Stanford L Kurland "Stan" Deceased, Pennymac Mortgage . It's giving a blatant V-sign to the American taxpayer but Kurland doesn't care. 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. 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. 2023 Fortune Media IP Limited. Advertisements. But to others, he's a "subprime creep". 6500 S Redwood Rd, Salt Lake City, Utah , 84123. I am deeply saddened to share the news of Stans passing. 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. Publish your loved ones obituary in any newspaper andLegacy.com. 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. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. 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. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. He used some of that money to set up a new company: PennyMac. 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. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. Fine, Kurland's PennyMac gives the guy in the bungalow next door payments low enough to let him stay. The estimated Net Worth of Stanford L Kurland is at least $167 Million dollars as of 20 January 2021. In the event, Countrywide staggered on for a year, chalking up billions in losses before it was rescued by Bank of America last July. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. But competition is good.. For more information governing use of our site, please review our Terms of Service. 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. 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." 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. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. 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. In any newspaper and Legacy.com. His relative anonymity is partly down to the high profile taken by his erstwhile boss, Angelo Mozilo, who founded Countrywide in 1969. "I am expecting something gigantic to break in the near future for Countrywide." sympathy store. All the old fogies out there with their glorious fixed-rate mortgages can call him stupid. 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 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. These are not the type of people I want to have over my house for dinner, says Taylor. 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. Proud grandfather of Jennifer, and her husband Geoff, Adam and Kyle. A Patent Pending People Search Process. (818) 264-4907, Internet Explorer presents a security risk. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. Taylor thinks PennyMac and firms like it could help. 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 . 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. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. 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. . His storied career in mortgage banking spanned more than four decades. 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. But when it was started in 2008 by a dozen former executives of Countrywide, including Stanford Kurland, who was Countrywides No. None of the executives at PennyMac are directly linked to any of the alleged wrongdoing at Countrywide. Several actions against CEOs, including Kurland, are still extant. 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. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. FORTUNE may receive compensation for some links to products and services on this website. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. FORTUNE The Federal Reserves recent decision to buy mortgage bonds until the economy recovers has made home lending more attractive than it has been in years. Mortgage brokers like Kurland pushed these loans because they knew they were going to immediately dump that trash. 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 says mortgage rates have stayed frustratingly high, and that there is a huge number of borrowers who are still having trouble refinancing. 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. Looking to get away but want to keep costs low? Executives say they hope to be on pace to finance $30 billion in mortgage loans next year. 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. Last month, PennyMac (PMT), a finance company run almost entirely by alumni of Countrywide Financial, opened its first retail branch. 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. The estimated Net Worth of Stanford L Kurland is at least $174 Milion dollars as of 20 January 2021. 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. For about 38 cents on the dollar, PennyMac buys bad mortgages from the federal government -- which got them with taxpayer money from failing banks. 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. 8 records for Stanford Kurland. 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. Subscribe to MoneyWeek now and get your first six magazine issues absolutely FREE. Feb 19, 2023. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. PennyMac has been around for a couple of years. No wonder one executive describes business as "off-the-charts good". Louis Suburban Chapel is easily accessible from anywhere in the New York metropolitan area. "Stan leaves an indelible mark not only on PennyMac, but on the mortgage industry he helped to build and shape. Ultimately, it was the banks that weren't requiring income verification or any income information at all. 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. He was 68. There was certainly a huge clue in the fact that, by now, executives had cashed in around $800m in share options. 12 Mar 2009. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. The neighbor reaching for the American Dream isn't at fault. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. The estimated Net Worth of Stanford L Kurland is at least $167 Million dollars as of 20 January 2021. Creating the vision , 2. Mr. Kurland began his professional career in 1975 in public accounting, practicing as a CPA for the firm now known as Grant Thornton. In the past year, though, PennyMac has morphed into something that more resembles Countrywide. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. The prey was that guy in the bungalow next door. The Westlake Village, California-based company said. 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 . Part of HuffPost Business. On average, Stanford trades about 28,493 units every 38 days since 2009. 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. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. The estimated Net Worth of Stanford L Kurland is at least $177 Million dollars as of 20 January 2021. Stanford Kurland Death - Stanford Kurland Obituary | Cause Of Death : On the 28th of January 2021, Dead-Death learned about the unexpected death of. 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. 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. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. Loving father of the late Joan Kurland, and Larry Kurland and his wife Susan, of Warren, NJ. Stanford Lee Kurland Age 68 Born Wednesday 11 Jun 1952 Died 24 Jan 2021 (ca.) They were packaged and peddled on Wall Street in bundles as securities. The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. Kurland had also been battling. Disclaimer: PeekYou is not a consumer reporting agency per the Fair Credit Reporting Act. "What did Stanford Kurland know?" 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. PennyMac, though, doesnt seem to be hiding its lending operations from potential customers. Kurland, PennyMac's non-executive chairman, died. But here's the thing, when Countrywide sold him on that loan, he just didn't understand it. Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. 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". 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." John Taylor, who heads the National Community Reinvestment Coalition and has been a frequent critic of subprime lenders, welcomes the firm. Memorial Redwood Mortuary & Cemetery On average, Stanford trades about 28,493 units every 38 days since 2009. That would make the PennyMac the 12th largest mortgage lender in the country, according to trade publication Inside Mortgage Finance. 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. While Trevor wed nutritionist Tracey Kurland in 2019. Johann Rupert, the presiding boss of Swiss luxury group Richemont, has seen off a challenge to his authority by a hedge fund. But the cycle of mortgaging is costing taxpayers 62 cents on the dollar. PennyMac has funded over $9 billion in mortgages this year, up from less than $1 billion in 2011. The estimated Net Worth of Stanford L Kurland is at least $166 Milion dollars as of 20 January 2021. Yet now he's public enemy number one in the US press and blogging world. Jan 25, 2021 Stanford Kurland, founder and non-executive chairman of mortgage lender PennyMac Financial Services Inc., has died at 68. 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 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. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. 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 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. The Independent Trustee enough to let him stay rates have stayed frustratingly high and... Profile taken by his erstwhile boss, Angelo Mozilo, who is the Independent.! Pennymac the 12th largest Mortgage lender in the bungalow next door payments low enough to let him stay saddened share... 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