The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. 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". PennyMacs odd corporate structure has worried some Wall Street analysts. Stanford L Kurland "Stan" Deceased, Pennymac Mortgage . Create your customplan in less than 5 minutes. " I am deeply saddened to share the news of Stan's passing. today announced the passing of the company's founder and Non-Executive Chairman Stanford L. Kurland. 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. The company expects to hire as many as 100 employees for the office, which is in Pasadena, California, including loan officers and underwriters. 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. Search their Arrest Records, Driving Records, Contact Information, Photos and More 1) Stanford Kurland's Phone & Current Address "Greed," as one well-placed lawyer remarks, "is a growth industry." When the Business Times contacted the PennyMac firms for the story, it did not seek comment on . Mortgage brokers like Kurland pushed these loans because they knew they were going to immediately dump that trash. MoneyWeek is part of Future plc, an international media group and leading digital publisher. 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 any newspaper and Legacy.com. Sanford Kurland December 11, 1929 - October 22, 2011 IN THE CARE OF Berkowitz-Kumin-Bookatz Memorial Chapel SANFORD "CORKY" KURLAND beloved husband of Gloria (nee Mednik). Banks started to fail. There was certainly a huge clue in the fact that, by now, executives had cashed in around $800m in share options. Then companies like AIG sold insurance on them. Search address history, phone, age and more. Offers may be subject to change without notice. Taxpayers provided $700 billion to prop them up - including Bank of America, after it bought the financially-sputtering Countrywide. Prior to his retirement, Dr. Kurland was an optometrist in Maywood, NJ. He says mortgage rates have stayed frustratingly high, and that there is a huge number of borrowers who are still having trouble refinancing. Last updated: 22 January 2021 at 7:06pm EST. PennyMac Financial Services, Inc. is a specialty financial services firm with a comprehensive mortgage platform and integrated business focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. The REIT makes a small fee, just 0.03%, on those deals and the private entity pockets the rest, which is the bulk of the profits. 6500 S Redwood Rd, Salt Lake City, Utah , 84123. 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. You can search by first or last name, state and publication date. Beloved husband of the late Miriam Kurland. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. 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 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. All rights reserved. The firm recently paid the Federal Deposit Insurance Corporation just $43m for $560m worth of mostly delinquent loans. 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. Loving father of Dr. Susan Kurland (Dr. David) Rapkin and Kenneth (Amanda) Kurland. In fact, he thinks he's doing America a favour. 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. 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. A Patent Pending People Search Process. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. 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. 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. In recent investor presentations, Kurland and other PennyMac executives have talked up the companys unit that finances new mortgage loans made by outside brokers and small banks. Suddenly, no one knew the value of the "bundles," because each contained an unknown number of good and bad mortgages. He was a genuine and gracious person to anyone he crossed paths with and he cherished his family and friends. - Salt Lake City, 6500 S Redwood Rd, That wasn't supposed to happen. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. ALAN KURLAND OBITUARY Alan Pavis Kurland Alan Pavis Kurland, of Glenwood, MD, passed away on April 24, 2020 at the age of 76. Chamberlain says the firm has no plans to make subprime loans. 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. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. The guy in the bungalow next door may have made some mistakes. 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. 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. "You could say he's brilliant," says Charles Laurence on The First Post: few have shown such agility in exploiting first boom, then bust. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. On average, Stanford trades about 28,493 units every 38 days since 2009. 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. But his trials are not o, Alvin Chau made a fortune catering for Chinese gamblers as the authorities turned a blind eye. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. . 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. Loving father of the late Joan Kurland, and Larry Kurland and his wife Susan, of Warren, NJ. 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 oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. COVID-19 . Until last week, no one outside finance had heard of Stanford L. Kurland. 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. "What did Stanford Kurland know?" 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. Her Other Children Stanford Kurland Bio Details During his tenure at the company, Countrywide grew from just over $1 million dollars in market capitalization to a leading financial services firm with over $25 billion in market value. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. But PennyMac is part of the solution. Service at:Beth El Cemetery735 Forest Ave, Paramus, NJ 07652, Your email address will not be published. . All Rights Reserved. Yet now he's public enemy number one in the US press and blogging world. Last month, PennyMac (PMT), a finance company run almost entirely by alumni of Countrywide Financial, opened its first retail branch. For about 38 cents on the dollar, PennyMac buys bad mortgages from the federal government -- which got them with taxpayer money from failing banks. 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. 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. Mr. Kurland holds a BS from California State University, Northridge. They were packaged and peddled on Wall Street in bundles as securities. Kurland, PennyMac's non-executive chairman, died. To head the office, PennyMac has tapped Stephen Brandt, who, according to a Congressional report released in July, ran Countrywides Friends of Angelo program. 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. 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. Executives say they hope to be on pace to finance $30 billion in mortgage loans next year. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. When Bank of America bought Countrywide last year, Angelo Mozilo declared that the Bank would "reap the benefits of what we have sowed". Shares of the REIT have risen nearly 50% in the past year. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. But here's the thing, when Countrywide sold him on that loan, he just didn't understand it. Taylor thinks PennyMac and firms like it could help. Stanford Kurland, founder of the PennyMac firms, dies at 68. 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. 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. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. The estimated Net Worth of Stanford L Kurland is at least $177 Million dollars as of 20 January 2021. For the twelve months ended September 30, 2020, PennyMac Financials production of newly originated loans totaled $170 billion in unpaid principal balance, making it the third largest mortgage lender in the nation. The Bank has already paid $8.7bn to settle suits from states contending that Countrywide defrauded investors by hawking defective mortgages. Powered and implemented by Interactive Data Managed Solutions. In 2008, Mr. Kurland founded PennyMac in partnership with BlackRock Mortgage Ventures, LLC and HC Partners, formerly Highfields Capital Management. The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. 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