In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. 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. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. It all started falling apart when the real estate market slipped. Now hes on trial for illegal cross-border gambling, fr. For instance, PennyMacs mortgage REIT is not approved to sell loans to Ginnie Mae, which is the government entity that backs FHA loans. Until last week, no one outside finance had heard of Stanford L. Kurland. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. For about 38 cents on the dollar, PennyMac buys bad mortgages from the federal government -- which got them with taxpayer money from failing banks. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. 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 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. Looking to get away but want to keep costs low? Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. The prey was that guy in the bungalow next door. 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. 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. That would make the PennyMac the 12th largest mortgage lender in the country, according to trade publication Inside Mortgage Finance. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. On average, Stanford trades about 28,493 units every 38 days since 2009. To head the office, PennyMac has tapped Stephen Brandt, who, according to a Congressional report released in July, ran Countrywides Friends of Angelo program. 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. Prior to his retirement, Dr. Kurland was an optometrist in Maywood, NJ. Loving father of the late Joan Kurland, and Larry Kurland and his wife Susan, of Warren, NJ. 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. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID . The estimated Net Worth of Stanford L Kurland is at least $180 Million dollars as of 20 January 2021. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. No wonder one executive describes business as "off-the-charts good". 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 the past year, though, PennyMac has morphed into something that more resembles Countrywide. These are not the type of people I want to have over my house for dinner, says Taylor. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. Devoted grandfather of Evan, Josh and Dayna Rapkin; Rachel, Sara and Emily Kurland. Offers may be subject to change without notice. But if the householder is willing to resume paying, PennyMac will slash the interest rate back to 'teaser' level. He retired from day-to-day responsibilities in 2020 but remained a trusted guide for the company. The unit was launched a year ago, and now accounts for about a third of the companys profits. He used some of that money to set up a new company: PennyMac. It remains a multi-billion-dollar nightmare. 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. Stanford Lee Kurland Age 68 Born Wednesday 11 Jun 1952 Died 24 Jan 2021 (ca.) The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. 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 He retired from day-to-day responsibilities at the beginning of 2020 but remained a trusted guide for the company. Following their conversion to The Church of Jesus Christ ofLatter-Day Saints, her family served as a . All the old fogies out there with their glorious fixed-rate mortgages can call him stupid. Loving father of Dr. Susan Kurland (Dr. David) Rapkin and Kenneth (Amanda) Kurland. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. Check out these 10 holiday destinations which remain cheap despite rising inflation. Kurland served as PMT's Chairman and CEO until 2016 when he was appointed Executive Chairman. Looking for Stanford Kurland? He cashed out of Countrywide before its stock tanked, taking $200 million with him. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Yet now he's public enemy number one in the US press and blogging world. 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. Stanford Kurland was the second-most senior executive at Countrywide, the mortgage lender, until 2006 when he left, selling $200 million in stock options. PennyMac Mortgage Investment Trust announced that company founder and Non-Executive Chairman Stanford Kurland died at age 68 due to complications from COVID-19. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. 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. Now he is in one . 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. COVID-19 . All Rights Reserved. In the six years before he abruptly quit in 2006, Countrywide's portfolio mushroomed from $62bn to $463bn. He was duped. Housebuilders look like cheap dividend stocks, but can investors trust them to deliver? Then companies like AIG sold insurance on them. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. All rights reserved. On average, Stanford trades about 28,493 units every 38 days since 2009. The estimated Net Worth of Stanford L Kurland is at least $167 Million dollars as of 20 January 2021. 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. Known Addresses for Stanford Kurland. 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. by Louis | Sep 5, 2021 | past-services | 0 comments, Full Name: Dr. David A. KurlandDate of Death: Saturday, September 4, 2021. 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. 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. For more information governing use of our site, please review our Terms of Service. Additional information about PennyMac Financial Services, Inc. is available at ir.pennymacfinancial.com. Stanford Kurland Mr. Kurland was 68. