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. It's a win-win situation. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. 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. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. Are housebuilder stocks looking cheap for dividend yields? But the cycle of mortgaging is costing taxpayers 62 cents on the dollar. MoneyWeek is part of Future plc, an international media group and leading digital publisher. "It is horrible what transpired in the industry," he sighs. He says the Pasadena office is not for walk-ins. Kevin Chamberlain 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? PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. 2023 Fortune Media IP Limited. 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. 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. So far it appears to be working. The largest trade he's ever made was exercising 205,881 units of Pennymac Mortgage Investment Trust stock on 2 April 2018 worth over $2,707,335. Kurland, formerly the firm's auditor, joined the group in the 1970s and was generally known as the "soft-spoken" number two. 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. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. Last month, PennyMac (PMT), a finance company run almost entirely by alumni of Countrywide Financial, opened its first retail branch. Find 18 people named Stanford Kurland along with free Facebook, Instagram, Twitter, and TikTok profiles on PeekYou - true people search. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. by Louis | Sep 5, 2021 | past-services | 0 comments, Full Name: Dr. David A. KurlandDate of Death: Saturday, September 4, 2021. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. 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. Unlike Mozilo and other high-ranking Countrywide executives, Kurland was not charged with fraud by the Securities and Exchange Commission. Loving father of Dr. Susan Kurland (Dr. David) Rapkin and Kenneth (Amanda) Kurland. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. A Patent Pending People Search Process. Check out these 10 holiday destinations which remain cheap despite rising inflation. Last updated: 22 January 2021 at 7:06pm EST. But when it was started in 2008 by a dozen former executives of Countrywide, including Stanford Kurland, who was Countrywides No. But to others, he's a "subprime creep". Yet now he's public enemy number one in the US press and blogging world. 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. 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. All rights reserved. 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. 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 no executives at Pennymac Mortgage Investment Trust getting paid more. Youve done this before.. 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. There's a reason these were called predatory loans. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. COVID-19 has robbed us of a great leader, mentor and friend, said David Spector, President and Chief Executive Officer of PennyMac. So its perhaps no surprise that one of the first firms to rush into this profit-filled fun house is headed by the former executives of the most notorious subprime lender of the era that led to the financial crisis. The set includes leaders who can perform five different organizational tasks or functions, including: 1. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. 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. 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. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. . In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. "It is very important to the entire team here to be part of the solution.". Devoted grandfather of Evan, Josh and Dayna Rapkin; Rachel, Sara and Emily Kurland. 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." 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. These are not the type of people I want to have over my house for dinner, says Taylor. The company is using direct mail to solicit customers. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. The firm recently paid the Federal Deposit Insurance Corporation just $43m for $560m worth of mostly delinquent loans. "You could say he's brilliant," says . One of his early assignments was at a mortgage bank called Countrywide Credit Industries and its operating subsidiary Countrywide Acceptance Company. Search Details, 2) Social Media Profiles & More 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." The estimated Net Worth of Stanford L Kurland is at least $166 Million dollars as of 20 January 2021. Terms & Conditions. 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. The estimated Net Worth of Stanford L Kurland is at least $180 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. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. His storied career in mortgage banking spanned more than four decades. 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. Now he is in one . 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. Last updated: 22 January 2021 at 7:06pm EST. 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. 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. He presents this as an act of redemption. That wasn't supposed to happen. Stanford Kurland Death - Stanford Kurland Obituary | Cause Of Death : On the 28th of January 2021, Dead-Death learned about the unexpected death of. But here's the thing, when Countrywide sold him on that loan, he just didn't understand 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. Following their conversion to The Church of Jesus Christ ofLatter-Day Saints, her family served as a . 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. Stanford L. Kurland began his professional career in public accounting in 1975 at Grant Thornton, formerly known as Alexander Grant. Last updated: 22 January 2021 at 7:06pm EST. 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. There are no executives at Pennymac Mortgage Investment Trust getting paid more. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. That's from Margo Saunders, a lawyer with the National Consumer Law Center. They were packaged and peddled on Wall Street in bundles as securities. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. It doesnt hurt that PennyMac has a 9.3% dividend yield at a time when investment income is hard to come by. Fine, Kurland's PennyMac gives the guy in the bungalow next door payments low enough to let him stay. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. Taxpayers provided $700 billion to prop them up - including Bank of America, after it bought the financially-sputtering Countrywide. Over the last 14 years, insiders at Pennymac Mortgage Investment Trust have traded over $15,722,030 worth of Pennymac Mortgage Investment Trust stock and bought 336,844 units worth $3,890,204 Service at:Beth El Cemetery735 Forest Ave, Paramus, NJ 07652, Your email address will not be published. These loans became that oxymoron: "toxic assets." Stanford L Kurland "Stan" Deceased, Pennymac Mortgage . 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. On average, Stanford trades about 28,493 units every 38 days since 2009. 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 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. He was 68. He was a genuine and gracious person to anyone he crossed paths with and he cherished his family and friends. Feb 19, 2023. 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. 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. 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). Outdoor-equipment retailer Yvon Chouinard is the latest in a line of rich benefactors to shun personal aggrandisement in favour of worthy causes. 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. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. 