After overseeing a company at the very center of the still-imploding U.S. mortgage market, a dozen former executives are now poised to make millions from the housing crisis.Stanford L. Kurland, the former president of Countrywide FInancial – the bank that has become most synonymous with the bad mortgage lending practices that eventually caused the housing market to burst, setting into motion the current financial crisis – and colleagues from the defunct firm now run PennyMac.
The company, headquartered in the same Los Angeles suburb where Countrywide was managed before it was sold to Bank of America last summer, specializes in buying up bad home mortgages that the U.S. government took over from other failed banks, the New York Times reported Tuesday.
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