PennyMac spokesman Kevin Chamberlain, and Countrywide alumni, says PennyMacs retail operation is focused on refinancing delinquent borrowers whose mortgages have been acquired by PennyMac into affordable loans. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. "What did Stanford Kurland know?" One of his early assignments was at a mortgage bank called Countrywide Credit Industries and its operating subsidiary Countrywide Acceptance Company. All the old fogies out there with their glorious fixed-rate mortgages can call him stupid. Taxpayers provided $700 billion to prop them up - including Bank of America, after it bought the financially-sputtering Countrywide. 13-01 Broadway (Route 4 West) Fair Lawn, NJ 07410. 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. To head the office, PennyMac has tapped Stephen Brandt, who, according to a Congressional report released in July, ran Countrywides Friends of Angelo program. 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. While Trevor wed nutritionist Tracey Kurland in 2019. The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. Last updated: 22 January 2021 at 7:06pm EST. It's a win-win situation. So far it appears to be working. 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 . The Bank has already paid $8.7bn to settle suits from states contending that Countrywide defrauded investors by hawking defective mortgages. 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. John Taylor, who heads the National Community Reinvestment Coalition and has been a frequent critic of subprime lenders, welcomes the firm. ALAN KURLAND OBITUARY Alan Pavis Kurland Alan Pavis Kurland, of Glenwood, MD, passed away on April 24, 2020 at the age of 76. 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. Creating the vision , 2. 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. Once a saver, always a saver: Warren Buffett says generational wealth isnt what it used to be in his annual letter Salesforce is paying Matthew McConaughey reported $10 million a year for creative help despite laying off 8,000 CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. Feb 19, 2023. Either way, PennyMacs current investors dont seem to be bothered by Kurland and his teams past, or by the companys complicated structure. Beloved husband of the late Miriam Kurland. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. But PennyMac is part of the solution. Salt Lake City, Utah. (818) 264-4907, Internet Explorer presents a security risk. 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. Stanford Kurland was the second-most senior executive at Countrywide, the mortgage lender, until 2006 when he left, selling $200 million in stock options. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. Last month, PennyMac (PMT), a finance company run almost entirely by alumni of Countrywide Financial, opened its first retail branch. In 2008, Mr. Kurland founded PennyMac in partnership with BlackRock Mortgage Ventures, LLC and HC Partners, formerly Highfields Capital Management. 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. 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. Isaac Garden 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.. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. He says the Pasadena office is not for walk-ins. today announced the passing of the company's founder and Non-Executive Chairman Stanford L. Kurland. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. 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. Amelia was born on September 24, 1946 in Veracruz, Mexico toAngel & Antelma Dominguez Garcia. A Patent Pending People Search Process. Your email address will not be published. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. Kurland was president and CEO until 2016 when he became chairman. 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 Service at:Beth El Cemetery735 Forest Ave, Paramus, NJ 07652, Your email address will not be published. Alan was a man of many talents, from acting to directing to. Little is known of Kurland, says The First Post, other than that he's 56, the family name is Latvian, and he boasts of a charitable foundation run with his wife, Sheila. For about 38 cents on the dollar, PennyMac buys bad mortgages from the federal government -- which got them with taxpayer money from failing banks. FORTUNE may receive compensation for some links to products and services on this website. Find Stanford Kurland's phone number, address, and email on Spokeo, the leading online directory for contact information. 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. 2023 BuzzFeed, Inc. All rights reserved. Visit our corporate site www.futureplc.com Future Publishing Limited, Quay House, The Ambury, Bath BA1 1UA. - Salt Lake City, 6500 S Redwood Rd, He retired from day-to-day responsibilities in 2020 but remained a trusted guide for the company. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Stanford L. Kurland. " I am deeply saddened to share the news of Stan's passing. 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. On average, Stanford trades about 28,493 units every 38 days since 2009. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. Until last week, no one outside finance had heard of Stanford L. Kurland. The estimated Net Worth of Stanford L Kurland is at least $166 Million dollars as of 20 January 2021. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. He was a genuine and gracious person to anyone he crossed paths with and he cherished his family and friends. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. Terms & Conditions. Several actions against CEOs, including Kurland, are still extant. 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. 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 unit was launched a year ago, and now accounts for about a third of the companys profits. 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. It all started falling apart when the real estate market slipped. 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. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. Stanford L Kurland "Stan" Deceased, Pennymac Mortgage . On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. "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. PennyMac has funded over $9 billion in mortgages this year, up from less than $1 billion in 2011. 