Some ex-Countrywide executives are starting a new company that will buy mortgages, restructure them, and sell them at a profit. [Martketwatch]


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  1. DeepFriar says:

    Sounds reasonable. MBAs make for great hedging securities.

    why yes, I haven’t read the news in about 4 months. why do you ask?

  2. BillyShears says:

    There should be a rule: If it’s possible to even remotely place some of the blame for the current mess on your shoulders, you shouldn’t be allowed anywhere near the mortgage industry for 20 years.

    And if you’re dead in 20 years, well, sucks to be you.

  3. zaquon says:

    @BillyShears: The new company is headed by Stan Kurland, who replaced David Loeb, the Countrywide’s other foudner who died in 2003, as the brains behind Countrywide. Stan was to succeed Mozilo as CEO, but was outed in 2005 because he opposed Contrywide getting so deep into Subprime, Equity, and Pay Option Mortgages.

    Needless to say, if Countrywide had listened to him it wouldn’t be in the mess he is now. There are a lot of smart ex-Countrywide folks in this new company and I hope it does well.

  4. revmatty says:

    I love how when Wall Streeters get busted for insider trading or other general scumbaggery they are barred from being the head of a financial services company for X years. And within a month they are a “Senior Policy Advisor” for a financial services company operating as de facto head.

  5. Genius. Sheer genius.

  6. TonyTriple says:

    Yet another subprime shell game.