Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. For more information governing use of our site, please review our Terms of Service. The Bank has already paid $8.7bn to settle suits from states contending that Countrywide defrauded investors by hawking defective mortgages. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. All the old fogies out there with their glorious fixed-rate mortgages can call him stupid. But to others, he's a "subprime creep". The prey was that guy in the bungalow next door. Creep of the Week: PennyMac's Stanford L. Kurland. Then companies like AIG sold insurance on them. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. There are no executives at Pennymac Mortgage Investment Trust getting paid more. 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. PennyMac CEO Stanford Kurland, who spent most of career at Countrywide, is recreating his old firm. 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 Search Details, Stanford Kurland's Contact Info, Social Profiles & More Last updated: 22 January 2021 at 7:06pm EST. Creating the vision , 2. PennyMac Mortgage Investment Trust announced that company founder and Non-Executive Chairman Stanford Kurland died at age 68 due to complications from COVID-19. But the cycle of mortgaging is costing taxpayers 62 cents on the dollar. The neighbor reaching for the American Dream isn't at fault. 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. In fact, his "excellent adventure" is going so well that PennyMac, which already holds $800m in home loans, expects the figure to rise to $15bn within 18 months. His storied career in mortgage banking spanned more than four decades. 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. Several actions against CEOs, including Kurland, are still extant. today announced the passing of the company's 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. COVID-19 . Banks started to fail. On average, Stanford trades about 28,493 units every 38 days since 2009. 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 . 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). 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.) 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. 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 and chairman of Westlake Village mortgage brokerage PennyMac Financial Services Inc., died from complications related to COVID-19, the company announced on Monday. Stan's skills were quickly observed by . by Louis | Sep 5, 2021 | past-services | 0 comments, Full Name: Dr. David A. KurlandDate of Death: Saturday, September 4, 2021. 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 To ensure the most secure and best overall experience on our website, we recommend the latest versions of. There are no executives at Pennymac Mortgage Investment Trust getting paid more. The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. "Stan leaves an indelible mark not only on PennyMac, but on the mortgage industry he helped to build and shape. "I am expecting something gigantic to break in the near future for Countrywide." In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. For instance, PennyMacs mortgage REIT is not approved to sell loans to Ginnie Mae, which is the government entity that backs FHA loans. 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. 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. To head the office, PennyMac has tapped Stephen Brandt, who, according to a Congressional report released in July, ran Countrywides Friends of Angelo program. 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. The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. Beloved husband of the late Miriam Kurland. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. The most active insiders traders include Joel S Marcus, Stanford L Kurland a Frank P Willey. 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". Until last week, no one outside finance had heard of Stanford L. Kurland. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. 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. Amelia Dominguez Theodosis, 76, of Lehi, Utah passed away on Sunday February 19, 2023 in Salt LakeCity, UT surrounded by her loved ones. 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. Stan Kurland is Deceased at Pennymac Mortgage Investment. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. In addition, he makes $15,070,800 as Non-Executive Chairman of the . "It is very important to the entire team here to be part of the solution.". 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. Suddenly, no one knew the value of the "bundles," because each contained an unknown number of good and bad mortgages. That wasn't supposed to happen. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. 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. It doesnt hurt that PennyMac has a 9.3% dividend yield at a time when investment income is hard to come by. . 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. 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. Memorial Redwood Mortuary & Cemetery In any newspaper and Legacy.com. . 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. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. 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. Search Details, 2) Social Media Profiles & More Either way, PennyMacs current investors dont seem to be bothered by Kurland and his teams past, or by the companys complicated structure. The person who answers says he works for PennyMac. In the six years before he abruptly quit in 2006, Countrywide's portfolio mushroomed from $62bn to $463bn. 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. Housebuilders look like cheap dividend stocks, but can investors trust them to deliver? It remains a multi-billion-dollar nightmare. Kurland, formerly the firm's auditor, joined the group in the 1970s and was generally known as the "soft-spoken" number two. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. PennyMac runs a public mortgage REIT, but not all of the companys business and profits go to the REIT. 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. 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. Create your customplan in less than 5 minutes. He escaped in time to cash in a personal $200m worth of shares. Offers may be subject to change without notice. Mr. Kurland holds a BS from California State University, Northridge. Last updated: 22 January 2021 at 7:06pm EST. The guy in the bungalow next door may have made some mistakes. The estimated Net Worth of Stanford L Kurland is at least $167 Million dollars as of 20 January 2021. 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. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. 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. asked a blogger on the Irreverent Stocklist in early 2007. 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. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. 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. I am deeply saddened to share the news of Stans passing. Kevin Chamberlain Mr. Kurland holds a BS from California State University, Northridge. Ultimately, it was the banks that weren't requiring income verification or any income information at all. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. He presents this as an act of redemption. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. All rights reserved. The estimated Net Worth of Stanford L Kurland is at least $167 Million dollars as of 20 January 2021. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. The Dignity Memorial online obituary search tool gives you access to obituaries from thousands of locations across North America. Service at:Beth El Cemetery735 Forest Ave, Paramus, NJ 07652, Your email address will not be published. 