You may pause the music below
Where are they Now?
Written by John Wright
June 26th, 2011-There have been many of you out there asking me about the newly formed “PennyMac” that was started in the year 2009, but nearly one year after Bank of Betraying America purchased Countrwide. Therefore, I thought we would investigate this venture together here at piggybankblog, while we just get to the bottom of what kind of shenanigans these banks and our government are up to now. I say “shenanigans” because it almost appears that PennyMac is sneaking in behind the scenes, but while they do all the dirty work for the banks, such as Bank of Betraying America.
Therefore, let us follow the trail of rat turds to find the rats!
It is virtually run by the very same executives that ran…………are you ready for this?………drum roll please………COUNTRYWIDE!
CALABASAS, Calif. — Fairly or not, Countrywide Financial and its top executives would be on most lists of those who share blame for the nation’s economic crisis. After all, the banking behemoth made risky loans to tens of thousands of Americans, helping set off a chain of events that has the economy staggering.
CALABASAS, Calif. — Fairly or not, Countrywide Financial and its top executives would be on most lists of those who share blame for the nation’s economic crisis. After all, the banking behemoth made risky loans to tens of thousands of Americans, helping set off a chain of events that has the economy staggering. – read more
Countrywide Executives! Where Are They Now?
Angelo Mozillo – CEO of Countrywide. Has worked for Countrywide for 39 years. Now retired. (goodbye!).
Stanford Kurland – 2007 – present, Chairman of the Board and CEO of PennyMac Corporation –1999-N/A- Former President, Chief Operating Officer, Director, Chairman of Countrywide Home Loans Inc and Chief Executive Officer of Countrywide Home Loans Inc
Wanna invest in a new mortgage company founded by a key architect of bankrupt Countrywide?
Forbs.com had the following to say about it: “Some say Countrywide Financial executives helped destabilize the mortgage market by lowering lending standards and using shady sales policies. But should these same execs now try and fix this mess?” Forbes.com
John Wright says: Ummmmmm…..let me think about that……….NO!
David Sambol – Age 50 – Head of Global Consumer Credit Group – Bank of America Corp. (Formerly – Executive Managing Director of Mortgage Banking and Capital Markets of Countrywide Financial Corp. and for its subsidiary, Countrywide Home Loans Inc. as President.
May 28 (Bloomberg) — Countrywide Financial Corp. President David Sambol, who became a target for critics of the mortgage company’s loan practices and executive pay, will leave after Bank of America Corp.‘s takeover instead of running the combined home lending operations as originally planned.
Tom Gamache: Tom Gamache, East Division Retail Mortgage Sales executive, for Bank of America. Gamache previously served as East Division executive for the Consumer Markets division of Countrywide. Gamache will be based in Boston.
David A. Spector: Mr. Spector is the president and chief operating officer of PMT and chief investment officer of PCM and PLS.
Mr. Spector was senior managing director, secondary marketing, for Countrywide, from May 1990 to August 2006, where he was responsible for all secondary marketing activities, including interest rate risk management, and directed loan trading, loan pricing, pipeline hedging, and MSR hedging. Mr. Spector was a member of the Countrywide Asset Liability and Credit Committees, as well as Freddie Mac and Fannie Mae Advisory Committees.
Anne D. McCallion: Ms. McCallion is the chief financial officer and treasurer of PMT, and chief financial officer of PCM and PLS. She is responsible for overseeing PennyMac’s financial management, reporting and controls; compliance; administration and human resources. Prior to joining PennyMac in April 2009, Ms. McCallion held various financial positions at Countrywide, including serving as chief financial officer after the company was acquired
by Bank of America. In her 17 years at Countrywide, from July 1991 to December 2008, she also served as deputy chief financial officer, chief operations officer, and chief administrative officer.
David M. Walker: Mr. Walker is the chief credit officer of PMT, PCM and PLS, and is responsible for credit and portfolio management activities including: the due diligence on acquired mortgages, transaction management, new loan underwriting and modification standards, loan sales, overseeing representation and warranty claims, evaluating the adequacy of reserves and overseeing the default and loss severity assumptions used by PCM’s valuation model.