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 Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. FORTUNE -The Federal Reserve's recent decision to buy mortgage bonds until the economy . On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. His storied career in mortgage banking spanned more than four decades. But he wasn't. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. Required fields are marked *. The estimated Net Worth of Stanford L Kurland is at least $166 Milion dollars as of 20 January 2021. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. 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. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. In fact, he thinks he's doing America a favour. 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. 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. . None of those Wall Street wizards who had made untold billions on this scheme had calculated a drop in the market. 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. 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. That's from Margo Saunders, a lawyer with the National Consumer Law Center. He retired from day-to-day management in early 2020. The report found that Brandts former unit handed out hundreds ofsweetheart loans to members of Congress, their staffs and other government employees. PennyMac, though, doesnt seem to be hiding its lending operations from potential customers. Last updated: 22 January 2021 at 7:06pm EST. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. But to others, he's a "subprime creep". 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. But here's the thing, when Countrywide sold him on that loan, he just didn't understand it. But the cycle of mortgaging is costing taxpayers 62 cents on the dollar. . 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. 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. 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. In addition, he makes $15,070,800 as Non-Executive Chairman of the . All rights reserved. Last updated: 22 January 2021 at 7:06pm EST. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID . The company expects to hire as many as 100 employees for the office, which is in Pasadena, California, including loan officers and underwriters. There are no executives at Pennymac Mortgage Investment Trust getting paid more. Defining and managing culture , 3. 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. 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. 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. None of the executives at PennyMac are directly linked to any of the alleged wrongdoing at Countrywide. Search Details, Stanford Kurland's Contact Info, Social Profiles & More For instance, PennyMacs mortgage REIT is not approved to sell loans to Ginnie Mae, which is the government entity that backs FHA loans. 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. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. by Louis | Sep 5, 2021 | past-services | 0 comments, Full Name: Dr. David A. KurlandDate of Death: Saturday, September 4, 2021. 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.) PennyMac CEO Stanford Kurland, who spent most of career at Countrywide, is recreating his old firm. Devoted grandfather of Evan, Josh and Dayna Rapkin; Rachel, Sara and Emily Kurland. PennyMac has been more tight-lipped about its direct lending operation, which is still relatively small. 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. 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. Creep of the Week: PennyMac's Stanford L. Kurland. Search Details, Stanford Kurland's Phone #, Address & More 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 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. But if the householder is willing to resume paying, PennyMac will slash the interest rate back to 'teaser' level. "I am expecting something gigantic to break in the near future for Countrywide." Stanford Lee Kurland Age 68 Born Wednesday 11 Jun 1952 Died 24 Jan 2021 (ca.) That would make the PennyMac the 12th largest mortgage lender in the country, according to trade publication Inside Mortgage Finance. Search Details, 2) Social Media Profiles & More Unlike Mozilo and other high-ranking Countrywide executives, Kurland was not charged with fraud by the Securities and Exchange Commission. The firm recently paid the Federal Deposit Insurance Corporation just $43m for $560m worth of mostly delinquent loans. Taylor thinks PennyMac and firms like it could help. 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. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. But with the stock what you are getting is a subdivision of the company., MORE: Young workers earn $10,000 less than in 2005. The estimated Net Worth of Stanford L Kurland is at least $177 Million dollars as of 20 January 2021. 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. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. On average, Stanford trades about 28,493 units every 38 days since 2009. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. 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". Proud grandfather of Jennifer, and her husband Geoff, Adam and Kyle. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. 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? Of the 313 PennyMac executives who are listed on professional networking site LinkedIn, 75 had spent some time at Countrywide. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. Stan's skills were quickly observed by . Stanford Kurland, who went from being pushed out of the No. Our main chapel seats over 400 and we accommodate both New Jersey, New York cemeteries, and burials in Israel. That didn't happen. Two years later the company merged. In dozens of cases, PennyMac moves to initiate foreclosure. Part of HuffPost Business. Offers may be subject to change without notice. The spread between what it costs to fund a mortgage loan and what borrowers actually pay is nearly three times as large as usual. 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. Kurland's departure rang alarm bells because he was generally seen as Mozilo's successor. 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