It remains a multi-billion-dollar nightmare. Service at:Beth El Cemetery735 Forest Ave, Paramus, NJ 07652, Your email address will not be published. Shares of the REIT have risen nearly 50% in the past year. 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. 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. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. By continuing to use our site, you consent to the placement of cookies on your browser and agree to the terms of our Privacy Policy. 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. The unit was launched a year ago, and now accounts for about a third of the companys profits. PennyMac Financial now employs more than 6,000 people and is "one of the largest residential mortgage lenders and servicers" in the nation, according to a company statement. A recent analysis by the Wall Street Journal found that Countrywide has cost Bank of America, which acquired the giant mortgage lender in 2008, nearly $40 billion in additional costs since the deal was completed, much of it due to subprime and other high-risk loans that Countrywide made at the height of the housing bubble that have since gone bad. He was a genuine and gracious person to anyone he crossed paths with and he cherished his family and friends. In dozens of cases, PennyMac moves to initiate foreclosure. But he wasn't. 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." Memorial Redwood Mortuary & Cemetery Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. Alan was a man of many talents, from acting to directing to. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID . 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. Stanford Kurland, founder of the PennyMac firms, dies at 68. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. So far it appears to be working. 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. Kurland has been sued by former shareholders of Countrywide, but PennyMac spokesman Chamberlain says Kurland left Countrywide before much of the practices alleged in the suits occurred. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. 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. The estimated Net Worth of Stanford L Kurland is at least $169 Million dollars as of 20 January 2021. sympathy store. Mr. Kurland holds a BS from California State University, Northridge. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. The companys website advertises new home loans with rates as low as 3.5%, and has an 800-number to call. Contributors control their own work and posted freely to our site. Feb 19, 2023. 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. It's the bankers - Kurland and company - who urged dreamers to sign the dotted line knowing the loan would never work out, knowing a bank would never grant such a mortgage if it were going to remain on the books of a local institution. asked a blogger on the Irreverent Stocklist in early 2007. ALAN KURLAND OBITUARY Alan Pavis Kurland Alan Pavis Kurland, of Glenwood, MD, passed away on April 24, 2020 at the age of 76. 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. Mr. Kurland holds a BS from California State University, Northridge. There are no executives at Pennymac Mortgage Investment Trust getting paid more. Disclaimer: PeekYou is not a consumer reporting agency per the Fair Credit Reporting Act. 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. Known Addresses for Stanford Kurland. PennyMac Mortgage Investment Trust announced that company founder and Non-Executive Chairman Stanford Kurland died at age 68 due to complications from COVID-19. "Stan leaves an indelible mark not only on PennyMac, but on the mortgage industry he helped to build and shape. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. The neighbor reaching for the American Dream isn't at fault. In any newspaper and Legacy.com. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices 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, 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. Devoted grandfather of Evan, Josh and Dayna Rapkin; Rachel, Sara and Emily Kurland. The estimated Net Worth of Stanford L Kurland is at least $166 Million dollars as of 20 January 2021. Loving father of the late Joan Kurland, and Larry Kurland and his wife Susan, of Warren, NJ. 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. 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. He escaped in time to cash in a personal $200m worth of shares. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. Creep of the Week: PennyMac's Stanford L. Kurland. "It is horrible what transpired in the industry," he sighs. Banks started to fail. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. Publish your loved ones obituary in any newspaper andLegacy.com. In 2008, Mr. Kurland founded PennyMac in partnership with BlackRock Mortgage Ventures, LLC and HC Partners, formerly Highfields Capital Management. He retired from day-to-day responsibilities at the beginning of 2020 but remained a trusted guide for the company. PennyMac has been around for a couple of years. Suddenly, no one knew the value of the "bundles," because each contained an unknown number of good and bad mortgages. 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 . 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 could say he's brilliant," says . 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). Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. 2023 Fortune Media IP Limited. The most active insiders traders include Joel S Marcus, Stanford L Kurland a Frank P Willey. PennyMacs odd corporate structure has worried some Wall Street analysts. "Greed," as one well-placed lawyer remarks, "is a growth industry." 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. 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. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. Last updated: 22 January 2021 at 7:06pm EST. Search Details, Stanford Kurland's Phone #, Address & More The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. So when PennyMac finances those loans $1.6 billion in July and August alone the public REIT passes them along to a private division of the company, which is owned and operated by PennyMacs executives and its two outside investors, asset manager Blackrock and private equity firm Highfields Capital. The set includes leaders who can perform five different organizational tasks or functions, including: 1. If you need to flag this entry as abusive. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. On average, Stanford trades about 28,493 units every 38 days since 2009. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. Stan Kurland is Deceased at Pennymac Mortgage Investment. Part of HuffPost Business. In addition, he makes $15,070,800 as Non-Executive Chairman of the . Beloved husband of the late Miriam Kurland. On behalf of all of us at PennyMac, we send our deepest condolences to Stans wife, Sheila, and the entire Kurland family.. Stanford L Kurland "Stan" Deceased, Pennymac Mortgage . "It is very important to the entire team here to be part of the solution.". You can search by first or last name, state and publication date. Taxpayers provided $700 billion to prop them up - including Bank of America, after it bought the financially-sputtering Countrywide. When Bank of America bought Countrywide last year, Angelo Mozilo declared that the Bank would "reap the benefits of what we have sowed". That's from Margo Saunders, a lawyer with the National Consumer Law Center. - Salt Lake City, 6500 S Redwood Rd, The company is using direct mail to solicit customers. But here's the thing, when Countrywide sold him on that loan, he just didn't understand it. His firm, PennyMac, is buying back those same toxic mortgages from the US government and ailing banks for pennies in the dollar and Kurland is making millions all over again. 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. today announced the passing of the company's founder and Non-Executive Chairman Stanford L. Kurland. On average, Stanford trades about 28,493 units every 38 days since 2009. 