Daily Real Estate News | March 26, 2008Countrywide's Former CEO Takes New Job
The former president of Countrywide Financial Corp., the nation's largest mortgage lender, is the new chairman and CEO of a company that plans to acquire and restructure distressed mortgages.
Stanford Kurland will head Private National Mortgage Acceptance Co. LLC, also known as PennyMac. The company was established to help borrowers restructure loans in order to avoid foreclosure.
"We'll look to restructure mortgages and as soon as the loans are performing, we'll look to resell," Kurland said. "Other properties that may take longer, we're prepared to hold for five to seven years."
Analysts recognized the irony. "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.
Source: The Associated Press, Ryan Nakashima (03/24/08)