Stanford Kurland Mr. Kurland was 68. 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". But PennyMac is part of the solution. 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. The unit was launched a year ago, and now accounts for about a third of the companys profits. 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. 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. Defining and managing culture , 3. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. 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. He was duped. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. 12 Mar 2009. Now he's back. 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. On average, Stanford trades about 28,493 units every 38 days since 2009. . He was 68. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. Stanford Kurland, founder of PennyMac Mortgage Investment Trust and a former executive at Countrywide Financial Corp., has died. 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. 13-01 Broadway (Route 4 West) Fair Lawn, NJ 07410. His storied career in mortgage banking spanned more than four decades. Feb 19, 2023. That wasn't supposed to happen. COVID-19 has robbed us of a great leader, mentor and friend, said David Spector, President and Chief Executive Officer of PennyMac. (818) 264-4907, Internet Explorer presents a security risk. The prey was that guy in the bungalow next door. Ultimately, it was the banks that weren't requiring income verification or any income information at all. There's a reason these were called predatory loans. 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 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. Yet now he's public enemy number one in the US press and blogging world. Search their Arrest Records, Driving Records, Contact Information, Photos and More 1) Stanford Kurland's Phone & Current Address 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. . Isaac Garden Beloved husband of the late Miriam Kurland. 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. Subscribe to MoneyWeek now and get your first six magazine issues absolutely FREE. 2023 Fortune Media IP Limited. Youve done this before.. 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 is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 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. In the past year, though, PennyMac has morphed into something that more resembles Countrywide. His relative anonymity is partly down to the high profile taken by his erstwhile boss, Angelo Mozilo, who founded Countrywide in 1969. 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. Now hes on trial for illegal cross-border gambling, fr. In addition, he makes $15,070,800 as Non-Executive Chairman of the . 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. The neighbor reaching for the American Dream isn't at fault. 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. Some things haven't changed, not least the aggressive tactics of PennyMac's telesales staff, who spend 15 hours a day contacting "the greedy, the unfortunate and the remorseful in thrall to a mortgage that Kurland has bought back", says The First Post. 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." Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. Beloved husband of the late Miriam Kurland. When Bank of America bought Countrywide last year, Angelo Mozilo declared that the Bank would "reap the benefits of what we have sowed". Powered and implemented by Interactive Data Managed Solutions. So far it appears to be working. 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. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. 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. Taylor thinks PennyMac and firms like it could help. Contributors control their own work and posted freely to our site. 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. That would make the PennyMac the 12th largest mortgage lender in the country, according to trade publication Inside Mortgage Finance. And for that scam, far more than any poor homeowner, he richly deserves the Creep of the Week Award. Card companies keep low rates for themselves, The housing pick up wont produce much economic growth, Young workers earn $10,000 less than in 2005, LinkedIn has officially entered its cringe era, and its working. "You could say he's brilliant," says . Prior to his retirement, Dr. Kurland was an optometrist in Maywood, NJ. He spent 27 years at Countrywide Financial Corporation in various executive positions including Chief Financial Officer, then President and Chief Operating Officer until his departure from Countrywide in 2006. But when it was started in 2008 by a dozen former executives of Countrywide, including Stanford Kurland, who was Countrywides No. FORTUNE may receive compensation for some links to products and services on this website. There are no executives at Pennymac Mortgage Investment Trust getting paid more. 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. Executives say they hope to be on pace to finance $30 billion in mortgage loans next year. Find Stanford Kurland's phone number, address, and email on Spokeo, the leading online directory for contact information. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. Stanford Kurland, founder of the PennyMac firms, dies at 68. PennyMac has funded over $9 billion in mortgages this year, up from less than $1 billion in 2011. He was a genuine and gracious person to anyone he crossed paths with and he cherished his family and friends. 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. (801) 969-3456. Known Addresses for Stanford Kurland. A number of analysts who follow the company were unaware of it. Yet now he's public enemy number one in the US press and blogging world. Louis Suburban Chapel is easily accessible from anywhere in the New York metropolitan area. Service at:Beth El Cemetery735 Forest Ave, Paramus, NJ 07652, Your email address will not be published. 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. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. He cashed out of Countrywide before its stock tanked, taking $200 million with him. 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 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. The report found that Brandts former unit handed out hundreds ofsweetheart loans to members of Congress, their staffs and other government employees. PennyMac has been more tight-lipped about its direct lending operation, which is still relatively small. 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. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. 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. All Rights Reserved. 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. Your email address will not be published. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. On average, Stanford trades about 28,493 units every 38 days since 2009. Salt Lake City, Utah. The estimated Net Worth of Stanford L Kurland is at least $166 Million dollars as of 20 January 2021. 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. 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. Looking to get away but want to keep costs low? Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. Last updated: 22 January 2021 at 7:06pm EST. "I am expecting something gigantic to break in the near future for Countrywide." Amelia Dominguez Theodosis, 76, of Lehi, Utah passed away on Sunday February 19, 2023 in Salt LakeCity, UT surrounded by her loved ones. . But to others, he's a "subprime creep". Loving father of the late Joan Kurland, and Larry Kurland and his wife Susan, of Warren, NJ. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. Until last week, no one outside finance had heard of Stanford L. Kurland. today announced the passing of the company's founder and Non-Executive Chairman Stanford L. Kurland. 