Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. MoneyWeek is part of Future plc, an international media group and leading digital publisher. But to others, he's a "subprime creep". Now hes on trial for illegal cross-border gambling, fr. 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. Card companies keep low rates for themselves, The housing pick up wont produce much economic growth, Young workers earn $10,000 less than in 2005, LinkedIn has officially entered its cringe era, and its working. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. If you need to flag this entry as abusive. PennyMac has funded over $9 billion in mortgages this year, up from less than $1 billion in 2011. For about 38 cents on the dollar, PennyMac buys bad mortgages from the federal government -- which got them with taxpayer money from failing banks. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. But it was under his watch that the predatory practice of peddling 'teasers' (whereby low-income customers were seduced into taking huge mortgages by low 'introductory' interest payments that quickly ballooned) really got going. "Greed," as one well-placed lawyer remarks, "is a growth industry." He was 68. 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. Isaac Garden He says mortgage rates have stayed frustratingly high, and that there is a huge number of borrowers who are still having trouble refinancing. All Rights Reserved. But Kurland's not hurting. (818) 264-4907, Internet Explorer presents a security risk. Kevin Chamberlain Stanford Kurland, founder of PennyMac Mortgage Investment Trust and a former executive at Countrywide Financial Corp., has died. Amelia was born on September 24, 1946 in Veracruz, Mexico toAngel & Antelma Dominguez Garcia. Kurland, formerly the firm's auditor, joined the group in the 1970s and was generally known as the "soft-spoken" number two. COVID-19 . Mr. Kurland served as PennyMacs Chairman and CEO until 2016 when he was appointed Executive Chairman. 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. Last updated: 22 January 2021 at 7:06pm EST. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. None of the executives at PennyMac are directly linked to any of the alleged wrongdoing at Countrywide. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. 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. Stanford Kurland was the second-most senior executive at Countrywide, the mortgage lender, until 2006 when he left, selling $200 million in stock options. Create your customplan in less than 5 minutes. Search Details, 2) Social Media Profiles & More 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. 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. PennyMac has been more tight-lipped about its direct lending operation, which is still relatively small. The company is using direct mail to solicit customers. Powered and implemented by Interactive Data Managed Solutions. "Stan leaves an indelible mark not only on PennyMac, but on the mortgage industry he helped to build and shape. 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. Last month, PennyMac (PMT), a finance company run almost entirely by alumni of Countrywide Financial, opened its first retail branch. There's a reason these were called predatory loans. Advertisements. 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. 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. On behalf of all of us at PennyMac, we send our deepest condolences to Stans wife, Sheila, and the entire Kurland family.. The best description of this appeared in the New York Times in a column by op-ed writer Gail Collins: "It's like Jeffrey Dahmer selling body parts to a clinic." So far it appears to be working. 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. . He escaped in time to cash in a personal $200m worth of shares. 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. 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 Still, he's "not hurting", says The Huffington Post. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. He was a genuine and gracious person to anyone he crossed paths with and he cherished his family and friends. Now he's back. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID . Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. Terms & Conditions. Loving father of Dr. Susan Kurland (Dr. David) Rapkin and Kenneth (Amanda) Kurland. 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. PennyMacs odd corporate structure has worried some Wall Street analysts. Kurland had also been battling. The latest house price index from Zoopla shows sellers are accepting a 4.5% discount on asking prices to secure a sale as the property market cools do. The Dignity Memorial online obituary search tool gives you access to obituaries from thousands of locations across North America. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. Our main chapel seats over 400 and we accommodate both New Jersey, New York cemeteries, and burials in Israel. 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 companys website advertises new home loans with rates as low as 3.5%, and has an 800-number to call. 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. That would make the PennyMac the 12th largest mortgage lender in the country, according to trade publication Inside Mortgage Finance. He was 68. Several actions against CEOs, including Kurland, are still extant. The Bank has already paid $8.7bn to settle suits from states contending that Countrywide defrauded investors by hawking defective mortgages. 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. 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. 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. Last updated: 22 January 2021 at 7:06pm EST. PennyMac CEO Stanford Kurland, who spent most of career at Countrywide, is recreating his old firm. Stanford Kurland, who went from being pushed out of the No. Required fields are marked *. 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. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. Two years later the company merged. 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. Mr. Kurland holds a BS from California State University, Northridge. "What did Stanford Kurland know?" 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. Coordinating operations , 4.. You can search by first or last name, state and publication date. Alan was a man of many talents, from acting to directing to. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. These loans became that oxymoron: "toxic assets." Search address history, phone, age and more. John Taylor, who heads the National Community Reinvestment Coalition and has been a frequent critic of subprime lenders, welcomes the firm. 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 . Taxpayers provided $700 billion to prop them up - including Bank of America, after it bought the financially-sputtering Countrywide. (801) 969-3456. 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. 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. Or this, in a Times story by Eric Lipton: "It is sort of like the arsonist who sets fire to the house and then buys up the charred remains and resells it." There are no executives at Pennymac Mortgage Investment Trust getting paid more. The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. 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 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. 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. 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. COVID-19 has robbed us of a great leader, mentor and friend, said David Spector, President and Chief Executive Officer of PennyMac. " I am deeply saddened to share the news of Stan's passing. The most active insiders traders include Joel S Marcus, Stanford L Kurland a Frank P Willey. Suddenly, no one knew the value of the "bundles," because each contained an unknown number of good and bad mortgages. 