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.