2009-03-03 — nytimes.com
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.
“In fact, it’s off-the-charts good,†he told Mr. Kurland, who was leaning back comfortably in his white leather boardroom chair, even as the financial markets in New York were plunging.
There are undoubtedly a few who would like to see that chair tip over, despite any "good" these folks may be doing for the industry.
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