April 07, 2008

Former Countrywide Toxic Mortgage President Stanford Kurland starts company to help Countrywide customers get out of their Countrywide toxic loans

How to get rich, REIC-style, while having no morals:

1) make money screwing sheep on the way up
2) make money screwing sheep on the way down
3) repeat 1 & 2 until you die and your soul burns forever in eternal hell

Former Countrywide Exec Heads Firm Targeting Troubled Mortgages

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 troubled company and several key colleagues hope to cash in as the housing market collapses.

Kurland, 55, will serve as chairman and chief executive officer of 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.

"He won't be the first or the last person trying to make money on both sides of a trade," said Frederick Cannon, an analyst at Keefe, Bruyette & Woods Inc. who covers Countrywide.


the bruiser said...

Verizon did the same bs, and my former managers at a consulting firm gloated about it. They spent 30 years gumming up the works and artificially inflating the numbers while employed by the phone company. Upon retirement, they joined consulting firms to cash in on the 1996 dereg of the industry, helping startups to navigate the convoluted systems they helped to create, and also to help the big firms screw over the startups. What a racket that was!

Anonymous said...

Renting a new house after forclosure from Countrywide: 4,000.00

Wait seven years and repair credit while waiting for the housing market to heat up again: 50,000.00 worth of BK trustee payments.

Getting a new mortgage from this crook and default again: PRICELESS!

Matt C said...


(1) You are 100% right about the China thing. But we have to also look to ourselvers and our attitudes; We have empowered them mightily. You previous post with the egg-muffin stuffing was gold, pure gold.

(2) Please check out the Bend bubble blogs (there are several). Big story about a reporter that wouldn't be a realty whore, and got fired. Bend appears to be ground zero for housing collapse in the NW. 5000 homeless living in the woods. 20% uninsured.

(3) What is ground zero for the central valley of CA? Merced? Elk Grove? Maybe you should have a vote?

(4) I'm also interested in the global crash! Please expand your coverage! What is the crashiest country?? Spain? US?

(5) Damn, this getting so entertaining Keith. Wife and I don't watch movies or read books anymore. Bubble crash 24/7!!

Cheers, MC

Democraatus said...

The most intriging part: who will be his customers? When no justice is done, one would expect Joe Sixpack to eventually serve it himself.

Hmm, guess that democracy experiment did not turn out that well.