Prior to joining PennyMac in January 2008, Mr. Walker was chief credit officer at New World Financial. Prior to joining New World Financial in April 2007, Mr. Walker was chief lending officer for Countrywide Bank, N.A., a subsidiary of Countrywide, where he was responsible for the bank’s lending, credit and portfolio management activities. Prior to joining Countrywide Bank, N.A. in March 2002, Mr. Walker spent ten years with Countrywide in a variety of credit risk management and secondary marketing positions, including chief credit officer and executive vice president of secondary marketing. Prior to joining Countrywide in 1992, Mr. Walker was a vice president at Citicorp and, prior to that, a member of McKinsey & Company’s corporate finance practice.
John Lawrence: – Managing Director of PennyMac. His new team at PennyMac includes former Countrywide executives David Spector (a 16-year veteran), Farzard Abolfathi (21 years), Anne McCallion (17 years, ending as Countrywide chief financial officer), Michael Muir, (CFO of Countrywide Bank and head of asset-backed securities trading), Aratha Johnson (Kurland’s chief of staff at Countrywide), Julianne Fries (chief of compliance at Countrywide Capital Markets), Brandon Ohnemus (lending finance at Countrywide Bank), Scott Anderson (Countrywide Home Loans), and Lee Trumble (also Countrywide Bank). – click here
Now you know why PennyMac was born.
They are not interested in you having a modification. THEY WANT THE INSURANCE MONEY. They buy the loans for pennies on the dollar. They want the insurance money because it will pay them what the house was worth at the top market value. They bought the loan for its insurance value! That is why I think Bank of Defrauding America bought Countrywide in the first place. Do not believe they bought it to help the economy for one minute. They bought it to help themselves! The best part of this conspiracy is that the very same people running PennyMac are the very same people who ran Countrywide Home Loans Inc. – click here Imagine that! So they created the bad loans and now they are on the other end to collect again from the very same bad loans they sold to investors. They might be planning on living off your dead carcass. It is a potential insurance conspiracy.
PennyMac fraud Outlined: http://www.Elainegalindo.com
All Rise! The Honorable Judge John Wright has left The Courtroom of Public Opinion!
My name is John Wright AND I AM FIGHTING BACK!
(PennyMac) It’s an all-star team Anderson was previously at Lehman Brothers and Washington Mutual, both of which collapsed. John Lawrence was at IndyMac, ditto.
The $300 million question today: Would you hire Subprime Stan and the team to clean up the mortgage mess?
Anyone tempted to invest in PennyMac needs to look at the fine print first.
Shareholders’ money will be used to buy up distressed mortgaged. Investors will take the risks. But they won’t get all the rewards.
According to the PennyMac prospectus, these mortgages will be serviced by an outside firm, PennyMac Loan Services LLC. That firm is owned by Kurland and his pals, BlackRock and Highfield. They will collect between 0.3% and 1% a year on the unpaid balances of each mortgage purchased. They will also collect “certain customary market-based fees and charges, including boarding and deboarding fees, disposition fees, assumption, modification and origination fees and late charges, as well as interest on funds on deposit in custodial or escrow accounts.”
PLS will also get 1% plus $750 for loans it refinances.
The fees don’t stop there. Another 1.5% will go each year to another outside firm, PNMAC Capital Management. That, too, is owned by Kurland, his pals, and BlackRock and Highfield.
And they will also be entitled to a performance fee as well: one-fifth of all earnings over $1.60 a share (That’s 8% of the $20 issue price).
The fine print also explains another wrinkle: When calculating whether the fund has earned the necessary profits, the company will ignore the costs of any stock and options in the trust that it grants to staff and executives. Sweet.
And our government who is of the people, by the people and for the people stands by and does nothing.
Let me get this right, our government is now going to add insult to our injury, but by allowing the very same guys who caused the crisis run PennyMac? That is not even the best part, after you consider that I have heard that PennyMac is virtually unregulated by the OCC and FDIC. This information came to me by piggybankblogger Renoira, who stated the following:
“The reason I know that they do not have to answer to the FDIC or the OCC is because I called to complain and they checked. Ultimately, they told me that the Dept. of Corporation was the entity responsible, but as we know the DOC has few regulations.”
I think you are right Renoira, but I will even take this conspiracy theory even one step further. This is because I believe that PennyMac was created, but just so all the banks, such as banks like Bank of Betraying America could unload all their bad fraudulent loans into PennyMac, while PennyMac commits fraudcloser virtually unregulated. It might also allow the potentially fraudulent Bank of Betraying America to save itself, while it throws all these fraudulently ticking time bombs into the hands of PennyMac, just to escape accountability for their potentially illegal, fraudulent, unsafe and simply abusive mortgage and home loan modification scams. That is what I think (wink).
