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IPFS News Link • Crony Capitalism

PennyMac IPO brings back subprime memories Commentary: New era looks a lot like the old

08/04/2009 • Market Watch

Call it another sign that fear is out, greed is back, and we have entered the new post-crisis era. Subprime Stan is back on Wall Street, after less than three years away. Stanford "Stan" Kurland, the Countrywide Finance executive who pocketed more than $140 million at the expense of outside investors at the height of the subprime mania, has raised about $300 million from fresh investors for his latest venture -- trying to profit from the crisis. His PennyMac Mortgage Investment Trust (PMT) made its stock-market debut last week The name of the game: Distressed mortgages, particularly the kind of troubled subprime loans that Countrywide used to make.

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