Former Countrywide Leaders Start Firm to Buy Bad Loans

[RamboLiberal]

Source: NY Times

Whether they deserve to be or not, Countrywide Financial and its top executives would be on most lists of those who share blame for the nation’s economic crisis. After all, the banking behemoth made risky loans to tens of thousands of Americans, helping set off a chain of events that has the economy staggering.

So it may come as a surprise that a dozen top Countrywide executives now stand to make millions from the home mortgage mess.

Stanford L. Kurland, Countrywide’s former president, and his team of former company executives have been buying up delinquent home mortgages that the government took over from other failed banks, sometimes for pennies on the dollar. They get a piece of what they can collect.

“It has been very successful — very strong,” John Lawrence, the company’s head of loan servicing, told Mr. Kurland one morning last week in a glass-walled boardroom here at PennyMac’s spacious headquarters, opened last year in the same Los Angeles suburb where Countrywide once flourished.



Read more: http://www.nytimes.com/2009/03/04/business/04penny.html?hp

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These b*stards should be in prison, not making money from the mess they created!

[daninthemoon]

1. our current class structure is far more stationary than most of us

would like to accept or believe. the rich can do no wrong, and of course, they keep getting richer. the rest of us?

[depakid]

2. “It is horrible what transpired in the industry,” said Mr. Kurland, who has never been subject to

any regulatory actions"

If people like this aren't held to account, eventually it's going to be Obama and the Democrats who end up paying the price.

[pattmarty]

3. I really am a fucking liberal, having said that I say........................

..............take 'em out behind their swimming pools and shoot 'em in the back of the head.

[ixion]

4. so now they want to profit off the mess they created?

will someone please put these bastards behind bars so they will stop destroying everything?

[bbinacan]

5. Will Chris Dodd

be on the board of directors?

[NeoConsSuck]

6. Reason 3,233,225

why I prefer socialism.

[brentspeak]

7. A reader's comment makes a good point:

http://community.nytimes.com/article/comments/2009/03/04/business/04penny.html?permid=22#comment22

I'd like to hear a reasonable explanation of why these fabulous profits are being outsourced by the federal government. The tax payers have already put up the money to acquire these assets from the failed entities -- why doesn't the government retain the assets, renegotiate the mortgages itself, and reap the benefits on behalf of the taxpayers? That would be one good way to subsidize the cost of bailing out the reckless fools who caused this mess.

[jaysunb]

8. There's 10,000 jobs right there...

good paying too.

:shrug:

[Confusious]

9. The circle of life continues

The pigs who ate ate the trough get to keep eating at the trough, and we get to eat the PIGSHIT!

[xchrom]

10. wow -- there really aren't enogh bad things to say about this. nt

[Kablooie]

11. Tell them what you think! Addresses HERE!

Stanford L Kurland CEO (This is his home address)
6005 William Bent Rd
Hidden Hills, CA 91302-1247


Private National Mortgage Acceptance Company
27001 Agoura Road
Calabasas, CA 91301

Press Inquiries:

Aratha (Ray) Johnson
[phone]

Barry Levenson
[phone]

Financial Institutions and Other Sellers:

James Furash
[phone]


Investor Relations:

Andrew Chang
[phone]


Main Telephone

[phone]