This is why I can start to see why some might think we are better off with a dictatorship, even if I do not, but because maybe they would have just thrown these Countrywide executives into prison for the rest of their lives, after they caused a United States of America financial Armageddon with their greed. However, they were not locked up here in good old corrupted democracy, but actually received bonuses, pay increases, taxpayer bailouts and apparently a new bank to run called “PennyMac.” I mean, if the United States wants to win an economic war with China, why don’t we just golden Parachute their greedy little asses right into China itself, just so they can ruin their economy instead. In fact, now that I think about it, maybe China is the one who golden parachuted them into our country, but just as a means to bring down the United States economy. Either way, this is an absolute abomination! The American people should be outraged!
At any rate, it sure does not seem like good old Bank of Lying To America is not too sorry for what Countrywide did to the American people, if they are still doing business with the ones who used to run Countrywide. I mean, Bank of Lying to America has been trying to blame everything on the Countrywide purchase, but in reality they apparently like dealing with the Countrywide people. You know the old saying Bank of Lying To America, which is once maybe shame on them, but twice SHAME ON YOU BANK OF AMERICA!
Once again, it almost appears that PennyMac is sneaking in behind the scenes, but while they do all the dirty work for the banks, such as Bank of Betraying America.
The American people are not stupid. We just trusted them. There is a difference.
All Rise! The Honorable Judge John Wright has left The Courtroom of Public Opinion!
My name is John Wright AND I AM FIGHTING BACK!
Written by Renoira
December 16th, 2011 - Perhaps the most underreported story is PennyMac. I had written a blog on it some time ago – click here It is the number one keyword put in by Bank of Abusing America employees. There is much controversy surrounding PennyMac because it is virtually ran by the same management that ran Countrywide Home Loans. One of the Piggybankboggers who has been investigating PennyMac for me is a blogger named Renoira. She has been urging me to post her feelings and findings about PennyMac for some time now. So with no further adieu, I present to you an email I am in receipt of from Renoira.
During the process of writing a letter to Edward DeMarco and referencing Martin Andleman’s article, DeMarco of the FHFA… Like when the baby gets a hold of a hammer, I began to mentally put together the facts that I do know and what I am discovering is not pretty at all.
As I have mentioned before, our loan has been transferred by CitiMortgage to PennyMac. The same PennyMac we previous wrote about. The primary executives at PennyMac came from the former Countrywide HomeLoan office. In fact, they started out in the very same neighborhood in Calabasas. What a coincidence!
Having worked in the garment industry for several years, I am familiar with companies who fail under one corporate name, that simply fold up and reorganize under another corporate name. That would seem to be what is happening with PennyMac (i.e. Countrywide).
In my research, I discovered from one of the employees with NACA (Neighborhood Assistance Corporation of America) that PennyMac is directly involved with FannyMae. And Fanny Mae, as we all know, is now run by the FHFA.
On September 2, 2011, it was announced that the FHFA was suing 17 banks over mortgage fraud on securites:
“ Washington, DC — The Federal Housing Finance Agency (FHFA), as conservator for Fannie Mae and Freddie Mac (the Enterprises), today filed lawsuits against 17 financial institutions, certain of their officers and various unaffiliated lead underwriters. The suits allege violations of federal securities laws and common law in the sale of residential private-label mortgage-backed securities (PLS) to the Enterprises.”
(underline is mine)
In this self-same lawsuit filed by the FHFA there are over 130 WallStreet executives named:
Those named in the lawsuit against Countrywide:
THOMAS H. BOONE
JEFFREY P. GROGIN
THOMAS KEITH MCLAUGHLIN
JENNIFER S. SANDEFUR
DAVID A. SPECTOR
In fact, Stanford Kurland, was quite possibly given the idea for the inception of PennyMac by Timothy Geither, as noted in the following article:
“So where is Kurland today? Is he in jail? Well, no. He’s going to get rich out of Timothy Geithner’s new scheme. From the New York Times:”
“Stanford Kurland and the Countrywide Crew have never been held to account for their part creating this financial crisis, and now Geithner’s plan makes them rich all over again. Geithner worked hard to cut out provisions in the Senate stimulus bill that would have limited millions in AIG bonuses, and how he’s refusing to endorse Congressional plans to tax them. He seems to believe that there is an elite class of bankers in this country who must make money no matter what happens, who should never be held to account, and whose interests should always come first in any plan the government devises.”