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. Either way, PennyMacs current investors dont seem to be bothered by Kurland and his teams past, or by the companys complicated structure. 6500 S Redwood Rd, Salt Lake City, Utah , 84123. Now he's back. None of those Wall Street wizards who had made untold billions on this scheme had calculated a drop in the market. The firm recently paid the Federal Deposit Insurance Corporation just $43m for $560m worth of mostly delinquent loans. But when it was started in 2008 by a dozen former executives of Countrywide, including Stanford Kurland, who was Countrywides No. He was 68. COVID-19 . Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. Creating the vision , 2. 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 Trustee at Pennymac Mortgage Investment Trust. Kevin Chamberlain Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. 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". For about 38 cents on the dollar, PennyMac buys bad mortgages from the federal government -- which got them with taxpayer money from failing banks. 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. 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. This post was published on the now-closed HuffPost Contributor platform. That wasn't supposed to happen. 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. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. 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. For more information governing use of our site, please review our Terms of Service. Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. Looking for Stanford 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. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. To head the office, PennyMac has tapped Stephen Brandt, who, according to a Congressional report released in July, ran Countrywides Friends of Angelo program. But competition is good.. There are no executives at Pennymac Mortgage Investment Trust getting paid more. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. 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. Our main chapel seats over 400 and we accommodate both New Jersey, New York cemeteries, and burials in Israel. 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. In the past year, though, PennyMac has morphed into something that more resembles Countrywide. Powered and implemented by Interactive Data Managed Solutions. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. 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. 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. His storied career in mortgage banking spanned more than four decades. 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 Bank has already paid $8.7bn to settle suits from states contending that Countrywide defrauded investors by hawking defective mortgages. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Fine, Kurland's PennyMac gives the guy in the bungalow next door payments low enough to let him stay. 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. Mr. Kurland holds a BS from California State University, Northridge. International President United Steelworkers union. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. 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. On average, Stanford trades about 28,493 units every 38 days since 2009. The predator was Stanford L. Kurland and his ilk who all profited a plenty from little guys not understanding that the low "introductory" interest rate would balloon into one that made the monthly payments completely unaffordable. 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. Stan's skills were quickly observed by . Jan 25, 2021 Stanford Kurland, founder and non-executive chairman of mortgage lender PennyMac Financial Services Inc., has died at 68. Kurland had also been battling. 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. To send flowers to Memorial Redwood Mortuary & Cemetery please visit our The guy in the bungalow next door may have made some mistakes. 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. Start a FameChain Other Partners Professional Partners Siblings Other Partners Professional Partners Siblings Sheila Kurland Start a FameChain His Other Children Children Together Tracey Engelson born 1986, age 35 (approx.) The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. 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. Check out these 10 holiday destinations which remain cheap despite rising inflation. 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. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. And for that scam, far more than any poor homeowner, he richly deserves the Creep of the Week Award. 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. He was 68. Two years later the company merged. Create your customplan in less than 5 minutes. 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. These loans became that oxymoron: "toxic assets." For instance, PennyMacs mortgage REIT is not approved to sell loans to Ginnie Mae, which is the government entity that backs FHA loans. FORTUNE -The Federal Reserve's recent decision to buy mortgage bonds until the economy . 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. The report found that Brandts former unit handed out hundreds ofsweetheart loans to members of Congress, their staffs and other government employees. 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. Executives say they hope to be on pace to finance $30 billion in mortgage loans next year. Kurland's got taxpayers coming and going. 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. Kurland served as PMT's Chairman and CEO until 2016 when he was appointed Executive Chairman. 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. 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 thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. Loving father of the late Joan Kurland, and Larry Kurland and his wife Susan, of Warren, NJ. Kurland was president and CEO until 2016 when he became chairman. 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 those sub-prime mortgages - both at the expense of taxpayers. Along with Kurland, PennyMacs chief operating officer, chief financial officer and chief credit officer all hail from Countrywide, as do the firms head of marketing, head of consumer lending and head of human resources. 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. One of his early assignments was at a mortgage bank called Countrywide Credit Industries and its operating subsidiary Countrywide Acceptance Company. 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. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. . Required fields are marked *. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. 1) Stanford Kurland's Phone & Current Address, Stanford Kurland's Phone #, Address & More, Stanford Kurland's Contact Info, Social Profiles & More. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. 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? . Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. 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. Proud grandfather of Jennifer, and her husband Geoff, Adam and Kyle. PennyMac runs a public mortgage REIT, but not all of the companys business and profits go to the REIT. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. 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 company expects to hire as many as 100 employees for the office, which is in Pasadena, California, including loan officers and underwriters. Mr. Kurland began his professional career in 1975 in public accounting, practicing as a CPA for the firm now known as Grant Thornton. Trades about 28,493 units every 38 days since 2009 the U.S. and other government...., including: 1 the Week Award hope to be hiding its lending operations from potential customers active. Paid $ 8.7bn to settle suits from states contending that stanford kurland funeral defrauded investors by hawking mortgages! 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