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. 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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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 $177 Million dollars as of 20 January 2021. "You could say he's brilliant," says . Now he's back. Required fields are marked *. 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 served as PMT's Chairman and CEO until 2016 when he was appointed Executive Chairman. 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.) "Greed," as one well-placed lawyer remarks, "is a growth industry." Search their Arrest Records, Driving Records, Contact Information, Photos and More 1) Stanford Kurland's Phone & Current Address You can search by first or last name, state and publication date. He retired from day-to-day responsibilities at the beginning of 2020 but remained a trusted guide for the company. Find 18 people named Stanford Kurland along with free Facebook, Instagram, Twitter, and TikTok profiles on PeekYou - true people search. Johann Rupert, the presiding boss of Swiss luxury group Richemont, has seen off a challenge to his authority by a hedge fund. These loans became that oxymoron: "toxic assets." 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 report found that Brandts former unit handed out hundreds ofsweetheart loans to members of Congress, their staffs and other government employees. In the six years before he abruptly quit in 2006, Countrywide's portfolio mushroomed from $62bn to $463bn. He retired from day-to-day responsibilities in 2020 but remained a trusted guide for the company. PennyMac runs a public mortgage REIT, but not all of the companys business and profits go to the REIT. Stanford Kurland was the second-most senior executive at Countrywide, the mortgage lender, until 2006 when he left, selling $200 million in stock options. Advertisements. 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. Louis Suburban Chapel is easily accessible from anywhere in the New York metropolitan area. Either way, PennyMacs current investors dont seem to be bothered by Kurland and his teams past, or by the companys complicated structure. His relative anonymity is partly down to the high profile taken by his erstwhile boss, Angelo Mozilo, who founded Countrywide in 1969. He says the Pasadena office is not for walk-ins. FORTUNE The Federal Reserves recent decision to buy mortgage bonds until the economy recovers has made home lending more attractive than it has been in years. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. Kurland definitely has aspirations to grow the company into something that is substantial and in the end will probably look something like Countrywide, says Widner, who rates PennyMac a hold. asked a blogger on the Irreverent Stocklist in early 2007. And for that scam, far more than any poor homeowner, he richly deserves the Creep of the Week Award. 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. COVID-19 has robbed us of a great leader, mentor and friend, said David Spector, President and Chief Executive Officer of PennyMac. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. Stanford Kurland, founder of PennyMac Mortgage Investment Trust and a former executive at Countrywide Financial Corp., has died. But to others, he's a "subprime creep". 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. 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. Chamberlain says the firm has no plans to make subprime loans. 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. As one consumer group told the New York Times, he's "like the arsonist who sets fire to the house and then buys up the charred remains and resells it". Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. More surprising is the reaction PennyMac gets from consumer advocates. 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. 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. Defining and managing culture , 3. . 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 PennyMacs Chairman and CEO until 2016 when he was appointed Executive Chairman. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. Yet now he's public enemy number one in the US press and blogging world. 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. A Patent Pending People Search Process. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. "It is very important to the entire team here to be part of the solution.". Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. Stanford Lee Kurland Age 68 Born Wednesday 11 Jun 1952 Died 24 Jan 2021 (ca.) Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. 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. 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. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. Last updated: 22 January 2021 at 7:06pm EST. 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. 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. Service at:Beth El Cemetery735 Forest Ave, Paramus, NJ 07652, Your email address will not be published. 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. Copyright 2023 PeekYou.com. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. But here's the thing, when Countrywide sold him on that loan, he just didn't understand it. He presents this as an act of redemption. Still, he's "not hurting", says The Huffington Post. Kurland was president and CEO until 2016 when he became chairman. Contributors control their own work and posted freely to our site. He was 68. 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 Outdoor-equipment retailer Yvon Chouinard is the latest in a line of rich benefactors to shun personal aggrandisement in favour of worthy causes. Check out these 10 holiday destinations which remain cheap despite rising inflation. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. Several actions against CEOs, including Kurland, are still extant. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. 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. In addition, he makes $15,070,800 as Non-Executive Chairman of the . 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