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. Two years later the company merged. "Greed," as one well-placed lawyer remarks, "is a growth industry." 8 records for Stanford Kurland. 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. Search Details, Stanford Kurland's Phone #, Address & More Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. Chamberlain says the firm has no plans to make subprime loans. He was 68. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Advertisements. Of the 313 PennyMac executives who are listed on professional networking site LinkedIn, 75 had spent some time at Countrywide. It's a win-win situation. For more information governing use of our site, please review our Terms of Service. The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. It's giving a blatant V-sign to the American taxpayer but Kurland doesn't care. 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. 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. Last updated: 22 January 2021 at 7:06pm EST. He was 68. Stanford Kurland, founder and chairman of Westlake Village mortgage brokerage PennyMac Financial Services Inc., died from complications related to COVID-19, the company announced on Monday. Required fields are marked *. When the Business Times contacted the PennyMac firms for the story, it did not seek comment on . Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. Mr. Kurland holds a BS from California State University, Northridge. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. 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. Stanford L Kurland "Stan" Deceased, Pennymac Mortgage . Stanford Kurland, who went from being pushed out of the No. 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. 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. The real loser, says The Huffington Post, is the US taxpayer. 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. Alan was a man of many talents, from acting to directing to. None of those Wall Street wizards who had made untold billions on this scheme had calculated a drop in the market. He used some of that money to set up a new company: PennyMac. 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. That's from Margo Saunders, a lawyer with the National Consumer Law Center. 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. 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. 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 . 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. Creep of the Week: PennyMac's Stanford L. Kurland. 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 Part of HuffPost Business. To head the office, PennyMac has tapped Stephen Brandt, who, according to a Congressional report released in July, ran Countrywides Friends of Angelo program. 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. 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. There are no executives at Pennymac Mortgage Investment Trust getting paid more. The price paid by Kurland is an avalanche of rage. Looking for Stanford Kurland? Kurland was president and CEO until 2016 when he became chairman. Outdoor-equipment retailer Yvon Chouinard is the latest in a line of rich benefactors to shun personal aggrandisement in favour of worthy causes. It remains a multi-billion-dollar nightmare. 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. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. For about 38 cents on the dollar, PennyMac buys bad mortgages from the federal government -- which got them with taxpayer money from failing banks. . Still, he's "not hurting", says The Huffington Post. Copyright 2023 PeekYou.com. Many couldn't care less about PennyMac's history all that matters, says one customer, "is that we know our house is secure and our credit is safe". PennyMac, though, doesnt seem to be hiding its lending operations from potential customers. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. 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. 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. 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." One of his early assignments was at a mortgage bank called Countrywide Credit Industries and its operating subsidiary Countrywide Acceptance Company. International President United Steelworkers union. In addition, he makes $15,070,800 as Non-Executive Chairman of the . I am deeply saddened to share the news of Stans passing. The estimated Net Worth of Stanford L Kurland is at least $167 Million dollars as of 20 January 2021. 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. 2023 BuzzFeed, Inc. All rights reserved. Disclaimer: PeekYou is not a consumer reporting agency per the Fair Credit Reporting Act. Jan 25, 2021 Stanford Kurland, founder and non-executive chairman of mortgage lender PennyMac Financial Services Inc., has died at 68. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. 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. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. sympathy store. 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. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. There was certainly a huge clue in the fact that, by now, executives had cashed in around $800m in share options. 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. The estimated Net Worth of Stanford L Kurland is at least $174 Milion dollars as of 20 January 2021. He bought a house he couldn't afford with a mortgage he couldn't pay and then slid his credit card to get a big screen TV and a dirt bike for his kid. Stanford Kurland Death - Stanford Kurland Obituary | Cause Of Death : On the 28th of January 2021, Dead-Death learned about the unexpected death of. The most active insiders traders include Joel S Marcus, Stanford L Kurland a Frank P Willey. The company expects to hire as many as 100 employees for the office, which is in Pasadena, California, including loan officers and underwriters. 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. Memorial Redwood Mortuary & Cemetery "You could say he's brilliant," says Charles Laurence on The First Post: few have shown such agility in exploiting first boom, then bust. Visit the Funeral Home's Website. "What did Stanford Kurland know?" Loving father of Dr. Susan Kurland (Dr. David) Rapkin and Kenneth (Amanda) Kurland. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. If you need to flag this entry as abusive. Profile of Kwasi Kwarteng, the leading light of the Tory right, Yvon Chouinard: The billionaire dirtbag who's giving it all away, Johann Rupert: the Warren Buffett of luxury goods, Profile: the fall of Alvin Chau, Macaus junket king, UK home sellers cut 14,000 off their asking prices as the buyers market returns. The spread between what it costs to fund a mortgage loan and what borrowers actually pay is nearly three times as large as usual. But his trials are not o, Alvin Chau made a fortune catering for Chinese gamblers as the authorities turned a blind eye. Unlike Mozilo and other high-ranking Countrywide executives, Kurland was not charged with fraud by the Securities and Exchange Commission. A Patent Pending People Search Process. 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). While Trevor wed nutritionist Tracey Kurland in 2019. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. 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. The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. In any newspaper and Legacy.com. Kurland, PennyMac's non-executive chairman, died. In 2008, Mr. Kurland founded PennyMac in partnership with BlackRock Mortgage Ventures, LLC and HC Partners, formerly Highfields Capital Management. 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