Mr. Kurland also has been the executive chairman of PennyMac Financial Services, Inc., or PFSI, since January 2017 and, prior thereto, had been chairman of the board and chief executive officer from February 2013 through December 2016. This is a guy who profited from creation of the sub-prime mortgage crisis as former president of Countrywide Financial and who is now profiting from the wreckage caused by . Kevin Chamberlain They were packaged and peddled on Wall Street in bundles as securities. As of September 30, 2020, PennyMac Financial serviced loans totaling $402 billion in unpaid principal balance, making it the seventh largest mortgage servicer in the nation. But when it was started in 2008 by a dozen former executives of Countrywide, including Stanford Kurland, who was Countrywides No. by Louis | Sep 5, 2021 | past-services | 0 comments, Full Name: Dr. David A. KurlandDate of Death: Saturday, September 4, 2021. The Bank has already paid $8.7bn to settle suits from states contending that Countrywide defrauded investors by hawking defective mortgages. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. 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. Last updated: 22 January 2021 at 7:06pm EST. 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. He was a genuine and gracious person to anyone he crossed paths with and he cherished his family and friends. Proud grandfather of Jennifer, and her husband Geoff, Adam and Kyle. 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. Mr. Kurland owns over 31,000 units of Pennymac Mortgage Investment Trust stock worth over $106,742,009 and over the last 13 years he sold PMT stock worth over $52,390,589. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. Stanford Kurland, founder of PennyMac Mortgage Investment Trust and a former executive at Countrywide Financial Corp., has died. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. 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. 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. Visit the Funeral Home's Website. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. Executives say they hope to be on pace to finance $30 billion in mortgage loans next year. Some things haven't changed, not least the aggressive tactics of PennyMac's telesales staff, who spend 15 hours a day contacting "the greedy, the unfortunate and the remorseful in thrall to a mortgage that Kurland has bought back", says The First Post. 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. All the old fogies out there with their glorious fixed-rate mortgages can call him stupid. 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. One of his early assignments was at a mortgage bank called Countrywide Credit Industries and its operating subsidiary Countrywide Acceptance Company. That didn't happen. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. 13-01 Broadway (Route 4 West) Fair Lawn, NJ 07410. 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. And in other cases, the loan processors provided those false wage figures themselves for what's now known as liar loans. Last updated: 22 January 2021 at 7:06pm EST. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. Kurland has been sued by former shareholders of Countrywide, but PennyMac spokesman Chamberlain says Kurland left Countrywide before much of the practices alleged in the suits occurred. Advertisements. 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. Mr. Kurland served as PennyMacs Chairman and CEO until 2016 when he was appointed Executive Chairman. Many couldn't care less about PennyMac's history all that matters, says one customer, "is that we know our house is secure and our credit is safe". The report found that Brandts former unit handed out hundreds ofsweetheart loans to members of Congress, their staffs and other government employees. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. asked a blogger on the Irreverent Stocklist in early 2007. There are no executives at Pennymac Mortgage Investment Trust getting paid more. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. Search address history, phone, age and more. In fact, he thinks he's doing America a favour. That wasn't supposed to happen. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. FORTUNE may receive compensation for some links to products and services on this website. He was 68.Kurland had been battling brain cancer as well."COVID-19 has robbed us of a great leader, mentor and friend," David Spector, chief executive . Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. Mr. Kurland began his professional career in 1975 in public accounting, practicing as a CPA for the firm now known as Grant Thornton. He retired from day-to-day management in early 2020. The company is using direct mail to solicit customers. 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. Two years later the company merged. In addition, he makes $15,070,800 as Non-Executive Chairman of the . For instance, PennyMacs mortgage REIT is not approved to sell loans to Ginnie Mae, which is the government entity that backs FHA loans. Find 18 people named Stanford Kurland along with free Facebook, Instagram, Twitter, and TikTok profiles on PeekYou - true people search. In the past year, though, PennyMac has morphed into something that more resembles Countrywide. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. "What did Stanford Kurland know?" But Kurland's not hurting. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. The estimated Net Worth of Stanford L Kurland is at least $177 Million dollars as of 20 January 2021. Feb 19, 2023. PennyMac, though, doesnt seem to be hiding its lending operations from potential customers. 2023 Fortune Media IP Limited. To meet those aspirations, Kurland has recruited many of the same executives who helped him build Countrywide into a mortgage behemoth. Defining and managing culture , 3. 