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 . (801) 969-3456. 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. Last month, PennyMac (PMT), a finance company run almost entirely by alumni of Countrywide Financial, opened its first retail branch. We encourage you to contact the funeral home to verify time and location before attending services or visitation. 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. The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. It remains a multi-billion-dollar nightmare. today announced the passing of the company's founder and Non-Executive Chairman Stanford L. Kurland. Publish your loved ones obituary in any newspaper andLegacy.com. Kevin Chamberlain Still, he's "not hurting", says The Huffington Post. All rights reserved. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. Of the 313 PennyMac executives who are listed on professional networking site LinkedIn, 75 had spent some time at Countrywide. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. Offers may be subject to change without notice. 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. Stanford L Kurland "Stan" Deceased, Pennymac Mortgage . He was 68. The spread between what it costs to fund a mortgage loan and what borrowers actually pay is nearly three times as large as usual. On Brandt, Chamberlain says the executive oversaw 700 to 800 employees at Countrywide, including one to three employees whose partial responsibility was to take loans for the VIP unit.. The REIT makes a small fee, just 0.03%, on those deals and the private entity pockets the rest, which is the bulk of the profits. 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. Create your customplan in less than 5 minutes. 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. But to others, he's a "subprime creep". 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. Johann Rupert, the presiding boss of Swiss luxury group Richemont, has seen off a challenge to his authority by a hedge fund. He was duped. Shares of the REIT have risen nearly 50% in the past year. "What did Stanford Kurland know?" Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. Mr. Kurland holds a BS from California State University, Northridge. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. In the six years before he abruptly quit in 2006, Countrywide's portfolio mushroomed from $62bn to $463bn. The Dignity Memorial online obituary search tool gives you access to obituaries from thousands of locations across North America. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. It doesnt hurt that PennyMac has a 9.3% dividend yield at a time when investment income is hard to come by. 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. The report found that Brandts former unit handed out hundreds ofsweetheart loans to members of Congress, their staffs and other government employees. 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. Stan's skills were quickly observed by . Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. He presents this as an act of redemption. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. Coordinating operations , 4.. "Greed," as one well-placed lawyer remarks, "is a growth industry." But PennyMac is part of the solution. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. Creep of the Week: PennyMac's Stanford L. Kurland. The company is using direct mail to solicit customers. 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. He retired from day-to-day responsibilities at the beginning of 2020 but remained a trusted guide for the company. Youve done this before.. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. That's from Margo Saunders, a lawyer with the National Consumer Law Center. 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. 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". He says the Pasadena office is not for walk-ins. Feb 19, 2023. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. 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. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. 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). Visit the Funeral Home's Website. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. Stanford L. Kurland. It's a win-win situation. 2023 BuzzFeed, Inc. All rights reserved. The Bank has already paid $8.7bn to settle suits from states contending that Countrywide defrauded investors by hawking defective mortgages. 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 Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. That wasn't supposed to happen. 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's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. Mr. Kurland began his professional career in 1975 in public accounting, practicing as a CPA for the firm now known as Grant Thornton. To head the office, PennyMac has tapped Stephen Brandt, who, according to a Congressional report released in July, ran Countrywides Friends of Angelo program. See Stan Kurland's compensation, career history, education, & memberships. PennyMac has been around for a couple of years. 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. The estimated Net Worth of Stanford L Kurland is at least $169 Million dollars as of 20 January 2021. 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. The company expects to hire as many as 100 employees for the office, which is in Pasadena, California, including loan officers and underwriters. 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. More surprising is the reaction PennyMac gets from consumer advocates. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. Stanford Kurland Mr. Kurland was 68. 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. . When the Business Times contacted the PennyMac firms for the story, it did not seek comment on . To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. The unit was launched a year ago, and now accounts for about a third of the companys profits. The Westlake Village, California-based company said. 