Prior to his retirement, Dr. Kurland was an optometrist in Maywood, NJ. It's giving a blatant V-sign to the American taxpayer but Kurland doesn't care. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. Kurland's got taxpayers coming and going. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. Beloved husband of the late Miriam Kurland. 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. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. 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. 1) Stanford Kurland's Phone & Current Address, Stanford Kurland's Phone #, Address & More, Stanford Kurland's Contact Info, Social Profiles & More. We look at Taylor Wimpey, Persimmon and Barratt Developments. 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. John Taylor, who heads the National Community Reinvestment Coalition and has been a frequent critic of subprime lenders, welcomes the firm. Create your customplan in less than 5 minutes. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. 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 Mr. Kurland was 68. 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 firm recently paid the Federal Deposit Insurance Corporation just $43m for $560m worth of mostly delinquent loans. 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. All rights reserved. Louis Suburban Chapel is easily accessible from anywhere in the New York metropolitan area. Last updated: 22 January 2021 at 7:06pm EST. But here's the thing, when Countrywide sold him on that loan, he just didn't understand it. Shares of the REIT have risen nearly 50% in the past year. 8 records for Stanford Kurland. Copyright 2023 PeekYou.com. 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. Last month, PennyMac (PMT), a finance company run almost entirely by alumni of Countrywide Financial, opened its first retail branch. 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. 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. Yet now he's public enemy number one in the US press and blogging world. 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. Looking to get away but want to keep costs low? You can see the complete history of Mr. Kurland stock trades at the bottom of the page. On behalf of all of us at PennyMac, we send our deepest condolences to Stans wife, Sheila, and the entire Kurland family.. "What did Stanford Kurland know?" 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. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. He used some of that money to set up a new company: PennyMac. No wonder one executive describes business as "off-the-charts good". 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. In addition, he makes $15,070,800 as Non-Executive Chairman of the . Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. PennyMac has funded over $9 billion in mortgages this year, up from less than $1 billion in 2011. That wasn't supposed to happen. The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. 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. Several actions against CEOs, including Kurland, are still extant. 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. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. 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 . Jan 25, 2021 Stanford Kurland, founder and non-executive chairman of mortgage lender PennyMac Financial Services Inc., has died at 68. asked a blogger on the Irreverent Stocklist in early 2007. sympathy store. In the event, Countrywide staggered on for a year, chalking up billions in losses before it was rescued by Bank of America last July. 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." Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. This post was published on the now-closed HuffPost Contributor platform. . 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. Last updated: 22 January 2021 at 7:06pm EST. It all started falling apart when the real estate market slipped. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. Stan Kurland is Deceased at Pennymac Mortgage Investment. Search address history, phone, age and more. He retired from day-to-day responsibilities in 2020 but remained a trusted guide for the company. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. The real loser, says The Huffington Post, is the US taxpayer. 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. Still, he's "not hurting", says The Huffington Post. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. Stan Kurland Escaped Wreckage of Countrywide Financial - WSJ News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and. 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. Service at:Beth El Cemetery735 Forest Ave, Paramus, NJ 07652, Your email address will not be published. The person who answers says he works for PennyMac. 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. 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 . I am deeply saddened to share the news of Stans passing. None of those Wall Street wizards who had made untold billions on this scheme had calculated a drop in the market. Of the 313 PennyMac executives who are listed on professional networking site LinkedIn, 75 had spent some time at Countrywide. Devoted grandfather of Evan, Josh and Dayna Rapkin; Rachel, Sara and Emily Kurland. But when it was started in 2008 by a dozen former executives of Countrywide, including Stanford Kurland, who was Countrywides No. In addition, he makes $15,070,800 as Non-Executive Chairman of the . He was a genuine and gracious person to anyone he crossed paths with and he cherished his family and friends. 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. Find Stanford Kurland's phone number, address, and email on Spokeo, the leading online directory for contact information. One of his early assignments was at a mortgage bank called Countrywide Credit Industries and its operating subsidiary Countrywide Acceptance Company. When the Business Times contacted the PennyMac firms for the story, it did not seek comment on . Our main chapel seats over 400 and we accommodate both New Jersey, New York cemeteries, and burials in Israel. Defining and managing culture , 3. 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. 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. . 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. For about 38 cents on the dollar, PennyMac buys bad mortgages from the federal government -- which got them with taxpayer money from failing banks. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. Memorial Redwood Mortuary & Cemetery Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. Publish your loved ones obituary in any newspaper andLegacy.com. today announced the passing of the company's founder and Non-Executive Chairman Stanford L. Kurland. 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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 12 Mar 2009. Part of HuffPost Business. 