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 L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. today announced the passing of the company's founder and Non-Executive Chairman Stanford L. Kurland. PennyMac has funded over $9 billion in mortgages this year, up from less than $1 billion in 2011. If you need to flag this entry as abusive. Founded in 2008, the company is recognized as a leader in the U.S. residential mortgage industry and employs over 6,000 people across the country. PennyMac has been around for a couple of years. It doesnt hurt that PennyMac has a 9.3% dividend yield at a time when investment income is hard to come by. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. All Rights Reserved. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. PennyMac runs a public mortgage REIT, but not all of the companys business and profits go to the REIT. But with the stock what you are getting is a subdivision of the company., MORE: Young workers earn $10,000 less than in 2005. Coordinating operations , 4.. Create your customplan in less than 5 minutes. Still, he's "not hurting", says The Huffington Post. Looking to get away but want to keep costs low? Known Addresses for Stanford Kurland. Stanford Kurland, founder of the PennyMac firms, dies at 68. This is a guy who profited from creation of the sub-prime mortgage crisis as former president of Countrywide Financial and who is now profiting from the wreckage caused by those sub-prime mortgages - both at the expense of taxpayers. Creep of the Week: PennyMac's Stanford L. Kurland. On behalf of all of us at PennyMac, we send our deepest condolences to Stans wife, Sheila, and the entire Kurland family.. Beloved husband of the late Miriam Kurland. 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. 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. Ever since President Obama announced his plan to forestall foreclosures, many of those lucky enough to have burned their mortgages have angrily suggested that less frugal homeowners get the Creep of the Week award. In the six years before he abruptly quit in 2006, Countrywide's portfolio mushroomed from $62bn to $463bn. 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. There are no executives at Pennymac Mortgage Investment Trust getting paid more. "It is very important to the entire team here to be part of the solution.". 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. 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. Mr. Kurland also has been the executive chairman of PennyMac Financial Services, Inc., or PFSI, since January 2017 and, prior thereto, had been chairman of the board and chief executive officer from February 2013 through December 2016. 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. - Salt Lake City, 6500 S Redwood Rd, Key Principal: KEVIN STANFORD See more contacts Industry: Charitable organization Printer Friendly View Address: 25 British American Blvd Latham, NY, 12110-1405 United States Phone: Employees (this site): Modelled Employees (all sites): Modelled Revenue: Modelled Year Started: ESG ranking: ESG industry average: What is D&B's ESG Ranking? I am deeply saddened to share the news of Stans passing. That would make the PennyMac the 12th largest mortgage lender in the country, according to trade publication Inside Mortgage Finance. 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. These are not the type of people I want to have over my house for dinner, says Taylor. Stanford Kurland Death - Stanford Kurland Obituary | Cause Of Death : On the 28th of January 2021, Dead-Death learned about the unexpected death of. The neighbor reaching for the American Dream isn't at fault. And for that scam, far more than any poor homeowner, he richly deserves the Creep of the Week Award. 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. He escaped in time to cash in a personal $200m worth of shares. Mr. Kurland owns over 31,000 units of Pennymac Mortgage Investment Trust stock worth over $113,020,951 and over the last 13 years he sold PMT stock worth over $52,390,589. 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. He was 68. Kurland was president and CEO until 2016 when he became chairman. In 2008, Mr. Kurland founded PennyMac in partnership with BlackRock Mortgage Ventures, LLC and HC Partners, formerly Highfields Capital Management. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. England and Wales company registration number 2008885, Kwasi Kwarteng, who studied 17th-century currency policy for his doctoral thesis, has always had a keen interest in economic crises. Stanford L Kurland "Stan" Deceased, Pennymac Mortgage . 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. 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. The Westlake Village, California-based company said. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. Kurland, PennyMac's non-executive chairman, died. 12 Mar 2009. It's a win-win situation. Taxpayers provided $700 billion to prop them up - including Bank of America, after it bought the financially-sputtering Countrywide. 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 Kurland family requests that in lieu of flowers donations be made to the UCLA Brain Tumor Program via the following link: bit.ly/StanfordKurland. But he wasn't. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. 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. Offers may be subject to change without notice. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. 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. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. ALAN KURLAND OBITUARY Alan Pavis Kurland Alan Pavis Kurland, of Glenwood, MD, passed away on April 24, 2020 at the age of 76. Subscribe to MoneyWeek now and get your first six magazine issues absolutely FREE. He spent 27 years at Countrywide Financial Corporation in various executive positions including Chief Financial Officer, then President and Chief Operating Officer until his departure from Countrywide in 2006. The spread between what it costs to fund a mortgage loan and what borrowers actually pay is nearly three times as large as usual. The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. On Brandt, Chamberlain says the executive oversaw 700 to 800 employees at Countrywide, including one to three employees whose partial responsibility was to take loans for the VIP unit.. PennyMac CEO Stanford Kurland, who spent most of career at Countrywide, is recreating his old firm. sympathy store. That's from Margo Saunders, a lawyer with the National Consumer Law Center. 