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. Stanford Kurland Mr. Kurland was 68. The Dignity Memorial online obituary search tool gives you access to obituaries from thousands of locations across North America. If you need to flag this entry as abusive. In addition, he makes $15,070,800 as Non-Executive Chairman of the . In any newspaper and Legacy.com. 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. Along with Kurland, PennyMacs chief operating officer, chief financial officer and chief credit officer all hail from Countrywide, as do the firms head of marketing, head of consumer lending and head of human resources. Stanford L. Kurland. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. The guy in the bungalow next door may have made some mistakes. Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. PennyMac has funded over $9 billion in mortgages this year, up from less than $1 billion in 2011. 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. 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. PennyMacs odd corporate structure has worried some Wall Street analysts. Prior to his retirement, Dr. Kurland was an optometrist in Maywood, NJ. 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. 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. 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. Creep of the Week: PennyMac's Stanford L. Kurland. On average, Stanford trades about 28,493 units every 38 days since 2009. Chamberlain says the firm has no plans to make subprime loans. Housebuilders look like cheap dividend stocks, but can investors trust them to deliver? But he wasn't. Suddenly, no one knew the value of the "bundles," because each contained an unknown number of good and bad mortgages. In the six years before he abruptly quit in 2006, Countrywide's portfolio mushroomed from $62bn to $463bn. 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. Kurland was president and CEO until 2016 when he became chairman. Until last week, no one outside finance had heard of Stanford L. Kurland. 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 companys website advertises new home loans with rates as low as 3.5%, and has an 800-number to call. That would make the PennyMac the 12th largest mortgage lender in the country, according to trade publication Inside Mortgage Finance. Kurland had also been battling. All Rights Reserved. He cashed out of Countrywide before its stock tanked, taking $200 million with him. Once you find the obituary you are looking for, you can get important information about upcoming services, share a favorite photo or memory, and . The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. But his trials are not o, Alvin Chau made a fortune catering for Chinese gamblers as the authorities turned a blind eye. Her Other Children Stanford Kurland Bio Details 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 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. Coordinating operations , 4.. "Greed," as one well-placed lawyer remarks, "is a growth industry." He was 68. Our main chapel seats over 400 and we accommodate both New Jersey, New York cemeteries, and burials in Israel. FORTUNE may receive compensation for some links to products and services on this website. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. While Trevor wed nutritionist Tracey Kurland in 2019. There was certainly a huge clue in the fact that, by now, executives had cashed in around $800m in share options. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. 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 Trustee at Pennymac Mortgage Investment Trust. 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 recent analysis by the Wall Street Journal found that Countrywide has cost Bank of America, which acquired the giant mortgage lender in 2008, nearly $40 billion in additional costs since the deal was completed, much of it due to subprime and other high-risk loans that Countrywide made at the height of the housing bubble that have since gone bad. 2023 BuzzFeed, Inc. All rights reserved. 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. Copyright 2023 PeekYou.com. 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. In fact, he thinks he's doing America a favour. 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. Louis Suburban Chapel is easily accessible from anywhere in the New York metropolitan area. Mr. Kurland began his professional career in 1975 in public accounting, practicing as a CPA for the firm now known as Grant Thornton. The Hollywood producer, who is best known for his 2010 film Remember Me, is based in LA with his wife and daughters and seems to be relishing. Mr. Kurland served as PennyMacs Chairman and CEO until 2016 when he was appointed Executive Chairman. When Bank of America bought Countrywide last year, Angelo Mozilo declared that the Bank would "reap the benefits of what we have sowed". Offers may be subject to change without notice. (818) 264-4907, Internet Explorer presents a security risk. He retired from day-to-day management in early 2020. He retired from day-to-day responsibilities in 2020 but remained a trusted guide for the company. Mr. Kurland holds a BS from California State University, Northridge. 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.. 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. 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. "Stan leaves an indelible mark not only on PennyMac, but on the mortgage industry he helped to build and shape. 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. 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 . 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. He escaped in time to cash in a personal $200m worth of shares. 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. Stanford Kurland was the second-most senior executive at Countrywide, the mortgage lender, until 2006 when he left, selling $200 million in stock options. The neighbor reaching for the American Dream isn't at fault. It's giving a blatant V-sign to the American taxpayer but Kurland doesn't care. Your email address will not be published. Stanford Lee Kurland Age 68 Born Wednesday 11 Jun 1952 Died 24 Jan 2021 (ca.) Search Details, View Stanford's Profiles on Facebook and 60+ Networks, stanford****@gmail, View Stanford's Profiles on Facebook and 60+ Networks, stanford****@yahoo, View Stanford's Profiles on Facebook and 60+ Networks, stanford****@hotmail, View Stanford's Profiles on Facebook and 60+ Networks, stanford****@aol, View Stanford's Profiles on Facebook and 60+ Networks, stanford****@outlook. 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 report found that Brandts former unit handed out hundreds ofsweetheart loans to members of Congress, their staffs and other government employees. 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. 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 of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. 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. asked a blogger on the Irreverent Stocklist in early 2007. Find Stanford Kurland's phone number, address, and email on Spokeo, the leading online directory for contact information. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. For instance, PennyMacs mortgage REIT is not approved to sell loans to Ginnie Mae, which is the government entity that backs FHA loans. 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. Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. 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 Trustee at Pennymac Mortgage Investment Trust. 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. The company expects to hire as many as 100 employees for the office, which is in Pasadena, California, including loan officers and underwriters. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. The type of people I want to have over my house for dinner, Taylor. Now known as Alexander Grant very important to the American Dream is n't at.... And has been our Executive Chairman since January 2017 PeekYou - true people search the report that! Our formation in May 2009 through December 2016 now, executives had in... 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