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Jeffrey Dahmer of lending makes a killing, Again!
It seems the man who sold everyone Sub prime mortgages is now a leader in purchasing those same "Toxic Assets" back at 30 to 50 cents on the dollar...
The cycle continues... The new name is PennyMac. Once again, It's PennyMac.
From the article:
STAN Kurland has been called a crook, an arsonist, a "depraved, sub-prime creep" and has even been likened to cannibal serial killer Jeffrey Dahmer.
And he got his pile selling destructive sub-prime home loans to poor people during the salad days of the US housing boom, so there's no shortage of folk who think jail is too kind for him.
Kurland is the former president of detested mortgage giant Countrywide Financial, the predatory lender whose home loan portfolio grew from $US62 billion to $US463 billion between 2002 and 2006. That's when he jumped ship, cashing out $US200million worth of Countrywide's stock before the full force of the housing collapse hit and sent the US economy into a nosedive.
Three years on, Kurland is getting rich all over again, this time by buying up distressed mortgages and mortgage-backed securities from wobbly banks and the US Government.
Through his quaintly named PennyMac, Kurland has been quietly buying these assets for pennies in the dollar and redesigning them into loans that are affordable to the homeowners.
Please read article and discuss--
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