For 27 years, former Countrywide Financial Corp. President Stanford Kurland made a fortune helping to build a mortgage-lending empire.Link.
Now, as parts of the mortgage market collapse, Mr. Kurland and some former colleagues have a new plan -- make another fortune on the way down.
On Monday, the group will announce the launch of Private National Mortgage Acceptance Company LLC, or PennyMac, an investment firm formed as a joint venture between asset manager BlackRock Inc., under Chief Executive Laurence Fink, and Boston investment firm Highfields Capital Management.
PennyMac seeks to raise more than $2 billion to buy distressed mortgages on the cheap, work with borrowers to restructure them, and then resell them as performing mortgages at a profit.
Monday, March 24, 2008
Great News! The Creators Of The Sub-Prime And Related Economic Disaster Have A Plan To Personally Benefit From Their Disaster!
Yes, it is sickening.
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