The U.S. mortgage lender Countrywide Financial made immense profits from the subprime lending market. Now,one of the bankers who drove that market to ruin is back in business with a new company called Penny Mac,which is buying up toxic assets at a huge discount from the government in Washington in the hope of making big profits.The former president of Countrywide,Stanford Kurland,heads up Penny Mac and has promised investors profits of up to 20 percent. While at Countrywide,Kurland’s idea was to persuade low wage earners to take out big mortgages on the prospect of making enough money to pay the loan back later. That idea made Countrywide enormous profits but failed utterly. Now Kurland is back in the mortgage business and is set to make millions again.
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