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 estimated Net Worth of Stanford L Kurland is at least $166 Milion dollars as of 20 January 2021. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. He was 68. 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. We encourage you to contact the funeral home to verify time and location before attending services or visitation. The estimated Net Worth of Stanford L Kurland is at least $177 Million dollars as of 20 January 2021. Stanford Kurland, founder of PennyMac Mortgage Investment Trust and a former executive at Countrywide Financial Corp., has died. Copyright 2023 PeekYou.com. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. 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. 2023 Fortune Media IP Limited. "You could say he's brilliant," says . Mr. Kurland owns over 31,000 units of Pennymac Mortgage Investment Trust stock worth over $106,742,009 and over the last 13 years he sold PMT stock worth over $52,390,589. Of the 313 PennyMac executives who are listed on professional networking site LinkedIn, 75 had spent some time at Countrywide. He cashed out of Countrywide before its stock tanked, taking $200 million with him. 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. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. Visit the Funeral Home's Website. 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. You may not use our site or service, or the information provided, to make decisions about employment, admission, consumer credit, insurance, tenant screening or any other purpose that would require FCRA compliance. The estimated Net Worth of Stanford L Kurland is at least $166 Million dollars as of 20 January 2021. Taylor thinks PennyMac and firms like it could help. ALAN KURLAND OBITUARY Alan Pavis Kurland Alan Pavis Kurland, of Glenwood, MD, passed away on April 24, 2020 at the age of 76. 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. The most active insiders traders include Joel S Marcus, Stanford L Kurland, and Frank P Willey. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. The firm recently paid the Federal Deposit Insurance Corporation just $43m for $560m worth of mostly delinquent loans. 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. Additional information about PennyMac Financial Services, Inc. is available at ir.pennymacfinancial.com. Until last week, no one outside finance had heard of 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. In 2008, Mr. Kurland founded PennyMac in partnership with BlackRock Mortgage Ventures, LLC and HC Partners, formerly Highfields Capital Management. 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. Stanford's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. But with the stock what you are getting is a subdivision of the company., MORE: Young workers earn $10,000 less than in 2005. But here's the thing, when Countrywide sold him on that loan, he just didn't understand it. In dozens of cases, PennyMac moves to initiate foreclosure. He was duped. Stanford Kurland is 67, he's been the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust since 2020. The spread between what it costs to fund a mortgage loan and what borrowers actually pay is nearly three times as large as usual. 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. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. 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. It's a win-win situation. Following their conversion to The Church of Jesus Christ ofLatter-Day Saints, her family served as a . No wonder one executive describes business as "off-the-charts good". Are housebuilder stocks looking cheap for dividend yields? He was 68. 1) Stanford Kurland's Phone & Current Address, Stanford Kurland's Phone #, Address & More, Stanford Kurland's Contact Info, Social Profiles & More. Loving father of the late Joan Kurland, and Larry Kurland and his wife Susan, of Warren, NJ. "You could say he's brilliant," says Charles Laurence on The First Post: few have shown such agility in exploiting first boom, then bust. Kurland's got taxpayers coming and going. 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. 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. Feb 19, 2023. To send flowers to Memorial Redwood Mortuary & Cemetery please visit our 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 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. 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. Stanford Kurland was the second-most senior executive at Countrywide, the mortgage lender, until 2006 when he left, selling $200 million in stock options. There's a reason these were called predatory loans. 13-01 Broadway (Route 4 West) Fair Lawn, NJ 07410. 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. Visit our corporate site www.futureplc.com Future Publishing Limited, Quay House, The Ambury, Bath BA1 1UA. 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. A Patent Pending People Search Process. Louis Suburban Chapel is easily accessible from anywhere in the New York metropolitan area. - Salt Lake City, 6500 S Redwood Rd, 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. 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. For about 38 cents on the dollar, PennyMac buys bad mortgages from the federal government -- which got them with taxpayer money from failing banks. See Stan Kurland's compensation, career history, education, & memberships. Stanford Kurland, who went from being pushed out of the No. Looking to get away but want to keep costs low? These loans became that oxymoron: "toxic assets." 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's mailing address filed with the SEC is C/O PENNYMAC FINANCIAL SERVICES, INC., 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE, CA, 91361. It's giving a blatant V-sign to the American taxpayer but Kurland doesn't care. Looking for Stanford Kurland? Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. Check out these 10 holiday destinations which remain cheap despite rising inflation. He retired from day-to-day responsibilities at the beginning of 2020 but remained a trusted guide for the company. The oldest executive at Pennymac Mortgage Investment Trust is RandallHadley, 76, who is the Independent Trustee. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. When the Business Times contacted the PennyMac firms for the story, it did not seek comment on . Devoted grandfather of Evan, Josh and Dayna Rapkin; Rachel, Sara and Emily 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 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. The price paid by Kurland is an avalanche of rage. Two years later the company merged. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. The estimated Net Worth of Stanford L Kurland is at least $180 Million dollars as of 20 January 2021. And in other cases, the loan processors provided those false wage figures themselves for what's now known as liar loans. Unlike Mozilo and other high-ranking Countrywide executives, Kurland was not charged with fraud by the Securities and Exchange Commission. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID . 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. 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." Despite rising inflation Trust ( REIT ) that invests primarily in residential Mortgage and... Sara and Emily Kurland contacted the Pennymac firms for the company as of January... Prior thereto, he makes $ 15,070,800 as Non-Executive Chairman of the solution. `` 13-01 Broadway ( 4... Including Kurland, and Frank P Willey at age stanford kurland funeral due to complications from COVID-19 cancer. Josh and Dayna Rapkin ; Rachel, Sara and Emily Kurland Insurance just! 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