Penny MAC?..... who are they and what do they want?

By
Real Estate Services with Taylor 1 INC

Have you heard of the New Mortgage company Penny Mac?

Penny Mac, a newly created mortgage company by Ex-CEO of Countrywide (Stanford Kurland).

The aim of this company is to buy back bad loans and restructure them! He's being backed by investment firms Black Rock inc. and Highfields Capital Management.

Penny Mac will also be looking to raise private monies to help buy these loans and restructure them at lower risk rates seeking to reduce their mortgage exposures.

This bank is believed to be well positioned to handle many loans and help the overage that are forthcoming.

I recently did a blog speaking about the advantages of having liquid capital at this moment. Those who have will be in a great position to take advantage of the current crisis, and benefit while helping others.

This just proves my point. I predict there will be other companies that will emerge as a result of this company's formation.

I'd love to hear your views on whether this is going to be perceived as an asset or is it another scheme? 

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Anonymous #30
Anonymous
cindy

PennyMac..created by those who started this crisis that led to so many homeless..who were bailed out...then bailed out leaving others to pay for their crimes.  It has become my belief that they just found another way to profit...another scheme.  How long before they end up rooming with Madoff?   PennyMac makes more money by foreclosing so it is not in their best interest to modify or short sale or help homeowners in any way shape or form.  They go through motions hoping homeowners give up and die...move out of their homes and simply cry uncle.  Pennymac bought our loan from Citi for "PENNIES ON THE DOLLAR" however even though Citi and Pennymac are willing to do this for each other, why can't they simply let us US citizens who have worked hard but lost those jobs, pay what we can afford, stay in our homes?  Why?  greed, abuse of power...

December 14, 2010 03:09 PM
Anonymous #31
Anonymous
Dana

I had the same thing happen to me too!   I was in the middle of a loan modification with Citi, and they sold my loan......same thing.....they said I made too much money and they didn't offer any modifications of their own...only HAMP.......what a rip off.....they need to be investigated....SOMEONE TELL OBAMA!!!    Yes they only paid pennies on the dollar, I heard .05 cents.    Even if it forecloses they made their money......HELP!!!

April 19, 2011 07:16 PM
Anonymous #32
Anonymous
Patty

I am in the same boat! Loan with Citi, in the last stages of modification, loan sold to Pennymac...told we make too much money.  We are being pushed into doing a short sale.  These people don't want to help any of us stay in our home.  they want us to do all the work, list the property, find a buyer and sell the house, pay them back and we walk away with nothing....if we don't they foreclose and my family will never be able to buy another home! This is a joke!! 

 

May 16, 2011 05:31 PM
Anonymous #33
Anonymous
Ray Rittenhouse

Congrats all,seem we were all hung out to dry.I did the samething with Citi and while going threw foreclosure bought by Penny Mack.This was in 2009.Had to file bankuptcy and in the mean time had to restart foreclosure all over again.Now have heard nothing,even as I gave up my home in bankuptcy?I get mail and they want to work out payment plan?What payment plan,I gave up the home?I have it in the court papers.They said they don't care I still owe???Well good luck,I moved and semi retired...Not even lawyers know what there doing or understand...Any ideas?

April 19, 2012 04:42 PM
Anonymous #34
Anonymous
al

FRAUD! FRAUD! FRAUD!  Pennymac is a frud mortgage company backed by Washington. Their CEO S.Kurland should be behind bars for what he has done to this country. They are Countrywide, without the big time criminal A. Mozzilo. He was charged with Mtg Fraud. and they want us to believe they are a true mortgage lending institute?. They forclose on so many mortgages they have no legal right to do so. Except that 99.9% of the people they forclose on walk away, while Pennymac steals their home. They don't own your MTG. guarenteed. Make them show you the deed. They cannot come up with it. they'll forge a piece of paper with the wrong contract number on it. because they don't own it.. They have a intimidating campaign, calling you a deaD BEAT. STAND UP TO THEM. WE ALL NEED TO UNITE AND HAVE THAT CRIMINAL IN PRISON. If me and you rob a bank we go to prison! But they are allowed to steal our homes credit dignity. and turn around and auction our homes for pennies on the dollar to investors, after Fanny, and Freddy mac pay them insurance on the homes. They are the demise of this country. PUT S. KURLAND IN PRISON. along with Moynahan from BofA.

April 10, 2013 05:14 PM
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Rainer
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Clark Garrison

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