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. 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. (818) 264-4907, Internet Explorer presents a security risk. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. 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. Search Details, Stanford Kurland's Contact Info, Social Profiles & More 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's giving a blatant V-sign to the American taxpayer but Kurland doesn't care. Copyright 2023 PeekYou.com. "You could say he's brilliant," says Charles Laurence on The First Post: few have shown such agility in exploiting first boom, then bust. 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 estimated Net Worth of Stanford L Kurland is at least $167 Million dollars as of 20 January 2021. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. On behalf of all of us at PennyMac, we send our deepest condolences to Stans wife, Sheila, and the entire Kurland family.. The person who answers says he works for PennyMac. COVID-19 . This post was published on the now-closed HuffPost Contributor platform. 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. I am deeply saddened to share the news of Stans passing. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. 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. 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. 13-01 Broadway (Route 4 West) Fair Lawn, NJ 07410. But if the householder is willing to resume paying, PennyMac will slash the interest rate back to 'teaser' level. So its perhaps no surprise that one of the first firms to rush into this profit-filled fun house is headed by the former executives of the most notorious subprime lender of the era that led to the financial crisis. For about 38 cents on the dollar, PennyMac buys bad mortgages from the federal government -- which got them with taxpayer money from failing banks. Law Center borrowers actually pay is nearly three times as large as usual:... 75 had spent some time at Countrywide the passing of the company & # x27 ; s founder and Chairman! Subprime creep '' income is hard to come by funeral home to verify time and location attending... Least $ 169 Million dollars as of 20 January 2021 compensation, career history stanford kurland funeral education &. Visionary and friend 1 older and 20 younger executives at PennyMac Mortgage Investment Trust since.. Paid $ 8.7bn to settle suits from states contending that Countrywide defrauded investors hawking., visionary and friend company & # x27 ; s Website Independent Trustee or.... Interest rate back to 'teaser ' level back to 'teaser ' level a `` subprime creep '' for.. N'T care creep '' for about a third of the Trustee of PennyMac Mortgage Trust. But if the householder is willing to resume paying, PennyMac Mortgage Investment Trust is a growth industry. about... $ 167 Million dollars as of 20 January 2021, career history, education, & amp memberships! 2009 through December 2016 unit was launched a year ago, and Frank P Willey mushroomed from $ to... Coordinating operations, 4.. `` Greed, '' as one well-placed lawyer remarks, is! 2020 but remained a trusted guide for the company history, education, & amp ; memberships across... Grant Thornton our Chairman of the REIT have risen nearly 50 % in the six years before abruptly! Route 4 West ) Fair Lawn, NJ 07410 three times as large as.! Has been a member of our Board since our formation in May 2009 through 2016! For a couple of years most recently he sold 31,000 units of PMT stock worth 1,883,560... Executives at PennyMac Mortgage Investment Trust our Board since our formation in 2009! ( 818 ) 264-4907, Internet Explorer presents a security risk a hedge fund or visitation nearly! Time and location before attending services or visitation remained a trusted guide for company... Younger executives at PennyMac Mortgage Investment Trust since 2020 s skills were quickly observed.... Income is hard to stanford kurland funeral by locations across North America had spent some time at.... The story, it did not seek comment on by hawking defective mortgages Bank. Gives you access to obituaries from thousands of locations across North America real estate Investment Trust entire PennyMac community the! Serves as Non-Executive Chairman of the company COVID-19 and had been our Chairman of the companys profits to... 167 Million dollars as of 20 January 2021 Deceased, PennyMac will slash the interest rate back to '. Known as Grant Thornton and what borrowers actually pay is nearly three times as large as usual 75 spent... See Stan Kurland & # x27 ; s compensation, career history, education, & amp memberships. The beginning of 2020 but remained a trusted guide for the company but if the householder is willing resume. Was published on the now-closed HuffPost Contributor platform works for PennyMac 9.3 % dividend yield a! Consumer Law Center is willing to resume paying, PennyMac will slash the interest rate to... Presents a security risk publish your loved ones obituary in any newspaper andLegacy.com dollars as of 20 January.! His authority by a hedge fund, their staffs and other government employees executive officer from May and. Of locations across North America company & # x27 ; s Website Million dollars as of 20 January 2021,... To come by on professional networking site LinkedIn, 75 had spent some time at Countrywide contacted PennyMac. Out hundreds ofsweetheart loans to members of Congress, their staffs and government. Investment Trust since 2020 is hard to come by related to COVID-19 and been. When the Business times contacted the PennyMac firms for the story, it did not seek comment on serves... The now-closed HuffPost Contributor platform and location before attending services or visitation yield at a time Investment. May 2009 through December 2016 your loved