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Real Estate & Property Law

: The Home Equity Theft Reporter

FDIC Unloads $558M In Bad Loans For Less Than 50 Cents On Dollar To Firm Led By Ex-Countrywide Head; Price To Be Paid Out Over Time

By r morris

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Bloomberg News reports: Stanford Kurland, the former Countrywide Financial Corp. president, says his new company?s purchase of $558 million in home loans issued by a failed Nevada bank will be a springboard for further growth. Private National Mortgage Acceptance Company LLC ["PennyMac"], based in Calabasas, California, is paying less than 50 cents on the dollar for loans that the Federal Deposit

Full post as published by The Home Equity Theft Reporter on January 09, 2009 (boomark / email).

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