Countrywide Executives Profit From Housing Crash
If you aren’t bothered by morals or ethics, it is so easy to make money. If you don’t think so, just ask the executives who ran Countrywide Financial.
Countrywide, in case you forgot, is one companies responsible for the financial crisis. The huge, subprime lender, that was once a Wall Street darling, made billions of dollars by putting people into home loans that they knew the borrower could not afford, then resold these bad loans to unsuspecting investors.
It seems that Stanford L. Kurland, former President of Countrywide, along with his ex-Countrywide team of executives, are back to making money in the lending and real estate business. They opened a brand new company called PennyMac. PennyMac is located in spacious headquarters, in the same Los Angeles suburb where Countrywide once flourished. (Obviously, these smug operators don’t even feel the need to leave town…)
So you ask, what kind of business is Kurland and PennyMac into now?? Surely, they would never be allowed to profit from the slimy mess they helped create??? Wrong. Their new business buy’s delinquent home mortgages for “pennies” on the dollar, that the US government took over from failed banks and lenders. They are also busy snapping up foreclosures at cents on the dollar, and then reselling them for big profit.
In case you are wondering how well PennyMac and the old Countrywide team are doing… Mr. Kurland is happy to inform you that his new business is “off-the-charts good??”, as he leaned back in his leather executive chair, while the financial markets plummeted.
Are you mad? We sure are. I would love to give Kurland and his team a “A Penny of our thoughts!!! If you have something to say, you can send an email to firstname.lastname@example.org or call Toll-Free (866) 545-9070.
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