6500 S Redwood Rd, Salt Lake City, Utah , 84123. 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. All Rights Reserved. Loving father of Dr. Susan Kurland (Dr. David) Rapkin and Kenneth (Amanda) Kurland. 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. Taylor thinks PennyMac and firms like it could help. 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. The report found that Brandts former unit handed out hundreds ofsweetheart loans to members of Congress, their staffs and other government employees. Outdoor-equipment retailer Yvon Chouinard is the latest in a line of rich benefactors to shun personal aggrandisement in favour of worthy causes. COVID-19 has robbed us of a great leader, mentor and friend, said David Spector, President and Chief Executive Officer of PennyMac. Once you find the obituary you are looking for, you can get important information about upcoming services, share a favorite photo or memory, and . PennyMacs odd corporate structure has worried some Wall Street analysts. 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 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". 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 oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. 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. The Dignity Memorial online obituary search tool gives you access to obituaries from thousands of locations across North America. PennyMac Mortgage Investment Trust announced that company founder and Non-Executive Chairman Stanford Kurland died at age 68 due to complications from COVID-19. Creating the vision , 2. 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 The estimated Net Worth of Stanford L Kurland is at least $169 Million dollars as of 20 January 2021. Stanford Kurland, founder of PennyMac Mortgage Investment Trust and a former executive at Countrywide Financial Corp., has died. 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. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. Either way, PennyMacs current investors dont seem to be bothered by Kurland and his teams past, or by the companys complicated structure. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. 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. Mr. Kurland holds a BS from California State University, Northridge. Kurland's departure rang alarm bells because he was generally seen as Mozilo's successor. 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. 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. Required fields are marked *. PennyMac runs a public mortgage REIT, but not all of the companys business and profits go to the REIT. Looking for Stanford Kurland? He presents this as an act of redemption. Search Details, Stanford Kurland's Phone #, Address & More You can see the complete history of Mr. Kurland stock trades at the bottom of the page. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. "Greed," as one well-placed lawyer remarks, "is a growth industry." Stanford Kurland, founder of the PennyMac firms, dies at 68. Terms & Conditions. But the cycle of mortgaging is costing taxpayers 62 cents on the dollar. 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. 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. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. 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.. Stanford Lee Kurland Age 68 Born Wednesday 11 Jun 1952 Died 24 Jan 2021 (ca.) He says the Pasadena office is not for walk-ins. But if the householder is willing to resume paying, PennyMac will slash the interest rate back to 'teaser' level. 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. Visit the Funeral Home's Website. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. But with the stock what you are getting is a subdivision of the company., MORE: Young workers earn $10,000 less than in 2005. 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. None of the executives at PennyMac are directly linked to any of the alleged wrongdoing at Countrywide. Are housebuilder stocks looking cheap for dividend yields? Johann Rupert, the presiding boss of Swiss luxury group Richemont, has seen off a challenge to his authority by a hedge fund. Advertisements. All Rights Reserved. The estimated Net Worth of Stanford L Kurland is at least $180 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. All the old fogies out there with their glorious fixed-rate mortgages can call him stupid. Until last week, no one outside finance had heard of Stanford L. Kurland. 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. 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. 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. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. That didn't happen. Beloved husband of the late Miriam Kurland. 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 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. In fact, he thinks he's doing America a favour. 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. 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. 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. Feb 19, 2023. PennyMac has been more tight-lipped about its direct lending operation, which is still relatively small. 2023 BuzzFeed, Inc. All rights reserved. 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. For instance, PennyMacs mortgage REIT is not approved to sell loans to Ginnie Mae, which is the government entity that backs FHA loans. All rights reserved. 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. Stanford L. Kurland. 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. Two years later the company merged. He was 68. Check out these 10 holiday destinations which remain cheap despite rising inflation. On average, Stanford trades about 28,493 units every 38 days since 2009. His storied career in mortgage banking spanned more than four decades. Kurland had also been battling. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. 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. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. Fine, Kurland's PennyMac gives the guy in the bungalow next door payments low enough to let him stay. The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. 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. 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. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID . The most active insiders traders include Joel S Marcus, Stanford L Kurland a Frank P Willey. 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. Cemetery our Manager, our Servicer, and Frank P Willey and PNMAC controlled... 28,493 units every 38 days since 2009 Emily Kurland it 's giving a blatant V-sign to the.... Across North America current investors dont seem to be bothered by Kurland and teams... 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