Wednesday, March 04, 2009

Stanford Kurland, who made hundreds of millions of dollars
as the #2 man at now-defunct Countrywide, is now making a
killing with his new company, Pennymac, by buying up bad
residential loans for pennies on the dollar. As one observer
put it, “It is sort of like the arsonist who sets fire to the house
and then buys up the charred remains and resells it.” Greed,
someone has said, is always a growth industry.

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