) Stanford Kurland's Phone & Current Address PennyMacs odd corporate structure has worried some Wall Street analysts. WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--PennyMac Financial Services, Inc. (NYSE: PFSI) today announced the passing of the companys founder and Non-Executive Chairman Stanford L. Kurland. So when PennyMac finances those loans $1.6 billion in July and August alone the public REIT passes them along to a private division of the company, which is owned and operated by PennyMacs executives and its two outside investors, asset manager Blackrock and private equity firm Highfields Capital. Visit our corporate site www.futureplc.com Future Publishing Limited, Quay House, The Ambury, Bath BA1 1UA. More surprising is the reaction PennyMac gets from consumer advocates. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. Dr. David A. Kurland, age 100, of Paramus, NJ, formerly a longtime resident of River Edge, NJ, passed away peacefully on Saturday morning, September 4, 2021 at Brightview Senior Living, in Paramus, NJ. One of the main thrusts of the division, according to the report, which was nicknamed after Countrywides former CEO, Angelo Mozilo, was to soften anti-predatory lending laws. Find 18 people named Stanford Kurland along with free Facebook, Instagram, Twitter, and TikTok profiles on PeekYou - true people search. All Rights Reserved. It all started falling apart when the real estate market slipped. He escaped in time to cash in a personal $200m worth of shares. MORE: The housing pick up wont produce much economic growth, Whats more, Chamberlain says direct lending is not a part of PennyMacs investor presentations because the division is part of the companys private operations, not its publicly traded company. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. Memorial Redwood Mortuary & Cemetery A Patent Pending People Search Process. Over the last 14 years, insiders at Pennymac Mortgage Investment Trust have traded over $15,722,030 worth of Pennymac Mortgage Investment Trust stock and bought 336,844 units worth $3,890,204 Stanford L. Kurland. He was 68. In the event, Countrywide staggered on for a year, chalking up billions in losses before it was rescued by Bank of America last July. This post was published on the now-closed HuffPost Contributor platform. See Stan Kurland's compensation, career history, education, & memberships. Based in the same Los Angeles suburb where Countrywide once flourished, Stanford has also hired at least a dozen top Countrywide executives to man the firm, which is backed by BlackRock and hedge-fund Highfields Capital. Yet, with some predicting that the Bank may take a further $33bn hit from the purchase, evidence suggests it's Kurland's outfit PennyMac that will actually benefit, says The New York Times. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. During his tenure at the company, Countrywide grew from just over $1 million dollars in market capitalization to a leading financial services firm with over $25 billion in market value. MORE: Card companies keep low rates for themselves, Theres free money on the table and you dont have to work that hard to get it, especially if you are the former executives of Countrywide, says Michael Widner, an analyst who covers PennyMac at brokerage firm Stifel Nicolaus. Disclaimer: PeekYou is not a consumer reporting agency per the Fair Credit Reporting Act. He says the Pasadena office is not for walk-ins. Taylor thinks PennyMac and firms like it could help. Two years later the company merged. FORTUNE may receive compensation for some links to products and services on this website. He was 68. Stanford Kurland Mr. Kurland was 68. Kurland, PennyMac's non-executive chairman, died. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. He was a genuine and gracious person to anyone he crossed paths with and he cherished his family and friends. But to others, he's a "subprime creep". PennyMac Financial Services, Inc. is a specialty financial services firm with a comprehensive mortgage platform and integrated business focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. Kurland was president and CEO until 2016 when he became chairman. The firm recently paid the Federal Deposit Insurance Corporation just $43m for $560m worth of mostly delinquent loans. Mr. Kurland owns over 31,000 units of Pennymac Mortgage Investment Trust stock worth over $101,597,816 and over the last 14 years he sold PMT stock worth over $52,390,589. Johann Rupert, the presiding boss of Swiss luxury group Richemont, has seen off a challenge to his authority by a hedge fund. PennyMac runs a public mortgage REIT, but not all of the companys business and profits go to the REIT. Beloved husband of the late Miriam Kurland. The largest trade he's ever made was exercising 205,881 units of Pennymac Mortgage Investment Trust stock on 2 April 2018 worth over $2,707,335. PennyMac spokesman Kevin Chamberlain, and Countrywide alumni, says PennyMacs retail operation is focused on refinancing delinquent borrowers whose mortgages have been acquired by PennyMac into affordable loans. Offers may be subject to change without notice. Last updated: 22 January 2021 at 7:06pm EST. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. Kurland's got taxpayers coming and going. You can search by first or last name, state and publication date. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. His storied career in mortgage banking spanned more than four decades. Last updated: 22 January 2021 at 7:06pm EST. But it was under his watch that the predatory practice of peddling 'teasers' (whereby low-income customers were seduced into taking huge mortgages by low 'introductory' interest payments that quickly ballooned) really got going. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. The spread between what it costs to fund a mortgage loan and what borrowers actually pay is nearly three times as large as usual. His firm, PennyMac, is buying back those same toxic mortgages from the US government and ailing banks for pennies in the dollar and Kurland is making millions all over again. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. If you need to flag this entry as abusive. To head the office, PennyMac has tapped Stephen Brandt, who, according to a Congressional report released in July, ran Countrywides Friends of Angelo program. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. But with the stock what you are getting is a subdivision of the company., MORE: Young workers earn $10,000 less than in 2005. Stan Kurland is Deceased at Pennymac Mortgage Investment. International President United Steelworkers union. Search Details, 2) Social Media Profiles & More To meet those aspirations, Kurland has recruited many of the same executives who helped him build Countrywide into a mortgage behemoth. Mortgage brokers like Kurland pushed these loans because they knew they were going to immediately dump that trash. Stanford Kurland, who went from being pushed out of the No. Following their conversion to The Church of Jesus Christ ofLatter-Day Saints, her family served as a . Fine, Kurland's PennyMac gives the guy in the bungalow next door payments low enough to let him stay. Little is known of Kurland, says The First Post, other than that he's 56, the family name is Latvian, and he boasts of a charitable foundation run with his wife, Sheila. As the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust, the total compensation of Stanford Kurland at Pennymac Mortgage Investment Trust is $15,070,800. The most recent stock trade was executed by Scott W. Carnahan on 22 February 2023, trading 1,786 units of PMT stock currently worth $24,093. The unit was launched a year ago, and now accounts for about a third of the companys profits. No wonder one executive describes business as "off-the-charts good". Profile of Kwasi Kwarteng, the leading light of the Tory right, Yvon Chouinard: The billionaire dirtbag who's giving it all away, Johann Rupert: the Warren Buffett of luxury goods, Profile: the fall of Alvin Chau, Macaus junket king, UK home sellers cut 14,000 off their asking prices as the buyers market returns. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. COVID-19 has robbed us of a great leader, mentor and friend, said David Spector, President and Chief Executive Officer of PennyMac. On average, Stanford trades about 28,493 units every 38 days since 2009. Beloved husband of the late Miriam Kurland. In fact, his "excellent adventure" is going so well that PennyMac, which already holds $800m in home loans, expects the figure to rise to $15bn within 18 months. The estimated Net Worth of Stanford L Kurland is at least $177 Million dollars as of 20 January 2021. Still, that would be a fraction of what Countrywide was, which at its height financed about $500 billion in home loans a year, and regularly ranked as the nations largest mortgage lender. He was duped. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. The companys website advertises new home loans with rates as low as 3.5%, and has an 800-number to call. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. 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