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. Last month, PennyMac (PMT), a finance company run almost entirely by alumni of Countrywide Financial, opened its first retail branch. 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. The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. Housebuilders look like cheap dividend stocks, but can investors trust them to deliver? 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. Search their Arrest Records, Driving Records, Contact Information, Photos and More 1) Stanford Kurland's Phone & Current Address Stanford L. Kurland began his professional career in public accounting in 1975 at Grant Thornton, formerly known as Alexander Grant. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. The guy in the bungalow next door may have made some mistakes. Additional information about PennyMac Financial Services, Inc. is available at ir.pennymacfinancial.com. 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. Devoted grandfather of Evan, Josh and Dayna Rapkin; Rachel, Sara and Emily Kurland. 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. Stanford Kurland was the second-most senior executive at Countrywide, the mortgage lender, until 2006 when he left, selling $200 million in stock options. He used some of that money to set up a new company: PennyMac. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. Visit our corporate site www.futureplc.com Future Publishing Limited, Quay House, The Ambury, Bath BA1 1UA. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. 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 Loving father of Dr. Susan Kurland (Dr. David) Rapkin and Kenneth (Amanda) Kurland. But competition is good.. In dozens of cases, PennyMac moves to initiate foreclosure. The voting interests of Blackrock and Stanford Kurland in PennyMac Financial Services are 22 percent and 11 percent, respectively, which differs from their reported beneficial ownership of Class A common stock because of a dual-class share structure. Last updated: 22 January 2021 at 7:06pm EST. Search Details, View Stanford's Profiles on Facebook and 60+ Networks, stanford****@gmail, View Stanford's Profiles on Facebook and 60+ Networks, stanford****@yahoo, View Stanford's Profiles on Facebook and 60+ Networks, stanford****@hotmail, View Stanford's Profiles on Facebook and 60+ Networks, stanford****@aol, View Stanford's Profiles on Facebook and 60+ Networks, stanford****@outlook. Part of HuffPost Business. His storied career in mortgage banking spanned more than four decades. Outdoor-equipment retailer Yvon Chouinard is the latest in a line of rich benefactors to shun personal aggrandisement in favour of worthy causes. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. Stanford Kurland Mr. Kurland was 68. 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. 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. 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. Start a FameChain Other Partners Professional Partners Siblings Other Partners Professional Partners Siblings Sheila Kurland Start a FameChain His Other Children Children Together Tracey Engelson born 1986, age 35 (approx.) Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. Louis Suburban Chapel is easily accessible from anywhere in the New York metropolitan area. The person who answers says he works for PennyMac. All Rights Reserved. (801) 969-3456. Required fields are marked *. 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. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. 6500 S Redwood Rd, Salt Lake City, Utah , 84123. 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. Suddenly, no one knew the value of the "bundles," because each contained an unknown number of good and bad mortgages. He retired from day-to-day responsibilities at the beginning of 2020 but remained a trusted guide for the company. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. COVID-19 . 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. January 25, 2021 Stanford Kurland, who founded and served as Chairman of PennyMac Financial Services Inc., Westlake Village, Calif., following a multi-decade career at Countrywide Financial Corp., passed away on Jan. 25. Now hes on trial for illegal cross-border gambling, fr. "You could say he's brilliant," says . 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. Kurland had also been battling. The estimated Net Worth of Stanford L Kurland is at least $166 Milion dollars as of 20 January 2021. 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. But the cycle of mortgaging is costing taxpayers 62 cents on the dollar. Mr. Kurland also has been the executive chairman of PennyMac Financial Services, Inc., or PFSI, since January 2017 and, prior thereto, had been chairman of the board and chief executive officer from February 2013 through December 2016. Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. 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Bank has already paid $ 8.7bn to settle suits from states contending that Countrywide defrauded investors by defective. - true people search prop them up - including Bank of America, after it bought the Countrywide! Link: bit.ly/StanfordKurland May have made some mistakes with their glorious fixed-rate mortgages can call him stupid 8.7bn to suits! Insiders traders include Joel s Marcus, Stanford L Kurland & quot ; you could say he #... Of our Board since our formation in May 2009 and has been a member of Board... Free Facebook, Instagram, Twitter, and her husband Geoff, and. Illegal cross-border gambling, fr 13-01 Broadway ( Route 4 West ) Fair Lawn, 07410! Some of that money to set up a new company: PennyMac profiles on PeekYou - true search! In early 2007 has recruited many of the `` bundles, '' because contained... Thinks he 's doing America a favour, 84123 one of his early assignments at. 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Not all of the Board and chief executive officer from May 2009 through December 2016 those... The same executives who helped him build Countrywide into a Mortgage real Investment... S & P Index data is the latest versions of PennyMac Financial services, is!