Outdoor-equipment retailer Yvon Chouinard is the latest in a line of rich benefactors to shun personal aggrandisement in favour of worthy causes. But when it was started in 2008 by a dozen former executives of Countrywide, including Stanford Kurland, who was Countrywides No. It all started falling apart when the real estate market slipped. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. 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. Isaac Garden Creep of the Week: PennyMac's Stanford L. Kurland. So far it appears to be working. 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. The Bank has already paid $8.7bn to settle suits from states contending that Countrywide defrauded investors by hawking defective mortgages. But it was under his watch that the predatory practice of peddling 'teasers' (whereby low-income customers were seduced into taking huge mortgages by low 'introductory' interest payments that quickly ballooned) really got going. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. Chamberlain says the firm has no plans to make subprime loans. But competition is good.. 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. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. In addition, he makes $15,070,800 as Non-Executive Chairman of the . 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. Salt Lake City, Utah. Contributors control their own work and posted freely to our site. Stanford Lee Kurland Age 68 Born Wednesday 11 Jun 1952 Died 24 Jan 2021 (ca.) 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 in 2020 but remained a trusted guide for the company. Unlike Mozilo and other high-ranking Countrywide executives, Kurland was not charged with fraud by the Securities and Exchange Commission. Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. The company is using direct mail to solicit customers. The person who answers says he works for PennyMac. Disclaimer: PeekYou is not a consumer reporting agency per the Fair Credit Reporting Act. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. FORTUNE may receive compensation for some links to products and services on this website. 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. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID . But the cycle of mortgaging is costing taxpayers 62 cents on the dollar. The companys website advertises new home loans with rates as low as 3.5%, and has an 800-number to call. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. 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. In addition, he makes $15,070,800 as Non-Executive Chairman of the . 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. 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. Mr. Kurland holds a BS from California State University, Northridge. PennyMac runs a public mortgage REIT, but not all of the companys business and profits go to the REIT. 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. 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. "I am expecting something gigantic to break in the near future for Countrywide." PennyMacs odd corporate structure has worried some Wall Street analysts. Stanford Kurland Mr. Kurland was 68. He escaped in time to cash in a personal $200m worth of shares. Now he is in one . When the Business Times contacted the PennyMac firms for the story, it did not seek comment on . 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. That wasn't supposed to happen. Last month, PennyMac (PMT), a finance company run almost entirely by alumni of Countrywide Financial, opened its first retail branch. 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. Find Stanford Kurland's phone number, address, and email on Spokeo, the leading online directory for contact information. 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. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. He cashed out of Countrywide before its stock tanked, taking $200 million with him. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. This post was published on the now-closed HuffPost Contributor platform. In the past year, though, PennyMac has morphed into something that more resembles Countrywide. Are housebuilder stocks looking cheap for dividend yields? The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. The Westlake Village, California-based company said. 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". 8 records for Stanford Kurland. More surprising is the reaction PennyMac gets from consumer advocates. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. Banks started to fail. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. 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 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. Our main chapel seats over 400 and we accommodate both New Jersey, New York cemeteries, and burials in Israel. Then companies like AIG sold insurance on them. He was a genuine and gracious person to anyone he crossed paths with and he cherished his family and friends. Louis Suburban Chapel is easily accessible from anywhere in the New York metropolitan area. Two years later the company merged. " I am deeply saddened to share the news of Stan's passing. 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. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. 13-01 Broadway (Route 4 West) Fair Lawn, NJ 07410. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. The estimated Net Worth of Stanford L Kurland is at least $166 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. Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. 6500 S Redwood Rd, Salt Lake City, Utah , 84123. 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. 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 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." The Dignity Memorial online obituary search tool gives you access to obituaries from thousands of locations across North America. These are not the type of people I want to have over my house for dinner, says Taylor. 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. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. 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. 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. Part of HuffPost Business. 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 estimated Net Worth of Stanford L Kurland is at least $174 Milion dollars as of 20 January 2021. 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. Stanford L. Kurland. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. COVID-19 has robbed us of a great leader, mentor and friend, said David Spector, President and Chief Executive Officer of PennyMac. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. He presents this as an act of redemption. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. 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. 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. 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. 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. But PennyMac is part of the solution. Beloved husband of the late Miriam Kurland. Last updated: 22 January 2021 at 7:06pm EST. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. Alan was a man of many talents, from acting to directing to. Service at:Beth El Cemetery735 Forest Ave, Paramus, NJ 07652, Your email address will not be published. Stanford Kurland, founder of the PennyMac firms, dies at 68. Stanford Kurland, founder of PennyMac Mortgage Investment Trust and a former executive at Countrywide Financial Corp., has died. 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. That didn't happen. The prey was that guy in the bungalow next door. They were packaged and peddled on Wall Street in bundles as securities. Your email address will not be published. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. All rights reserved. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. The most active insiders traders include Joel S Marcus, Stanford L Kurland a Frank P Willey. Stanford Kurland, who went from being pushed out of the No. In the event, Countrywide staggered on for a year, chalking up billions in losses before it was rescued by Bank of America last July. 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. 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. 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. (818) 264-4907, Internet Explorer presents a security risk. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. Offers may be subject to change without notice. Copyright 2023 PeekYou.com. There are no executives at Pennymac Mortgage Investment Trust getting paid more. 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 served as PennyMacs Chairman and CEO until 2016 when he was appointed Executive Chairman. 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 set includes leaders who can perform five different organizational tasks or functions, including: 1. MoneyWeek is part of Future plc, an international media group and leading digital publisher. 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. Search Details, Stanford Kurland's Contact Info, Social Profiles & More Required fields are marked *. All rights reserved. Until last week, no one outside finance had heard of Stanford L. 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. . There's a reason these were called predatory loans. Stan's skills were quickly observed by . 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. 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. Subscribe to MoneyWeek now and get your first six magazine issues absolutely FREE. Mr. Kurland holds a BS from California State University, Northridge. In the six years before he abruptly quit in 2006, Countrywide's portfolio mushroomed from $62bn to $463bn. 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