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. But his trials are not o, Alvin Chau made a fortune catering for Chinese gamblers as the authorities turned a blind eye. The prey was that guy in the bungalow next door. And for that scam, far more than any poor homeowner, he richly deserves the Creep of the Week Award. Search their Arrest Records, Driving Records, Contact Information, Photos and More 1) Stanford Kurland's Phone & Current Address All Rights Reserved. - Salt Lake City, 6500 S Redwood Rd, These loans became that oxymoron: "toxic assets." "I am expecting something gigantic to break in the near future for Countrywide." 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. Loving father of the late Joan Kurland, and Larry Kurland and his wife Susan, of Warren, NJ. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. "Greed," as one well-placed lawyer remarks, "is a growth industry." While Trevor wed nutritionist Tracey Kurland in 2019. PennyMac has been around for a couple of years. 2023 Fortune Media IP Limited. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. Founded in 2008, the company is recognized as a leader in the U.S. residential mortgage industry and employs over 6,000 people across the country. 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. Mr. Kurland began his professional career in 1975 in public accounting, practicing as a CPA for the firm now known as Grant Thornton. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices The person who answers says he works for PennyMac. Suddenly, no one knew the value of the "bundles," because each contained an unknown number of good and bad mortgages. In the past year, though, PennyMac has morphed into something that more resembles Countrywide. 8 records for Stanford Kurland. He was 68. 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. We look at Taylor Wimpey, Persimmon and Barratt Developments. Amelia Dominguez Theodosis, 76, of Lehi, Utah passed away on Sunday February 19, 2023 in Salt LakeCity, UT surrounded by her loved ones. 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." While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID . A Patent Pending People Search Process. 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. 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. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Looking for Stanford Kurland? 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. 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. 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. 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. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. PennyMac Mortgage Investment Trust announced that company founder and Non-Executive Chairman Stanford Kurland died at age 68 due to complications from COVID-19. In the event, Countrywide staggered on for a year, chalking up billions in losses before it was rescued by Bank of America last July. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. The unit was launched a year ago, and now accounts for about a third of the companys profits. Several actions against CEOs, including Kurland, are still extant. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. He retired from day-to-day management in early 2020. This post was published on the now-closed HuffPost Contributor platform. The estimated Net Worth of Stanford L Kurland is at least $166 Million dollars as of 20 January 2021. Shares of the REIT have risen nearly 50% in the past year. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. In dozens of cases, PennyMac moves to initiate foreclosure. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. Executives say they hope to be on pace to finance $30 billion in mortgage loans next year. Stanford Kurland was the second-most senior executive at Countrywide, the mortgage lender, until 2006 when he left, selling $200 million in stock options. Now he's back. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. His relative anonymity is partly down to the high profile taken by his erstwhile boss, Angelo Mozilo, who founded Countrywide in 1969. PennyMac has funded over $9 billion in mortgages this year, up from less than $1 billion in 2011. 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 real loser, says The Huffington Post, is the US taxpayer. Coordinating operations , 4.. He cashed out of Countrywide before its stock tanked, taking $200 million with him. Now hes on trial for illegal cross-border gambling, fr. 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. Beloved husband of the late Miriam Kurland. Find 18 people named Stanford Kurland along with free Facebook, Instagram, Twitter, and TikTok profiles on PeekYou - true people search. 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). The largest trade he's ever made was exercising 205,881 units of Pennymac Mortgage Investment Trust stock on 2 April 2018 worth over $2,764,982. It doesnt hurt that PennyMac has a 9.3% dividend yield at a time when investment income is hard to come by. That would make the PennyMac the 12th largest mortgage lender in the country, according to trade publication Inside Mortgage Finance. But the cycle of mortgaging is costing taxpayers 62 cents on the dollar. Last updated: 22 January 2021 at 7:06pm EST. Search address history, phone, age and more. 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. Visit the Funeral Home's Website. He says mortgage rates have stayed frustratingly high, and that there is a huge number of borrowers who are still having trouble refinancing. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. That's from Margo Saunders, a lawyer with the National Consumer Law Center. 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. Prior to his retirement, Dr. Kurland was an optometrist in Maywood, NJ. 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. He retired from day-to-day responsibilities at the beginning of 2020 but remained a trusted guide for the company. When the Business Times contacted the PennyMac firms for the story, it did not seek comment on . Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee 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. The company is using direct mail to solicit customers. 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. In 2008, Mr. Kurland founded PennyMac in partnership with BlackRock Mortgage Ventures, LLC and HC Partners, formerly Highfields Capital Management. Kurland was president and CEO until 2016 when he became chairman. He was a genuine and gracious person to anyone he crossed paths with and he cherished his family and friends. Kurland served as PMT's Chairman and CEO until 2016 when he was appointed Executive Chairman. Kurland's got taxpayers coming and going. Isaac Garden 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. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. Mr. Kurland holds a BS from California State University, Northridge. You can search by first or last name, state and publication date. But PennyMac is part of the solution. 