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Loan Modification

: Mortgage Lender Implode-o-Meter

Ex-Countrywide No. 2 plans IPO for vulture firm

By Implode-Explode Heavy Industries

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Stanford Kurland, former president of mortgage giant Countrywide Financial, plans an initial public offering for his new venture, a company that invests in distressed debt.

Kurland, operating under the name Private National Mortgage Acceptance Company (PennyMac), teamed with investors BlackRock Inc. and Highfields Capital Investments LLC to raise money and buy troubled loans. I interviewed him back in June 2008 about it, and he said he was hiring folks from Orange County to work in the Calabasas headquarters ? near Countrywide?s HQ

Full post as published by Mortgage Lender Implode-o-Meter on May 27, 2009 (boomark / email).

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