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Firm Run by Kurland Buys FDIC Portfolio.(Federal Deposit Insurance Corp.)(Stanford Kurland)(Brief article)
Washington-Investment funds affiliated with PennyMac - a "scratch and dent" firm headed by former Countrywide top executive Stanford Kurland - have purchased a $558 million portfolio of 2,800 residential loans from the government using a cash-flow sharing arrangement.
The portfolio includes both performing and nonperforming mortgages. PennyMac will service the loans and try to bring them current.
Initially, the Federal Deposit ...
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