He used some of that money to set up a new company: PennyMac. To send flowers to Memorial Redwood Mortuary & Cemetery please visit our 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. Last month, PennyMac (PMT), a finance company run almost entirely by alumni of Countrywide Financial, opened its first retail branch. "It is very important to the entire team here to be part of the solution.". "I am expecting something gigantic to break in the near future for Countrywide." The center tried to stop abusive lending by the likes of Countrywide, which during the heyday of sub-prime was the largest mortgage lender in the nation but in the past nine months has been sued by several states contending it defrauded borrowers by hawking defective mortgages that quickly went to foreclosure. 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. Mr. Kurland owns over 31,000 units of Pennymac Mortgage Investment Trust stock worth over $109,314,106 and over the last 14 years he sold PMT stock worth over $52,390,589. All Rights Reserved. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. When the Business Times contacted the PennyMac firms for the story, it did not seek comment on . It's the bankers - Kurland and company - who urged dreamers to sign the dotted line knowing the loan would never work out, knowing a bank would never grant such a mortgage if it were going to remain on the books of a local institution. If you need to flag this entry as abusive. Copyright 2023 PeekYou.com. Along with Kurland, PennyMacs chief operating officer, chief financial officer and chief credit officer all hail from Countrywide, as do the firms head of marketing, head of consumer lending and head of human resources. Prior to his retirement, Dr. Kurland was an optometrist in Maywood, NJ. PennyMac has been more tight-lipped about its direct lending operation, which is still relatively small. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. Stanford Kurland Death - Dead, Obituary, Funeral, Cause Of Death, Passed Away: On February 24th, 2021, InsideEko Media learned about the death of Stanford Kurland through social media publications. There was certainly a huge clue in the fact that, by now, executives had cashed in around $800m in share options. In addition, he makes $15,070,800 as Non-Executive Chairman of the . Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. The report found that Brandts former unit handed out hundreds ofsweetheart loans to members of Congress, their staffs and other government employees. In any newspaper and Legacy.com. FORTUNE may receive compensation for some links to products and services on this website. 1) Stanford Kurland's Phone & Current Address, Stanford Kurland's Phone #, Address & More, Stanford Kurland's Contact Info, Social Profiles & More. "You could say he's brilliant," says . 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. Mr. Kurland served as the chief executive officer of Private National Mortgage Acceptance Company, LLC, or PNMAC, from May 2013 through December 2016, and, prior thereto, served as chairman of the board and chief executive officer from founding the company in January 2008 to May 2013. On average, Stanford trades about 28,493 units every 38 days since 2009. The largest trade he's ever made was exercising 205,881 units of Pennymac Mortgage Investment Trust stock on 2 April 2018 worth over $2,674,394. These are not the type of people I want to have over my house for dinner, says Taylor. - Salt Lake City, 6500 S Redwood Rd, Defining and managing culture , 3. Mr. Kurland holds a BS from California State University, Northridge. Mr. Kurland served as the chief executive officer of Private National Mortgage Acceptance Company, LLC, or PNMAC, from May 2013 through December 2016, and, prior thereto, served as chairman of the board and chief executive officer from founding the company in January 2008 to May 2013. Stanford Lee Kurland Age 68 Born Wednesday 11 Jun 1952 Died 24 Jan 2021 (ca.) None of those Wall Street wizards who had made untold billions on this scheme had calculated a drop in the market. The estimated Net Worth of Stanford L Kurland is at least $166 Million dollars as of 20 January 2021. The estimated Net Worth of Stanford L Kurland is at least $174 Milion dollars as of 20 January 2021. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. As president of Countrywide America's largest mortgage lender until its crash last year Kurland helped devise and mass-market the dodgy mortgages that helped get us into this mess, says The Independent. COVID-19 . In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. Kurland, formerly the firm's auditor, joined the group in the 1970s and was generally known as the "soft-spoken" number two. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. Additional information about PennyMac Financial Services, Inc. is available at ir.pennymacfinancial.com. 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. Are housebuilder stocks looking cheap for dividend yields? But to others, he's a "subprime creep". 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. 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. He cashed out of Countrywide before its stock tanked, taking $200 million with him. But the cycle of mortgaging is costing taxpayers 62 cents on the dollar. Contributors control their own work and posted freely to our site. He was 68. FORTUNE -The Federal Reserve's recent decision to buy mortgage bonds until the economy . All the old fogies out there with their glorious fixed-rate mortgages can call him stupid. Mr. Kurland served as PennyMacs Chairman and CEO until 2016 when he was appointed Executive Chairman. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. The estimated Net Worth of Stanford L Kurland is at least $180 Million dollars as of 20 January 2021. The Hollywood producer, who is best known for his 2010 film Remember Me, is based in LA with his wife and daughters and seems to be relishing. Stan's skills were quickly observed by . It doesnt hurt that PennyMac has a 9.3% dividend yield at a time when investment income is hard to come by. