Shares of the REIT have risen nearly 50% in the past year. Her Other Children Stanford Kurland Bio Details 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. The prey was that guy in the bungalow next door. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. His storied career in mortgage banking spanned more than four decades. 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. 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." Our main chapel seats over 400 and we accommodate both New Jersey, New York cemeteries, and burials in Israel. Stanford Kurland Mr. Kurland was 68. 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.. Alan was a man of many talents, from acting to directing to. . They were packaged and peddled on Wall Street in bundles as securities. International President United Steelworkers union. This post was published on the now-closed HuffPost Contributor platform. 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. 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. Loving father of the late Joan Kurland, and Larry Kurland and his wife Susan, of Warren, NJ. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. 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. That's from Margo Saunders, a lawyer with the National Consumer Law Center. While Trevor wed nutritionist Tracey Kurland in 2019. He retired from day-to-day management in early 2020. Feb 19, 2023. The price paid by Kurland is an avalanche of rage. 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. Unlike Mozilo and other high-ranking Countrywide executives, Kurland was not charged with fraud by the Securities and Exchange Commission. 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. Kurland was president and CEO until 2016 when he became chairman. Part of HuffPost Business. Mr. Kurland holds a BS from California State University, Northridge. All the old fogies out there with their glorious fixed-rate mortgages can call him stupid. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of 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 In December, Bank of America agreed to pay $335 million to settle charges that Countrywide loan officers regularly charged minority borrowers higher rates and fees than those paid by similar white borrowers. 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. He presents this as an act of redemption. Mr. Kurland holds a BS from California State University, Northridge. All rights reserved. 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. And in other cases, the loan processors provided those false wage figures themselves for what's now known as liar loans. There are no executives at Pennymac Mortgage Investment Trust getting paid more. Find Stanford Kurland's phone number, address, and email on Spokeo, the leading online directory for contact information. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. PennyMac runs a public mortgage REIT, but not all of the companys business and profits go to the REIT. All Rights Reserved. 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. 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. Search Details, 2) Social Media Profiles & More Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. Investors In the event, Countrywide staggered on for a year, chalking up billions in losses before it was rescued by Bank of America last July. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. The firm recently paid the Federal Deposit Insurance Corporation just $43m for $560m worth of mostly delinquent loans. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. 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. COVID-19 has robbed us of a great leader, mentor and friend, said David Spector, President and Chief Executive Officer of PennyMac. "It is horrible what transpired in the industry," he sighs. PennyMac has been around for a couple of years. Kurland served as PMT's Chairman and CEO until 2016 when he was appointed Executive Chairman. PennyMac CEO Stanford Kurland, who spent most of career at Countrywide, is recreating his old firm. 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. 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 L. 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. The most active insiders traders include Joel S Marcus, Stanford L Kurland a Frank P Willey. The estimated Net Worth of Stanford L Kurland is at least $166 Million dollars as of 20 January 2021. MoneyWeek is part of Future plc, an international media group and leading digital publisher. Looking for Stanford Kurland? Beloved husband of the late Miriam Kurland. 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. Loving father of Dr. Susan Kurland (Dr. David) Rapkin and Kenneth (Amanda) Kurland. Kurland, formerly the firm's auditor, joined the group in the 1970s and was generally known as the "soft-spoken" number two. 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 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. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. Coordinating operations , 4.. Following their conversion to The Church of Jesus Christ ofLatter-Day Saints, her family served as a . Kurland had also been battling. On average, Stanford trades about 28,493 units every 38 days since 2009. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. asked a blogger on the Irreverent Stocklist in early 2007. Kevin Chamberlain Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. 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. 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. You can search by first or last name, state and publication date. 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. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. Until last week, no one outside finance had heard of Stanford L. Kurland. 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. 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 . Last updated: 22 January 2021 at 7:06pm EST. There are no executives at Pennymac Mortgage Investment Trust getting paid more. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. Terms & Conditions. 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. Ultimately, it was the banks that weren't requiring income verification or any income information at all. 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 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. 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. Copyright 2023 PeekYou.com. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. When the Business Times contacted the PennyMac firms for the story, it did not seek comment on . Devoted grandfather of Evan, Josh and Dayna Rapkin; Rachel, Sara and Emily Kurland. The estimated Net Worth of Stanford L Kurland is at least $169 Million dollars as of 20 January 2021. 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. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. Contributors control their own work and posted freely to our site. For instance, PennyMacs mortgage REIT is not approved to sell loans to Ginnie Mae, which is the government entity that backs FHA loans. sympathy store. It all started falling apart when the real estate market slipped. 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. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. Isaac Garden 12 Mar 2009. 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. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. Mr. Kurland holds a BS from California State University, Northridge. He says the Pasadena office is not for walk-ins. Prior to his retirement, Dr. Kurland was an optometrist in Maywood, NJ. 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. Stan's skills were quickly observed by . Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. He was 68. In the six years before he abruptly quit in 2006, Countrywide's portfolio mushroomed from $62bn to $463bn. Stanford Kurland was the second-most senior executive at Countrywide, the mortgage lender, until 2006 when he left, selling $200 million in stock options. 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. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. Creep of the Week: PennyMac's Stanford L. Kurland. 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. He cashed out of Countrywide before its stock tanked, taking $200 million with him. 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. It's giving a blatant V-sign to the American taxpayer but Kurland doesn't care. The company is using direct mail to solicit customers. The set includes leaders who can perform five different organizational tasks or functions, including: 1. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. 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. Federal Deposit Insurance Corporation just $ 43m for $ 560m worth of Stanford L is! 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