Countrywide execs profit on bad mortgages

March 04, 2009 10:49AM

A dozen former executives of Countrywide Financial, a company that
made risky loans to thousands of people, are in a position to make
millions of dollars from the mortgage meltdown. Stanford Kurland,
former president of Countrywide, and other former execs, now part of a
company called PennyMac, have bought up delinquent home mortgages at
low prices and make a profit on each mortgage they purchase. PennyMac
execs said the company offers a model for how the government might
stabilize the housing market.

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