You want to know who’s getting the really good prices? Here is the answer for you:
Stanford L. Kurland, Countrywide’s former president, and his team have been buying up delinquent home mortgages that the government took over from other failed banks, sometimes for pennies on the dollar. They get a piece of what they can collect.
“It has been very successful — very strong,” John Lawrence, the company’s head of loan servicing, told Mr. Kurland one recent morning in a glass-walled boardroom here at PennyMac’s spacious headquarters, opened last year in the same Los Angeles suburb where Countrywide once flourished.
“In fact, it’s off-the-charts good,” he told Mr. Kurland, who was leaning back comfortably in his leather boardroom chair, even as the financial markets in New York were plunging.
Nothing ever changes, you don’t get to play with the “big boyz” running the business. Of course it’s YOUR tax money that allowed their big bank friends to offer these heavy discounts on bulk home sales with little regard. They get bailed out anyway.
So you want to know where YOUR tax money spent on bailout went? To line the pockets of the same “big boyz” that started it all. Now go cry in the corner…
