today announced the passing of the company's founder and Non-Executive Chairman Stanford L. Kurland. 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. On average, Stanford trades about 28,493 units every 38 days since 2009. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. Outdoor-equipment retailer Yvon Chouinard is the latest in a line of rich benefactors to shun personal aggrandisement in favour of worthy causes. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. See Stan Kurland's compensation, career history, education, & memberships. Mr. Kurland served as PennyMacs Chairman and CEO until 2016 when he was appointed Executive Chairman. (818) 264-4907, Internet Explorer presents a security risk. 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. Beloved husband of the late Miriam Kurland. 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. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. 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. PennyMac Mortgage Investment Trust announced that company founder and Non-Executive Chairman Stanford Kurland died at age 68 due to complications from COVID-19. Executives say they hope to be on pace to finance $30 billion in mortgage loans next year. 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. 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. It doesnt hurt that PennyMac has a 9.3% dividend yield at a time when investment income is hard to come by. Defining and managing culture , 3. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. In the six years before he abruptly quit in 2006, Countrywide's portfolio mushroomed from $62bn to $463bn. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. Suddenly, no one knew the value of the "bundles," because each contained an unknown number of good and bad mortgages. PennyMac runs a public mortgage REIT, but not all of the companys business and profits go to the REIT. In 2008, Mr. Kurland founded PennyMac in partnership with BlackRock Mortgage Ventures, LLC and HC Partners, formerly Highfields Capital Management. 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. 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. Alan was a man of many talents, from acting to directing to. 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. Looking to get away but want to keep costs low? The spread between what it costs to fund a mortgage loan and what borrowers actually pay is nearly three times as large as usual. (801) 969-3456. 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. Then companies like AIG sold insurance on them. He was 68. 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. 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. He used some of that money to set up a new company: PennyMac. sympathy store. 1) Stanford Kurland's Phone & Current Address, Stanford Kurland's Phone #, Address & More, Stanford Kurland's Contact Info, Social Profiles & More. There's a reason these were called predatory loans. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. Amelia Dominguez Theodosis, 76, of Lehi, Utah passed away on Sunday February 19, 2023 in Salt LakeCity, UT surrounded by her loved ones. Johann Rupert, the presiding boss of Swiss luxury group Richemont, has seen off a challenge to his authority by a hedge fund. Of the 313 PennyMac executives who are listed on professional networking site LinkedIn, 75 had spent some time at Countrywide. The person who answers says he works for PennyMac. 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. 6500 S Redwood Rd, Salt Lake City, Utah , 84123. 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 has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. It all started falling apart when the real estate market slipped. Mr. Kurland holds a BS from California State University, Northridge. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. 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. Known Addresses for Stanford Kurland. Kurland, formerly the firm's auditor, joined the group in the 1970s and was generally known as the "soft-spoken" number two. Creating the vision , 2. When the Business Times contacted the PennyMac firms for the story, it did not seek comment on . 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 most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. 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 Required fields are marked *. 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. He says the Pasadena office is not for walk-ins. . Visit the Funeral Home's Website. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. The real loser, says The Huffington Post, is the US taxpayer. 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. "You could say he's brilliant," says . As of September 30, 2020, PennyMac Financial serviced loans totaling $402 billion in unpaid principal balance, making it the seventh largest mortgage servicer in the nation. It's giving a blatant V-sign to the American taxpayer but Kurland doesn't care. "It is very important to the entire team here to be part of the solution.". The Westlake Village, California-based company said. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. He says mortgage rates have stayed frustratingly high, and that there is a huge number of borrowers who are still having trouble refinancing. Copyright 2023 PeekYou.com. He was 68. 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 . 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. Powered and implemented by Interactive Data Managed Solutions. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. Kurland had also been battling. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. asked a blogger on the Irreverent Stocklist in early 2007. Create your customplan in less than 5 minutes. 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". In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. If you need to flag this entry as abusive. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. On average, Stanford trades about 28,493 units every 38 days since 2009. The set includes leaders who can perform five different organizational tasks or functions, including: 1. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. 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. 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. The price paid by Kurland is an avalanche of rage. All Rights Reserved. A number of analysts who follow the company were unaware of it. Additional information about PennyMac Financial Services, Inc. is available at ir.pennymacfinancial.com. Loving father of Dr. Susan Kurland (Dr. David) Rapkin and Kenneth (Amanda) Kurland. He was a genuine and gracious person to anyone he crossed paths with and he cherished his family and friends. 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. But here's the thing, when Countrywide sold him on that loan, he just didn't understand it. Mr. Kurland began his professional career in 1975 in public accounting, practicing as a CPA for the firm now known as Grant Thornton. PennyMac has funded over $9 billion in mortgages this year, up from less than $1 billion in 2011. 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. But if the householder is willing to resume paying, PennyMac will slash the interest rate back to 'teaser' level. When Bank of America bought Countrywide last year, Angelo Mozilo declared that the Bank would "reap the benefits of what we have sowed". Kurland was president and CEO until 2016 when he became chairman. Isaac Garden There was certainly a huge clue in the fact that, by now, executives had cashed in around $800m in share options. The guy in the bungalow next door may have made some mistakes. 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. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. 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. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. Several actions against CEOs, including Kurland, are still extant. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. 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. To meet those aspirations, Kurland has recruited many of the same executives who helped him build Countrywide into a mortgage behemoth. 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. Stanford Kurland Mr. Kurland was 68. 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