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 when it was started in 2008 by a dozen former executives of Countrywide, including Stanford Kurland, who was Countrywides No. Feb 19, 2023. PennyMac CEO Stanford Kurland, who spent most of career at Countrywide, is recreating his old firm. He presents this as an act of redemption. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. Create your customplan in less than 5 minutes. Required fields are marked *. Banks started to fail. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. And in other cases, the loan processors provided those false wage figures themselves for what's now known as liar loans. Until last week, no one outside finance had heard of Stanford L. Kurland. 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". 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. Yet now he's public enemy number one in the US press and blogging world. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. 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 . PennyMac, though, doesnt seem to be hiding its lending operations from potential customers. (818) 264-4907, Internet Explorer presents a security risk. 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. The estimated Net Worth of Stanford L Kurland is at least $167 Million dollars as of 20 January 2021. Powered and implemented by Interactive Data Managed Solutions. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. 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. 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? The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. In addition, he makes $15,070,800 as Non-Executive Chairman of the . 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. 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. For more information governing use of our site, please review our Terms of Service. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. International President United Steelworkers union. Search Details, Stanford Kurland's Phone #, Address & More 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. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. In December, Bank of America agreed to pay $335 million to settle charges that Countrywide loan officers regularly charged minority borrowers higher rates and fees than those paid by similar white borrowers. Of the 313 PennyMac executives who are listed on professional networking site LinkedIn, 75 had spent some time at Countrywide. . Mr. Kurland served as PennyMacs Chairman and CEO until 2016 when he was appointed Executive Chairman. The estimated Net Worth of Stanford L Kurland is at least $177 Million dollars as of 20 January 2021. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. Disclaimer: PeekYou is not a consumer reporting agency per the Fair Credit Reporting Act. 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. Last updated: 22 January 2021 at 7:06pm EST. 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. Subscribe to MoneyWeek now and get your first six magazine issues absolutely FREE. Kurland's departure rang alarm bells because he was generally seen as Mozilo's successor. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. Beloved husband of the late Miriam Kurland. 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. Devoted grandfather of Evan, Josh and Dayna Rapkin; Rachel, Sara and Emily Kurland. The Dignity Memorial online obituary search tool gives you access to obituaries from thousands of locations across North America. Then companies like AIG sold insurance on them. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. 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. There are no executives at Pennymac Mortgage Investment Trust getting paid more. Taxpayers provided $700 billion to prop them up - including Bank of America, after it bought the financially-sputtering Countrywide. Jan 25, 2021 Stanford Kurland, founder and non-executive chairman of mortgage lender PennyMac Financial Services Inc., has died at 68. Visit our corporate site www.futureplc.com Future Publishing Limited, Quay House, The Ambury, Bath BA1 1UA. 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. But Kurland's not hurting. Your email address will not be published. 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 . He used some of that money to set up a new company: PennyMac. 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. A number of analysts who follow the company were unaware of it. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. 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. 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. Alan was a man of many talents, from acting to directing to. asked a blogger on the Irreverent Stocklist in early 2007. 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. Loving father of the late Joan Kurland, and Larry Kurland and his wife Susan, of Warren, NJ. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. There are no executives at Pennymac Mortgage Investment Trust getting paid more. It's giving a blatant V-sign to the American taxpayer but Kurland doesn't care. " I am deeply saddened to share the news of Stan's passing. On average, Stanford trades about 28,493 units every 38 days since 2009. Louis Suburban Chapel is easily accessible from anywhere in the New York metropolitan area. Publish your loved ones obituary in any newspaper andLegacy.com. Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. Additional information about PennyMac Financial Services, Inc. is available at ir.pennymacfinancial.com. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. 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. Check out these 10 holiday destinations which remain cheap despite rising inflation. PennyMac has been more tight-lipped about its direct lending operation, which is still relatively small. 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. 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. PennyMac runs a public mortgage REIT, but not all of the companys business and profits go to the REIT. Search Details, Stanford Kurland's Contact Info, Social Profiles & More Stanford Kurland, founder of the PennyMac firms, dies at 68. 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.) 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. Stanford Kurland Mr. Kurland was 68. So far it appears to be working. . Part of HuffPost Business. 13-01 Broadway (Route 4 West) Fair Lawn, NJ 07410. But if the householder is willing to resume paying, PennyMac will slash the interest rate back to 'teaser' level. Stanford Kurland, founder of PennyMac Mortgage Investment Trust and a former executive at Countrywide Financial Corp., has died. Mortgage Ventures, LLC and HC Partners, formerly Highfields Capital Management to set up a new company PennyMac. 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