But he wasn't. When the Business Times contacted the PennyMac firms for the story, it did not seek comment on . You can see the complete history of Mr. Kurland stock trades at the bottom of the page. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. Mr. Kurland owns over 31,000 units of Pennymac Mortgage Investment Trust stock worth over $99,479,619 and over the last 14 years he sold PMT stock worth over $52,390,589. . On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. But PennyMac is part of the solution. Now he is in one . You may not use our site or service, or the information provided, to make decisions about employment, admission, consumer credit, insurance, tenant screening or any other purpose that would require FCRA compliance. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. Search their Arrest Records, Driving Records, Contact Information, Photos and More 1) Stanford Kurland's Phone & Current Address 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. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. Check out these 10 holiday destinations which remain cheap despite rising inflation. 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. Last month, PennyMac (PMT), a finance company run almost entirely by alumni of Countrywide Financial, opened its first retail branch. "I am expecting something gigantic to break in the near future for Countrywide." To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Stan's skills were quickly observed by . In the past year, a number of former Countrywide employees have come forward to say they tried to warn regulators about abusive or lax lending practices at the firm but were either silenced by their superiors, or fired. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. But here's the thing, when Countrywide sold him on that loan, he just didn't understand it. Suddenly, no one knew the value of the "bundles," because each contained an unknown number of good and bad mortgages. Chamberlain says the firm has no plans to make subprime loans. Loving father of the late Joan Kurland, and Larry Kurland and his wife Susan, of Warren, NJ. All Rights Reserved. He was duped. For about 38 cents on the dollar, PennyMac buys bad mortgages from the federal government -- which got them with taxpayer money from failing banks. He was 68. 2 executive before leaving in 2006, PennyMacs stated business plan was to buy up delinquent mortgage loans on the cheap, offer modifications and make some money in the process. Unlike Mozilo and other high-ranking Countrywide executives, Kurland was not charged with fraud by the Securities and Exchange Commission. 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. PennyMac has been more tight-lipped about its direct lending operation, which is still relatively small. "Stan leaves an indelible mark not only on PennyMac, but on the mortgage industry he helped to build and shape. Housebuilders look like cheap dividend stocks, but can investors trust them to deliver? PMT is externally managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of PennyMac Financial Services, Inc. Pennymac Mortgage Investment Trust executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, insiders at Pennymac Mortgage Investment Trust, Stocks and cryptocurrency portfolio tracker. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. These loans became that oxymoron: "toxic assets." Service at:Beth El Cemetery735 Forest Ave, Paramus, NJ 07652, Your email address will not be published. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. Proud grandfather of Jennifer, and her husband Geoff, Adam and Kyle. Either way, PennyMacs current investors dont seem to be bothered by Kurland and his teams past, or by the companys complicated structure. There are no executives at Pennymac Mortgage Investment Trust getting paid more. In dozens of cases, PennyMac moves to initiate foreclosure. Part of HuffPost Business. 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. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. That didn't happen. He bought a house he couldn't afford with a mortgage he couldn't pay and then slid his credit card to get a big screen TV and a dirt bike for his kid. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. Kurland's got taxpayers coming and going. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. Kurland, PennyMac's non-executive chairman, died. Prior to his retirement, Dr. Kurland was an optometrist in Maywood, NJ. It remains a multi-billion-dollar nightmare. In December, Bank of America agreed to pay $335 million to settle charges that Countrywide loan officers regularly charged minority borrowers higher rates and fees than those paid by similar white borrowers. One of his early assignments was at a mortgage bank called Countrywide Credit Industries and its operating subsidiary Countrywide Acceptance Company. Card companies keep low rates for themselves, The housing pick up wont produce much economic growth, Young workers earn $10,000 less than in 2005, LinkedIn has officially entered its cringe era, and its working. And in other cases, the loan processors provided those false wage figures themselves for what's now known as liar loans. If you need to flag this entry as abusive. Are housebuilder stocks looking cheap for dividend yields? As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. Of the 313 PennyMac executives who are listed on professional networking site LinkedIn, 75 had spent some time at Countrywide. Disclaimer: PeekYou is not a consumer reporting agency per the Fair Credit Reporting Act. 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. 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. We look at Taylor Wimpey, Persimmon and Barratt Developments. . 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. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID . Then companies like AIG sold insurance on them. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. Stanford L. Kurland. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. Louis Suburban Chapel is easily accessible from anywhere in the New York metropolitan area. On average, Stanford trades about 28,493 units every 38 days since 2009. Last updated: 22 January 2021 at 7:06pm EST. He used some of that money to set up a new company: PennyMac. Known Addresses for Stanford Kurland. The person who answers says he works for PennyMac. Youve done this before.. The report found that Brandts former unit handed out hundreds ofsweetheart loans to members of Congress, their staffs and other government employees. asked a blogger on the Irreverent Stocklist in early 2007. He was 68. "It is horrible what transpired in the industry," he sighs. Two years later the company merged. Coordinating operations , 4.. Yes, some applicants lied about their income to qualify for loans, but often that was encouraged by loan processors, who made money on each loan they sold. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. Amelia was born on September 24, 1946 in Veracruz, Mexico toAngel & Antelma Dominguez Garcia. Last updated: 22 January 2021 at 7:06pm EST. It's a win-win situation. 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. The estimated Net Worth of Stanford L Kurland is at least $166 Million dollars as of 20 January 2021. There are no executives at Pennymac Mortgage Investment Trust getting paid more. Fine, Kurland's PennyMac gives the guy in the bungalow next door payments low enough to let him stay. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. Kurland was president and CEO until 2016 when he became chairman. Mr. Kurland holds a BS from California State University, Northridge. A Patent Pending People Search Process. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. "You could say he's brilliant," says Charles Laurence on The First Post: few have shown such agility in exploiting first boom, then bust. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. The unit was launched a year ago, and now accounts for about a third of the companys profits. Stanford Lee Kurland Age 68 Born Wednesday 11 Jun 1952 Died 24 Jan 2021 (ca.) Stanford Kurland was the second-most senior executive at Countrywide, the mortgage lender, until 2006 when he left, selling $200 million in stock options. 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. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. He presents this as an act of redemption. Your email address will not be published. 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