Now, the former president of the now-troubled company and several key colleagues hope to cash in as the housing market collapses.
Kurland will head a new company unveiled Monday that will acquire and restructure distressed mortgages.
Private National Mortgage Acceptance Co. LLC, also known as PennyMac, intends to help borrowers restructure loans so they can avoid foreclosure and maintain payments.
Backed by prominent investment management firms BlackRock Inc. and Highfields Capital Management, PennyMac will even set up shop in Calabasas, Calif., about six miles from the offices of Countrywide.
The irony was not lost on analysts.
"He won't be the first or the last person trying to make money on both sides of a trade," said Frederick Cannon, an analyst at Keefe, Bruyette & Woods Inc. who covers Countrywide.
"On the one hand you could make the case that he was (with) the company that made all these loans. On the other hand, what we need right now is to find some buyers for these assets," Cannon said. "Is it fair? Hard to say."
Mortgage delinquency and default rates have risen rapidly since the middle of 2007, leading to a growing number of foreclosures.
Kurland will serve as chairman and chief executive officer of PennyMac. Its chief investment officer will be David Spector, previously a senior managing director at Countrywide.
so did THIS cocksucker get a fat "By BY" check too like that criminal Mozilo? THAT fucker should be getting 120 years in PRISON for FRAUD instead of $120 million dollars "see ya later" $$$ 
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