CALABASAS, Calif. – Stanford Kurland, the former chief operating officer at Countrywide Financial, said his new company, which buys troubled assets, plans to start purchasing newly issued loans and packaging them into bonds by the middle of next year.
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The secondary market bid would be operated through Private National Mortgage Acceptance Co., a new company known as PennyMac that Kurland founded earlier this year with other former Countrywide executives.
The company also plans to start originating loans, said Kurland, 57, once Countrywide founder Angelo Mozilo’s top lieutenant until a falling out led to Kurland’s departure from the mortgage giant before its implosion and subsequent sale to Bank of America.
