The prey was that guy in the bungalow next door. Alan was a man of many talents, from acting to directing to. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. In addition, he makes $15,070,800 as Non-Executive Chairman of the . The set includes leaders who can perform five different organizational tasks or functions, including: 1. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. In the past year, a number of former Countrywide employees have come forward to say they tried to warn regulators about abusive or lax lending practices at the firm but were either silenced by their superiors, or fired. But his trials are not o, Alvin Chau made a fortune catering for Chinese gamblers as the authorities turned a blind eye. Yet now he's public enemy number one in the US press and blogging world. 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. The unit was launched a year ago, and now accounts for about a third of the companys profits. The estimated Net Worth of Stanford L Kurland is at least $177 Million dollars as of 20 January 2021. 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. - Salt Lake City, 6500 S Redwood Rd, To meet those aspirations, Kurland has recruited many of the same executives who helped him build Countrywide into a mortgage behemoth. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. . The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. Stanford Kurland was the second-most senior executive at Countrywide, the mortgage lender, until 2006 when he left, selling $200 million in stock options. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. 2023 Fortune Media IP Limited. In addition, he makes $15,070,800 as Non-Executive Chairman of the . Mr. Kurland holds a BS from California State University, Northridge. 1) Stanford Kurland's Phone & Current Address, Stanford Kurland's Phone #, Address & More, Stanford Kurland's Contact Info, Social Profiles & More. These are not the type of people I want to have over my house for dinner, says Taylor. 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. If you need to flag this entry as abusive. Stanford L. Kurland began his professional career in public accounting in 1975 at Grant Thornton, formerly known as Alexander Grant. 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. In the event, Countrywide staggered on for a year, chalking up billions in losses before it was rescued by Bank of America last July. Creating the vision , 2. Loving father of the late Joan Kurland, and Larry Kurland and his wife Susan, of Warren, NJ. 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. There are no executives at Pennymac Mortgage Investment Trust getting paid more. For instance, PennyMacs mortgage REIT is not approved to sell loans to Ginnie Mae, which is the government entity that backs FHA loans. None of those Wall Street wizards who had made untold billions on this scheme had calculated a drop in the market. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. 2023 BuzzFeed, Inc. All rights reserved. Chamberlain says the firm has no plans to make subprime loans. "Greed," as one well-placed lawyer remarks, "is a growth industry." He retired from day-to-day responsibilities at the beginning of 2020 but remained a trusted guide for the company. (818) 264-4907, Internet Explorer presents a security risk. It doesnt hurt that PennyMac has a 9.3% dividend yield at a time when investment income is hard to come by. Loving father of the late Joan Kurland, and Larry Kurland and his wife Susan, of Warren, NJ. Your email address will not be published. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. Additional information about PennyMac Financial Services, Inc. is available at ir.pennymacfinancial.com. When the Business Times contacted the PennyMac firms for the story, it did not seek comment on . None of the executives at PennyMac are directly linked to any of the alleged wrongdoing at Countrywide. Kurland's got taxpayers coming and going. International President United Steelworkers union. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. ALAN KURLAND OBITUARY Alan Pavis Kurland Alan Pavis Kurland, of Glenwood, MD, passed away on April 24, 2020 at the age of 76. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. Kurland, PennyMac's non-executive chairman, died. 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. Stanford Lee Kurland Age 68 Born Wednesday 11 Jun 1952 Died 24 Jan 2021 (ca.) Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. Either way, PennyMacs current investors dont seem to be bothered by Kurland and his teams past, or by the companys complicated structure. " I am deeply saddened to share the news of Stan's passing. Part of HuffPost Business. But PennyMac is part of the solution. 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 oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. John Taylor, who heads the National Community Reinvestment Coalition and has been a frequent critic of subprime lenders, welcomes the firm. 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 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. Stanford Kurland, founder of the PennyMac firms, dies at 68. They were packaged and peddled on Wall Street in bundles as securities. 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). To ensure the most secure and best overall experience on our website, we recommend the latest versions of. More surprising is the reaction PennyMac gets from consumer advocates. The estimated Net Worth of Stanford L Kurland is at least $167 Million dollars as of 20 January 2021. Last updated: 22 January 2021 at 7:06pm EST. 