So on the one hand, the FHFA is using PennyMac to make back some of the money it has lost backing the fraudulent securities passed out by these banksters and on the other hand, the FHFA is suing these same mortgage companies for the fraudulent securities that they sold. All the while trying to make up the difference from the American Taxpayer. We may no longer be a viable income source for taxes, because the tax base is limited when dealing with people that are jobless and underpaid, but everyone needs a place to live and they can make up the difference in their losses by bilking the American People through their living expenses.
Interestingly enough, PennyMac is not regulated by the FDIC, nor the SEC, nor the OCC. The only government agency that is regulating PennyMac at the present time is the Department of Corporations. The Department of Corporations has informed me that they will not investigate PennyMac unless I can give them a specific law that they are violating.
So in negotiating with PennyMac over our own personal loan (I will attach their modification agreement with this e-mail) they have informed me that I cannot get a better deal anywhere. (yeah, cause we’re underwater!) They tell me that what happened with us at Countrywide is NOT THEIR problem (Kurland is accepting no responsibility) and that they are acting on the guidelines mandated to them by Fannie Mae (FHFA the same ones suing their CEO?)
Then in the article about Edward DeMarco, head of the FHFA, who does not want to do principle reductions in spite of the fact that Tim Geither and President Obama have requested that they begin to reduce the principles. So….who’s the boss?
What the employees at PennyMac DO feel confident in telling me is that they are operating within the law. Really? It’s reprehensible, but apparently, it is legal. Of course, I have only their word for that.
They do not deny that they moved immediately toward foreclosure once they received our loan. They did this even though we had a temporary modification agreement with CifiMortgage that had not yet been completed. You see, they can do that because it was not yet a permanent modification, so the agreement didn’t count, (that is legally allowed) nor apparently did the temporary modification payments, so now we were in arrears. Gee, too bad.
It is amazing what these employees will inadvertently tell you, however, like the area we live in (Rancho Palos Verdes) isn’t that far underwater. (They have said this several times). So what that means is they can make a quick 2 or 3 hundred thousand dollars by foreclosing and reselling since they bought our loan for PENNIES ON THE DOLLAR.
However, if we want a modification, they will do it for us at $60,000 more than our current mortgage (which was already $50,000 more than the original because of the money stolen from us by Countrywide in a prepayment penalty we did NOT agree to.) So we will be paying over $100,000 more than our original mortgage amount on a loan PennyMac purchased for pennies on the dollar and they are doing us such a great favor that we also have to pay $1,000 for them to write this modification agreement. AND THIS IS LEGAL?
Oh and the “pièce de résistance”, if we are good little subservient mortgagees and we get our credit rating up to 600 points after 6 months, they MIGHT consider a principle reduction program…maybe….of 100 to 115% of our home value. Ahhh, how thoughtful, I was so choked up I couldn’t reply.
So let me see if I understand them correctly. If I don’t have any trouble paying this higher mortgage amount, they will consider lowering it some more? Yeah, we’ve seen how that’s been going…..
Well, just wanted to ad to your intake of information. I don’t know what to do from here. Seems we are all so steeped in our own problems that even legal help is difficult to find…and what rights do we really have? I am open to suggestions if you have any. I’ve already (yawn) written the Attorney General.
Attachment sent by Renoira: click here
PennyMac fraud Outlined: http://www.Elainegalindo.com
Nice Work Renoira!
Her name is Renoira AND SHE IS FIGHTING BACK!
PRIVACY NOTICE: Warning – any person and/or institution and/or Agent and/or Agency of any governmental structure including but not limited to the United States Federal Government also using or monitoring/using this website or any of its associated websites, you do NOT have my permission to utilize any of my profile information nor any of the content contained herein including, but not limited to my photos, and/or the comments made about my photos or any other “picture” art posted on my profile.You are hereby notified that you are strictly prohibited from disclosing, copying, distributing, disseminating, or taking any other action against me with regard to this profile and the contents herein. The foregoing prohibitions also apply to your employee , agent , student or any personnel under your direction or control.The contents of this profile are private and legally privileged and confidential information, and the violation of my personal privacy is punishable by law. UCC 1-103 1-308 ALL RIGHTS RESERVED WITHOUT PREJUDICE.