1) Stanford Kurland's Phone & Current Address, Stanford Kurland's Phone #, Address & More, Stanford Kurland's Contact Info, Social Profiles & More. 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. They were packaged and peddled on Wall Street in bundles as securities. None of the executives at PennyMac are directly linked to any of the alleged wrongdoing at Countrywide. "It is horrible what transpired in the industry," he sighs. Last updated: 22 January 2021 at 7:06pm EST. Feb 19, 2023. 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 Bank has already paid $8.7bn to settle suits from states contending that Countrywide defrauded investors by hawking defective mortgages. But if the householder is willing to resume paying, PennyMac will slash the interest rate back to 'teaser' level. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. He cashed out of Countrywide before its stock tanked, taking $200 million with him. It's a win-win situation. 12 Mar 2009. That would make the PennyMac the 12th largest mortgage lender in the country, according to trade publication Inside Mortgage Finance. 2023 BuzzFeed, Inc. All rights reserved. We encourage you to contact the funeral home to verify time and location before attending services or visitation. When the Business Times contacted the PennyMac firms for the story, it did not seek comment on . MoneyWeek is part of Future plc, an international media group and leading digital publisher. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. 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. For instance, PennyMacs mortgage REIT is not approved to sell loans to Ginnie Mae, which is the government entity that backs FHA loans. Stanford L. Kurland began his professional career in public accounting in 1975 at Grant Thornton, formerly known as Alexander Grant. These loans became that oxymoron: "toxic assets." "What did Stanford Kurland know?" 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. Now he's back. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Mortgage brokers like Kurland pushed these loans because they knew they were going to immediately dump that trash. We look at Taylor Wimpey, Persimmon and Barratt Developments. asked a blogger on the Irreverent Stocklist in early 2007. Prior to his retirement, Dr. Kurland was an optometrist in Maywood, NJ. He was duped. Isaac Garden I am deeply saddened to share the news of Stans passing. Then companies like AIG sold insurance on them. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. Two years later the company merged. In addition, he makes $15,070,800 as Non-Executive Chairman of the . Yet now he's public enemy number one in the US press and blogging world. Investors Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. The real loser, says The Huffington Post, is the US taxpayer. There are no executives at Pennymac Mortgage Investment Trust getting paid more. Kurland, formerly the firm's auditor, joined the group in the 1970s and was generally known as the "soft-spoken" number two. (801) 969-3456. But he wasn't. Mr. Kurland holds a BS from California State University, Northridge. Our main chapel seats over 400 and we accommodate both New Jersey, New York cemeteries, and burials in Israel. 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. 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 The most active insiders traders include Joel S Marcus, Stanford L Kurland a Frank P Willey. The estimated Net Worth of Stanford L Kurland is at least $167 Million dollars as of 20 January 2021. 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. If you need to flag this entry as abusive. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. "It is very important to the entire team here to be part of the solution.". On average, Stanford trades about 28,493 units every 38 days since 2009. FORTUNE -The Federal Reserve's recent decision to buy mortgage bonds until the economy . 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. "You could say he's brilliant," says Charles Laurence on The First Post: few have shown such agility in exploiting first boom, then bust. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. 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. It all started falling apart when the real estate market slipped. Suddenly, no one knew the value of the "bundles," because each contained an unknown number of good and bad mortgages. 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. 8 records for Stanford Kurland. He was 68. Once you find the obituary you are looking for, you can get important information about upcoming services, share a favorite photo or memory, and . 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. Of the 313 PennyMac executives who are listed on professional networking site LinkedIn, 75 had spent some time at Countrywide. 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. 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. The Dignity Memorial online obituary search tool gives you access to obituaries from thousands of locations across North America. 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. In 2008, Mr. Kurland founded PennyMac in partnership with BlackRock Mortgage Ventures, LLC and HC Partners, formerly Highfields Capital Management. 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. Johann Rupert, the presiding boss of Swiss luxury group Richemont, has seen off a challenge to his authority by a hedge fund. There was certainly a huge clue in the fact that, by now, executives had cashed in around $800m in share options. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. The prey was that guy in the bungalow next door. The unit was launched a year ago, and now accounts for about a third of the companys profits. 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. Required fields are marked *. The firm recently paid the Federal Deposit Insurance Corporation just $43m for $560m worth of mostly delinquent loans. Beloved husband of the late Miriam Kurland. The price paid by Kurland is an avalanche of rage. 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. Youve done this before.. 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 estimated Net Worth of Stanford L Kurland is at least $166 Million dollars as of 20 January 2021. Coordinating operations , 4.. 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. That didn't happen. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. FORTUNE may receive compensation for some links to products and services on this website. But Kurland's not hurting. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. 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. Unlike Mozilo and other high-ranking Countrywide executives, Kurland was not charged with fraud by the Securities and Exchange Commission. Kurland served as PMT's Chairman and CEO until 2016 when he was appointed Executive Chairman. No wonder one executive describes business as "off-the-charts good". 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. . 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. 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. It is buying distressed mortgages so cheaply that it can offer attractive repayment terms to struggling homeowners, thereby collecting the repayments or getting the house in event of foreclosure. 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. That wasn't supposed to happen. Until last week, no one outside finance had heard of Stanford L. Kurland. Ultimately, it was the banks that weren't requiring income verification or any income information at all. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID . Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. 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. Additional information about PennyMac Financial Services, Inc. is available at ir.pennymacfinancial.com. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. Several actions against CEOs, including Kurland, are still extant. He was 68. The neighbor reaching for the American Dream isn't at fault. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. Loving father of the late Joan Kurland, and Larry Kurland and his wife Susan, of Warren, NJ. But PennyMac is part of the solution. 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. 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. All the old fogies out there with their glorious fixed-rate mortgages can call him stupid. 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. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. 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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