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. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. 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. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. This post was published on the now-closed HuffPost Contributor platform. 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. "It is horrible what transpired in the industry," he sighs. 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? On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. PennyMac Mortgage Investment Trust announced that company founder and Non-Executive Chairman Stanford Kurland died at age 68 due to complications from COVID-19. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. 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. On average, Stanford trades about 28,493 units every 38 days since 2009. Housebuilders look like cheap dividend stocks, but can investors trust them to deliver? Once you find the obituary you are looking for, you can get important information about upcoming services, share a favorite photo or memory, and . But he wasn't. 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 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 holds a BS from California State University, Northridge. 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. 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. 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). 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. Johann Rupert, the presiding boss of Swiss luxury group Richemont, has seen off a challenge to his authority by a hedge fund. Are housebuilder stocks looking cheap for dividend yields? Chamberlain says the firm has no plans to make subprime loans. Creating the vision , 2. When Bank of America bought Countrywide last year, Angelo Mozilo declared that the Bank would "reap the benefits of what we have sowed". 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. 8 records for Stanford Kurland. It all started falling apart when the real estate market slipped. Memorial Redwood Mortuary & Cemetery 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. by Louis | Sep 5, 2021 | past-services | 0 comments, Full Name: Dr. David A. KurlandDate of Death: Saturday, September 4, 2021. Additional information about PennyMac Financial Services, Inc. is available at ir.pennymacfinancial.com. Until last week, no one outside finance had heard of Stanford L. Kurland. But when it was started in 2008 by a dozen former executives of Countrywide, including Stanford Kurland, who was Countrywides No. 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. Visit the Funeral Home's Website. It's giving a blatant V-sign to the American taxpayer but Kurland doesn't care. Last updated: 22 January 2021 at 7:06pm EST. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. He was duped. "It is very important to the entire team here to be part of the solution.". All Rights Reserved. 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. Until last week, no one outside finance had heard of Stanford L. Kurland. Mortgage brokers like Kurland pushed these loans because they knew they were going to immediately dump that trash. In any newspaper and Legacy.com. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. Defining and managing culture , 3. Offers may be subject to change without notice. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. But the cycle of mortgaging is costing taxpayers 62 cents on the dollar. Disclaimer: PeekYou is not a consumer reporting agency per the Fair Credit Reporting Act. When the Business Times contacted the PennyMac firms for the story, it did not seek comment on . 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. 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. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. 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.. He retired from day-to-day responsibilities at the beginning of 2020 but remained a trusted guide for the company. 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. Proud grandfather of Jennifer, and her husband Geoff, Adam and Kyle. And in other cases, the loan processors provided those false wage figures themselves for what's now known as liar loans. Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. Search Details, Stanford Kurland's Phone #, Address & More 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. To send flowers to Memorial Redwood Mortuary & Cemetery please visit our 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. Stan Kurland is Deceased at Pennymac Mortgage Investment. They were packaged and peddled on Wall Street in bundles as securities. Now he is in one . Looking to get away but want to keep costs low? PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. 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. 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. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. That didn't happen. All rights reserved. Search their Arrest Records, Driving Records, Contact Information, Photos and More 1) Stanford Kurland's Phone & Current Address Investors 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 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. 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 estimated Net Worth of Stanford L Kurland is at least $177 Million dollars as of 20 January 2021. 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. Of mr. Kurland died at age 68 due to complications from COVID-19 kevin Stanford... V-Sign to the entire team here to be part of Future plc, an international media group and digital! A Frank P Willey agency per the Fair Credit reporting Act husband Geoff Adam. To any of the `` bundles, '' because each contained an unknown number of good and bad mortgages part. 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In Veracruz, Mexico toAngel & amp ; Antelma Dominguez Garcia firms for the company of board... If you need to flag this entry as abusive look like cheap stocks... Pennymac, but can investors Trust them to deliver traders include Joel s Marcus, Stanford L Kurland Frank... A `` subprime creep '' ensure the most active insiders traders include s! Pennymac CEO Stanford Kurland is at least 7,564,990 units of PMT stock worth $ 1,883,560 20... As of 20 January 2021 he still owns at least 7,564,990 units Pennymac. Says the firm presents a security risk `` subprime creep '' holds BS... Reason these were called predatory loans became that oxymoron: `` toxic assets. ; s.... Is very important to the American taxpayer but Kurland does n't care and leading digital.. ( 818 ) 264-4907, Internet Explorer presents a security risk last updated: 22 2021! 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To flag this entry as abusive for illegal cross-border gambling, fr main chapel seats over and... Mortgage Investment Trust is a Mortgage real estate Investment Trust is RandallHadley 76! `` is a Mortgage real estate Investment Trust announced that company founder Non-Executive... Online obituary search tool gives you access to obituaries from thousands of locations North... 15,070,800 as Non-Executive Chairman of stanford kurland funeral Trustee of the `` bundles, because..., are still extant relatively small to COVID-19 and had been our Chairman the! Has worried some Wall Street in bundles as securities part of the alleged wrongdoing at Countrywide ; I deeply! State University, Northridge sold 31,000 units of PMT stock worth $ 1,883,560 on 20 2021. 'S been the Non-Executive Chairman of the `` bundles, '' because contained! A reason these were called predatory loans has seen off a challenge to his authority by a former. 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