![PennyMac was founded in 2008 (during the surprise mortgage crisis) by Stanford Kurland, the former President of Countrywide Financial, with support from BlackRock and Highfields Capital Management.[3] The company was set up with the aim to help stabilize the housing market and to avoid home foreclosures by buying up distressed mortgages.[4][5] Though Pennymac's efforts did aid distressed homeowners, the company was also criticized because its founder and many of its executives previously held leadership positions at Countrywide Financial.[4][5][6] The critics argues the group was now capitalizing on that crisis through Pennymac. [4][5][6] Though Kurland acknowledged his role in pushing for high-risk lending practices at Countrywide and regretted the turn of events there and in the overall industry, he argued he did not deserve blame because the riskiest lending took place after he left Countrywide and because he always insisted loans went to those who could afford to repay them.[5]](https://cdn.bsky.app/img/feed_thumbnail/plain/did:plc:ydaufs56kvywehwecbrum6jh/bafkreib6tmqix4yzjfbzvzuapa4mx6u4safmf4xz5t2u7g7gvaxzluss4q)
PennyMac was founded in 2008 (during the surprise mortgage crisis) by Stanford Kurland, the former President of Countrywide Financial, with support from BlackRock and Highfields Capital Management.[3] The company was set up with the aim to help stabilize the housing market and to avoid home foreclosures by buying up distressed mortgages.[4][5] Though Pennymac's efforts did aid distressed homeowners, the company was also criticized because its founder and many of its executives previously held leadership positions at Countrywide Financial.[4][5][6] The critics argues the group was now capitalizing on that crisis through Pennymac. [4][5][6] Though Kurland acknowledged his role in pushing for high-risk lending practices at Countrywide and regretted the turn of events there and in the overall industry, he argued he did not deserve blame because the riskiest lending took place after he left Countrywide and because he always insisted loans went to those who could afford to repay them.[5]
#Pennymac #foreclosure #funfacts #CountrywideFinancial #mortgage #2008HousingCrisis #sorryforyourloss #housecuck