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. He retired from day-to-day management in early 2020. PennyMac has funded over $9 billion in mortgages this year, up from less than $1 billion in 2011. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. 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. He says mortgage rates have stayed frustratingly high, and that there is a huge number of borrowers who are still having trouble refinancing. 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's a reason these were called predatory loans. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. 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. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. He was 68. 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. Stanford L. Kurland. All Rights Reserved. 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. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. It's a win-win situation. 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. In dozens of cases, PennyMac moves to initiate foreclosure. Creep of the Week: PennyMac's Stanford L. Kurland. 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. Powered and implemented by Interactive Data Managed Solutions. 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. You can search by first or last name, state and publication date. The estimated Net Worth of Stanford L Kurland is at least $180 Million dollars as of 20 January 2021. 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. The Dignity Memorial online obituary search tool gives you access to obituaries from thousands of locations across North America. Stanford L Kurland "Stan" Deceased, Pennymac Mortgage . The estimated Net Worth of Stanford L Kurland is at least $169 Million dollars as of 20 January 2021. Advertisements. 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. On behalf of all of us at PennyMac, we send our deepest condolences to Stans wife, Sheila, and the entire Kurland family.. 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. PennyMac runs a public mortgage REIT, but not all of the companys business and profits go to the REIT. Offers may be subject to change without notice. For about 38 cents on the dollar, PennyMac buys bad mortgages from the federal government -- which got them with taxpayer money from failing banks. 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. MoneyWeek is part of Future plc, an international media group and leading digital publisher. The report found that Brandts former unit handed out hundreds ofsweetheart loans to members of Congress, their staffs and other government employees. sympathy store. PennyMacs odd corporate structure has worried some Wall Street analysts. FORTUNE may receive compensation for some links to products and services on this website. 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 firm recently paid the Federal Deposit Insurance Corporation just $43m for $560m worth of mostly delinquent loans. Feb 19, 2023. There are no executives at Pennymac Mortgage Investment Trust getting paid more. Her Other Children Stanford Kurland Bio Details And for that scam, far more than any poor homeowner, he richly deserves the Creep of the Week Award. These loans became that oxymoron: "toxic assets." Mr. Kurland began his professional career in 1975 in public accounting, practicing as a CPA for the firm now known as Grant Thornton. 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. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. 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. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. Of the 313 PennyMac executives who are listed on professional networking site LinkedIn, 75 had spent some time at Countrywide. But Kurland's not hurting. "You could say he's brilliant," says Charles Laurence on The First Post: few have shown such agility in exploiting first boom, then bust. There was certainly a huge clue in the fact that, by now, executives had cashed in around $800m in share options. All Rights Reserved. But the cycle of mortgaging is costing taxpayers 62 cents on the dollar. He was duped. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. 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". Kurland's departure rang alarm bells because he was generally seen as Mozilo's successor. 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. Executives say they hope to be on pace to finance $30 billion in mortgage loans next year. 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. Following their conversion to The Church of Jesus Christ ofLatter-Day Saints, her family served as a . It all started falling apart when the real estate market slipped. 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. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. It is buying distressed mortgages so cheaply that it can offer attractive repayment terms to struggling homeowners, thereby collecting the repayments or getting the house in event of foreclosure. In 2008, Mr. Kurland founded PennyMac in partnership with BlackRock Mortgage Ventures, LLC and HC Partners, formerly Highfields Capital Management. He presents this as an act of redemption. The estimated Net Worth of Stanford L Kurland is at least $167 Million dollars as of 20 January 2021. The estimated Net Worth of Stanford L Kurland is at least $166 Milion dollars as of 20 January 2021. Under his leadership, PennyMac became one of the largest residential mortgage lenders and servicers in the U.S. and now employs over 6,000 people across the country. 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