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. Copyright 2023 PeekYou.com. Jan 25, 2021 Stanford Kurland, founder and non-executive chairman of mortgage lender PennyMac Financial Services Inc., has died at 68. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. 13-01 Broadway (Route 4 West) Fair Lawn, NJ 07410. 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. Stanford L. Kurland. They were packaged and peddled on Wall Street in bundles as securities. None of those Wall Street wizards who had made untold billions on this scheme had calculated a drop in the market. Service at:Beth El Cemetery735 Forest Ave, Paramus, NJ 07652, Your email address will not be published. Visit the Funeral Home's Website. 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." ALAN KURLAND OBITUARY Alan Pavis Kurland Alan Pavis Kurland, of Glenwood, MD, passed away on April 24, 2020 at the age of 76. On average, Stanford trades about 28,493 units every 38 days since 2009. Last updated: 22 January 2021 at 7:06pm EST. 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. 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 . Kurland, PennyMac's non-executive chairman, died. 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 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. Terms & Conditions. All rights reserved. The Dignity Memorial online obituary search tool gives you access to obituaries from thousands of locations across North America. In 2008, Mr. Kurland founded PennyMac in partnership with BlackRock Mortgage Ventures, LLC and HC Partners, formerly Highfields Capital Management. To send flowers to Memorial Redwood Mortuary & Cemetery please visit our But the cycle of mortgaging is costing taxpayers 62 cents on the dollar. 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. 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 He presents this as an act of redemption. 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. Of the 313 PennyMac executives who are listed on professional networking site LinkedIn, 75 had spent some time at Countrywide. More surprising is the reaction PennyMac gets from consumer advocates. Still, he's "not hurting", says The Huffington Post. COVID-19 has robbed us of a great leader, mentor and friend, said David Spector, President and Chief Executive Officer of PennyMac. PennyMacs odd corporate structure has worried some Wall Street analysts. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. Taxpayers provided $700 billion to prop them up - including Bank of America, after it bought the financially-sputtering Countrywide. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. Mr. Kurland began his professional career in 1975 in public accounting, practicing as a CPA for the firm now known as Grant Thornton. 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. 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. 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. PennyMac has been around for a couple of years. 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. 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? There are no executives at Pennymac Mortgage Investment Trust getting paid more. Part of HuffPost Business. Louis Suburban Chapel is easily accessible from anywhere in the New York metropolitan area. That wasn't supposed to happen. But his trials are not o, Alvin Chau made a fortune catering for Chinese gamblers as the authorities turned a blind eye. today announced the passing of the company's founder and Non-Executive Chairman Stanford L. Kurland. 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 firm recently paid the Federal Deposit Insurance Corporation just $43m for $560m worth of mostly delinquent loans. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. Required fields are marked *. There's a reason these were called predatory loans. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. 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 . To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. PennyMac has been more tight-lipped about its direct lending operation, which is still relatively small. We look at Taylor Wimpey, Persimmon and Barratt Developments. sympathy store. Executives say they hope to be on pace to finance $30 billion in mortgage loans next year. " I am deeply saddened to share the news of Stan's passing. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. 1) Stanford Kurland's Phone & Current Address, Stanford Kurland's Phone #, Address & More, Stanford Kurland's Contact Info, Social Profiles & More. (818) 264-4907, Internet Explorer presents a security risk. 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.. When the Business Times contacted the PennyMac firms for the story, it did not seek comment on . We encourage you to contact the funeral home to verify time and location before attending services or visitation. Kurland was president and CEO until 2016 when he became chairman. But Kurland's not hurting. Kurland had also been battling. Yet, with some predicting that the Bank may take a further $33bn hit from the purchase, evidence suggests it's Kurland's outfit PennyMac that will actually benefit, says The New York Times. 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 estimated Net Worth of Stanford L Kurland is at least $169 Million dollars as of 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. 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. 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.