He will be deeply missed by many in our industry and our community including all of us here at PennyMac., I am fortunate to have worked alongside Stan for the last 31 years and am honored to call him a dear friend, Mr. Spector continued. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. Defining and managing culture , 3. 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 unit was launched a year ago, and now accounts for about a third of the companys profits. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. For more information governing use of our site, please review our Terms of Service. 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." Powered and implemented by Interactive Data Managed Solutions. 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 Louis Suburban Chapel is easily accessible from anywhere in the New York metropolitan area. 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. 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. To meet those aspirations, Kurland has recruited many of the same executives who helped him build Countrywide into a mortgage behemoth. Required fields are marked *. Search Details, Stanford Kurland's Contact Info, Social Profiles & More That didn't happen. 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 entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. The price paid by Kurland is an avalanche of rage. (818) 264-4907, Internet Explorer presents a security risk. Many couldn't care less about PennyMac's history all that matters, says one customer, "is that we know our house is secure and our credit is safe". Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. 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. Your email address will not be published. He used some of that money to set up a new company: PennyMac. 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. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. His relative anonymity is partly down to the high profile taken by his erstwhile boss, Angelo Mozilo, who founded Countrywide in 1969. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. Last updated: 22 January 2021 at 7:06pm EST. Stanford L. Kurland. All rights reserved. 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 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. It all started falling apart when the real estate market slipped. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. Mr. Kurland holds a BS from California State University, Northridge. Of the 313 PennyMac executives who are listed on professional networking site LinkedIn, 75 had spent some time at Countrywide. He retired from day-to-day responsibilities in 2020 but remained a trusted guide for the company. 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 It's a win-win situation. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. To head the office, PennyMac has tapped Stephen Brandt, who, according to a Congressional report released in July, ran Countrywides Friends of Angelo program. Her Other Children Stanford Kurland Bio Details Search Details, 2) Social Media Profiles & More There are no executives at Pennymac Mortgage Investment Trust getting paid more. With his passion and vision, Stan led and built two of the largest and most influential companies in our industry, making home loans to millions of Americans. 1) Stanford Kurland's Phone & Current Address, Stanford Kurland's Phone #, Address & More, Stanford Kurland's Contact Info, Social Profiles & More. None of the executives at PennyMac are directly linked to any of the alleged wrongdoing at Countrywide. Stanford L. Kurland began his professional career in public accounting in 1975 at Grant Thornton, formerly known as Alexander Grant. PennyMac has funded over $9 billion in mortgages this year, up from less than $1 billion in 2011. But PennyMac is part of the solution. The Westlake Village, California-based company said. The company is using direct mail to solicit customers. Service at:Beth El Cemetery735 Forest Ave, Paramus, NJ 07652, Your email address will not be published. We look at Taylor Wimpey, Persimmon and Barratt Developments. Housebuilders look like cheap dividend stocks, but can investors trust them to deliver? Kurland served as PMT's Chairman and CEO until 2016 when he was appointed Executive Chairman. The estimated Net Worth of Stanford L Kurland is at least $167 Million dollars as of 20 January 2021. 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. But here's the thing, when Countrywide sold him on that loan, he just didn't understand it. In the past year, though, PennyMac has morphed into something that more resembles Countrywide. The estimated Net Worth of Stanford L Kurland is at least $169 Million dollars as of 20 January 2021. The estimated Net Worth of Stanford L Kurland is at least $180 Million dollars as of 20 January 2021. Taxpayers provided $700 billion to prop them up - including Bank of America, after it bought the financially-sputtering Countrywide. Mr. Kurland served as PennyMacs Chairman and CEO until 2016 when he was appointed Executive Chairman. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. Loving father of the late Joan Kurland, and Larry Kurland and his wife Susan, of Warren, NJ. Outdoor-equipment retailer Yvon Chouinard is the latest in a line of rich benefactors to shun personal aggrandisement in favour of worthy causes. 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. On behalf of all of us at PennyMac, we send our deepest condolences to Stans wife, Sheila, and the entire Kurland family.. There's a reason these were called predatory loans. He was 68. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. "What did Stanford Kurland know?" 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 estimated Net Worth of Stanford L Kurland is at least $174 Milion dollars as of 20 January 2021. 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. So far it appears to be working. 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. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. All rights reserved. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. "You could say he's brilliant," says . To send flowers to Memorial Redwood Mortuary & Cemetery please visit our The person who answers says he works for PennyMac. Memorial Redwood Mortuary & Cemetery 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. Are housebuilder stocks looking cheap for dividend yields? Suddenly, no one knew the value of the "bundles," because each contained an unknown number of good and bad mortgages. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. He was a genuine and gracious person to anyone he crossed paths with and he cherished his family and friends. 12 Mar 2009. In addition, he makes $15,070,800 as Non-Executive Chairman of the . Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. Mr. Kurland holds a BS from California State University, Northridge. 2023 BuzzFeed, Inc. All rights reserved. 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. 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. 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 $98,269,220 and over the last 14 years he sold PMT stock worth over $52,390,589. This post was published on the now-closed HuffPost Contributor platform. Part of HuffPost Business. He says mortgage rates have stayed frustratingly high, and that there is a huge number of borrowers who are still having trouble refinancing. The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. The prey was that guy in the bungalow next door. Now hes on trial for illegal cross-border gambling, fr. 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. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. . Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. PennyMacs odd corporate structure has worried some Wall Street analysts. Beloved husband of the late Miriam Kurland. But with the stock what you are getting is a subdivision of the company., MORE: Young workers earn $10,000 less than in 2005. On average, Stanford trades about 28,493 units every 38 days since 2009. He was 68. 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. Stanford Kurland Mr. Kurland was 68. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. He presents this as an act of redemption. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. For about 38 cents on the dollar, PennyMac buys bad mortgages from the federal government -- which got them with taxpayer money from failing banks. Terms & Conditions. These are not the type of people I want to have over my house for dinner, says Taylor. Then companies like AIG sold insurance on them. International President United Steelworkers union. Check out these 10 holiday destinations which remain cheap despite rising inflation. 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 oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. Investors 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. Stanford L Kurland "Stan" Deceased, Pennymac Mortgage . 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.. 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. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. Visit the Funeral Home's Website. Search their Arrest Records, Driving Records, Contact Information, Photos and More 1) Stanford Kurland's Phone & Current Address 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. 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. He was 68. 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. 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. There are no executives at Pennymac Mortgage Investment Trust getting paid more. Jan 25, 2021 Stanford Kurland, founder and non-executive chairman of mortgage lender PennyMac Financial Services Inc., has died at 68. Alan was a man of many talents, from acting to directing to. 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. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. And for that scam, far more than any poor homeowner, he richly deserves the Creep of the Week Award. PennyMac runs a public mortgage REIT, but not all of the companys business and profits go to the REIT. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID . Shares of the REIT have risen nearly 50% in the past year. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. . 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. 6500 S Redwood Rd, Salt Lake City, Utah , 84123. Last updated: 22 January 2021 at 7:06pm EST. 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. The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. And in other cases, the loan processors provided those false wage figures themselves for what's now known as liar loans. Advertisements. 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. 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. 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. John Taylor, who heads the National Community Reinvestment Coalition and has been a frequent critic of subprime lenders, welcomes the firm. 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. Until last week, no one outside finance had heard of Stanford L. Kurland. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. Kurland, formerly the firm's auditor, joined the group in the 1970s and was generally known as the "soft-spoken" number two. But his trials are not o, Alvin Chau made a fortune catering for Chinese gamblers as the authorities turned a blind eye. Stanford Kurland, founder of PennyMac Mortgage Investment Trust and a former executive at Countrywide Financial Corp., has died. today announced the passing of the company's founder and Non-Executive Chairman Stanford L. Kurland. 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? Coordinating operations , 4.. Subscribe to MoneyWeek now and get your first six magazine issues absolutely FREE. 2023 Fortune Media IP Limited. 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 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. 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. Kevin Chamberlain 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 CEO Stanford Kurland, who spent most of career at Countrywide, is recreating his old firm. Stan's skills were quickly observed by . Amelia Dominguez Theodosis, 76, of Lehi, Utah passed away on Sunday February 19, 2023 in Salt LakeCity, UT surrounded by her loved ones. Additional information about PennyMac Financial Services, Inc. is available at ir.pennymacfinancial.com. FORTUNE -The Federal Reserve's recent decision to buy mortgage bonds until the economy . Salt Lake City, Utah. 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 estimated Net Worth of Stanford L Kurland is at least $166 Million dollars as of 20 January 2021. A Patent Pending People Search Process. 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. 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. Copyright 2023 PeekYou.com. Disclaimer: PeekYou is not a consumer reporting agency per the Fair Credit Reporting Act. For instance, PennyMacs mortgage REIT is not approved to sell loans to Ginnie Mae, which is the government entity that backs FHA loans. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. But competition is good.. Chamberlain says the firm has no plans to make subprime loans. . Stanford Kurland, founder of the PennyMac firms, dies at 68. Mortgage brokers like Kurland pushed these loans because they knew they were going to immediately dump that trash. The real loser, says The Huffington Post, is the US taxpayer. 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