uscitizen
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Former Countrywide Exec Heads New Firm
Monday March 24, 1:40 PM EDT
LOS ANGELES (AP) — Stanford Kurland spent nearly three decades helping build Countrywide Financial Corp. into the nation's largest mortgage lender.
Now, the former president of the now-troubled company and several key colleagues hope to cash in as the housing market collapses.
Kurland will head a new company unveiled Monday that will acquire and restructure distressed mortgages.
Private National Mortgage Acceptance Co. LLC, also known as PennyMac, intends to help borrowers restructure loans so they can avoid foreclosure and maintain payments.
Backed by prominent investment management firms BlackRock Inc. and Highfields Capital Management, PennyMac will even set up shop in Calabasas, Calif., about six miles from the offices of Countrywide.
The irony was not lost on analysts.
http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=ap&src=601&news_id=ap-d8vjug7o0&date=20080324
Monday March 24, 1:40 PM EDT
LOS ANGELES (AP) — Stanford Kurland spent nearly three decades helping build Countrywide Financial Corp. into the nation's largest mortgage lender.
Now, the former president of the now-troubled company and several key colleagues hope to cash in as the housing market collapses.
Kurland will head a new company unveiled Monday that will acquire and restructure distressed mortgages.
Private National Mortgage Acceptance Co. LLC, also known as PennyMac, intends to help borrowers restructure loans so they can avoid foreclosure and maintain payments.
Backed by prominent investment management firms BlackRock Inc. and Highfields Capital Management, PennyMac will even set up shop in Calabasas, Calif., about six miles from the offices of Countrywide.
The irony was not lost on analysts.
http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=ap&src=601&news_id=ap-d8vjug7o0&date=20080324