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. This post was published on the now-closed HuffPost Contributor platform. asked a blogger on the Irreverent Stocklist in early 2007. Stanford Kurland Death - Stanford Kurland Obituary | Cause Of Death : On the 28th of January 2021, Dead-Death learned about the unexpected death of. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. 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. Subscribe to MoneyWeek now and get your first six magazine issues absolutely FREE. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. "Greed," as one well-placed lawyer remarks, "is a growth industry." Suddenly, no one knew the value of the "bundles," because each contained an unknown number of good and bad mortgages. They were packaged and peddled on Wall Street in bundles as securities. The real loser, says The Huffington Post, is the US taxpayer. PennyMac, and other firms like it, are paying around 38 cents on the dollar for bad mortgages that the government bought with taxpayers' cash from failing banks. Part of HuffPost Business. The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. ALAN KURLAND OBITUARY Alan Pavis Kurland Alan Pavis Kurland, of Glenwood, MD, passed away on April 24, 2020 at the age of 76. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. sympathy store. He will be deeply missed by many in our industry and our community including all of us here at PennyMac., I am fortunate to have worked alongside Stan for the last 31 years and am honored to call him a dear friend, Mr. Spector continued. PennyMac runs a public mortgage REIT, but not all of the companys business and profits go to the REIT. All rights reserved. On behalf of all of us at PennyMac, we send our deepest condolences to Stans wife, Sheila, and the entire Kurland family.. But PennyMac is part of the solution. The latest house price index from Zoopla shows sellers are accepting a 4.5% discount on asking prices to secure a sale as the property market cools do. Check out these 10 holiday destinations which remain cheap despite rising inflation. Mr. Kurland owns over 31,000 units of Pennymac Mortgage Investment Trust stock worth over $98,269,220 and over the last 14 years he sold PMT stock worth over $52,390,589. 6360 NW 5th Way Fort Lauderdale, FL 33309 155 N Lake Ave Pasadena, CA 91101 4500 Park Granada Calabasas, CA 91302 6400 Legacy Dr Plano, TX 75024 PO Box 7137 Pasadena, CA 91109. Stanford Kurland, founder of PennyMac Mortgage Investment Trust and a former executive at Countrywide Financial Corp., has died. Then companies like AIG sold insurance on them. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. Fine, Kurland's PennyMac gives the guy in the bungalow next door payments low enough to let him stay. No wonder one executive describes business as "off-the-charts good". He was duped. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. The company is using direct mail to solicit customers. Loving father of Dr. Susan Kurland (Dr. David) Rapkin and Kenneth (Amanda) Kurland. 13-01 Broadway (Route 4 West) Fair Lawn, NJ 07410. Looking to get away but want to keep costs low? Housebuilders look like cheap dividend stocks, but can investors trust them to deliver? 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. Ultimately, it was the banks that weren't requiring income verification or any income information at all. Stanford Kurland, founder of the PennyMac firms, dies at 68. 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. Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. In the past year, though, PennyMac has morphed into something that more resembles Countrywide. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. That wasn't supposed to happen. When Bank of America bought Countrywide last year, Angelo Mozilo declared that the Bank would "reap the benefits of what we have sowed". Feb 19, 2023. Youve done this before.. Find 18 people named Stanford Kurland along with free Facebook, Instagram, Twitter, and TikTok profiles on PeekYou - true people search. His relative anonymity is partly down to the high profile taken by his erstwhile boss, Angelo Mozilo, who founded Countrywide in 1969. The best description of this appeared in the New York Times in a column by op-ed writer Gail Collins: "It's like Jeffrey Dahmer selling body parts to a clinic." Under his leadership, PennyMac became one of the largest residential mortgage lenders and servicers in the U.S. and now employs over 6,000 people across the country. Then PennyMac gives homeowners the opportunity to refinance at affordable rates - perhaps rates that Kurland, as president of Countrywide, should have been offering in the first place. Stan Kurland is Deceased at Pennymac Mortgage Investment. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. Taylor thinks PennyMac and firms like it could help. Terms & Conditions. Now hes on trial for illegal cross-border gambling, fr. A number of analysts who follow the company were unaware of it. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. That didn't happen. "It is horrible what transpired in the industry," he sighs. Salt Lake City, Utah. John Taylor, who heads the National Community Reinvestment Coalition and has been a frequent critic of subprime lenders, welcomes the firm. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. . Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. The predator was Stanford L. Kurland and his ilk who all profited a plenty from little guys not understanding that the low "introductory" interest rate would balloon into one that made the monthly payments completely unaffordable. 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. 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