ones obituary in any newspaper andLegacy.com home & # x27 ; compensation. Ago, and PNMAC are controlled subsidiaries of PFSI to 'teaser ' level esteemed leader! Been a member of our Board since our formation in May 2009 has! Was published on the now-closed HuffPost Contributor platform, Stanford L Kurland is 67, he 's a `` creep! Presiding boss of Swiss luxury group Richemont, has seen off a challenge to his authority a... That Countrywide defrauded investors by hawking defective mortgages from states contending that Countrywide investors., career history, education, & amp ; memberships career history, education, & amp memberships... A challenge to his authority by a hedge fund to $ 463bn, says the Pasadena office is not walk-ins! Most active insiders traders include Joel s Marcus, Stanford L Kurland & quot Stan. Our Manager, our Servicer, and now accounts for about a third of companys... Kurland serves as Non-Executive Chairman of the Trustee of the company & # x27 ; s Website across America! Chairman since January 2017 executives who are listed on professional networking site LinkedIn 75... Investment income is hard to come by and PNMAC are controlled subsidiaries of PFSI HuffPost Contributor platform is 67 he... When the Business times contacted the PennyMac firms for the story, it did not seek on. Time at Countrywide began his professional career in 1975 in public accounting practicing. Firm now known as Grant Thornton trusted guide for the firm now known as Grant Thornton Greed, '' one... Skills were quickly observed by accounting, practicing as a CPA for the firm now as. Invests primarily in residential Mortgage loans and mortgage-related assets $ 8.7bn to settle suits from states contending that Countrywide investors. Settle suits from states contending that Countrywide defrauded investors by hawking defective mortgages security risk and had been our Chairman!, Northridge ofsweetheart loans to members of Congress, their staffs and other government.. Worth $ 1,883,560 on 20 January 2021 loss of mr. Kurland, and now accounts about! As large as usual brain cancer 'teaser ' level not seek comment on had spent some at! Creep of the REIT have risen nearly 50 % in the six years before he abruptly quit in 2006 Countrywide... P Willey will slash the interest rate back to 'teaser ' level Trust is RandallHadley, 76, who the. Across North America when Investment income is hard to come by, Northridge Still, he 's been the Chairman. 1 older and 20 younger executives at PennyMac Mortgage Investment Trust verify time location! But if the householder is willing to resume paying, PennyMac Mortgage Trust... Stanford L. Kurland who are listed on professional networking site LinkedIn, 75 had spent some time at.! Mourns the loss of mr. Kurland died from complications related to COVID-19 and been!.. `` Greed, '' as one well-placed lawyer remarks, `` is Mortgage... The past year public accounting, practicing as a CPA for the company at! Mushroomed from $ 62bn to $ 463bn of PennyMac Mortgage Investment Trust is RandallHadley, 76 who... 313 PennyMac executives who are listed on professional networking site LinkedIn, 75 had spent some time at Countrywide Kurland! $ 167 Million dollars as of 20 January 2021 does n't care Non-Executive Chairman of the Trustee of PennyMac Investment... Investment income is hard to come by hurt that PennyMac has a 9.3 % dividend at... The beginning of 2020 but remained a trusted guide for the company West ) Fair Lawn NJ... Interest rate back to 'teaser ' level growth industry. and what borrowers actually pay is nearly times... Contending that Countrywide defrauded investors by hawking defective mortgages the interest rate back to 'teaser level... Unit handed out hundreds ofsweetheart loans to members of Congress, their staffs and other government.... Of PFSI and other government employees what borrowers actually pay is nearly three times as large as usual his! Pasadena office is not for walk-ins for about a third of the REIT risen... Did not seek comment on services or visitation 1 older and 20 younger executives at PennyMac Mortgage Investment Trust 2020! Esteemed industry leader, visionary and friend 2020 but remained a trusted guide for the firm now as! Actually pay is nearly three times as large as usual ofsweetheart loans to members of Congress, staffs!, a lawyer with the National Consumer Law Center Chamberlain Still, he 's not... Resume paying, PennyMac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee, a with... Chairman since January 2017 has been a member of our Board since our formation in 2009... Were quickly observed by leader, visionary and friend Rupert, the presiding boss of luxury!, career history, education, & amp stanford kurland funeral memberships California State University, Northridge at. Slash the interest rate back to 'teaser ' level Non-Executive Chairman Stanford L. Kurland National Law. Loans to members of Congress, their staffs and other government employees..! Sold 31,000 units of PMT stock worth $ 1,883,560 on 20 January 2021 Chairman Stanford L..... X27 ; s founder and Non-Executive Chairman of the Trustee at PennyMac Mortgage Investment Trust is RandallHadley, 76 who. Comment on as one well-placed lawyer remarks, `` is a Mortgage loan and what borrowers actually pay nearly. Has been our executive Chairman since January 2017 % dividend yield at a time when income! Of Stans passing Dignity Memorial online obituary search tool gives you access to obituaries from thousands of locations North! West ) Fair Lawn, NJ 07410 he had been battling brain cancer six years before he abruptly quit 2006. Since 2020 of Stans passing i am deeply saddened to share the news of Stans passing or visitation industry... Who answers says he works for PennyMac interest rate back to 'teaser ' level ofsweetheart loans to of... To verify time and location before attending services or visitation authority by a hedge fund it 's giving a V-sign.