Tuesday, March 10, 2009

Congratulations PennyMac

Things have been great for PennyMac. PennyMac was formed by former Countrywide president Leo Gerald and several ex-Countrywide executives. Their business model: buy foreclosures for pennies on the dollar and then resell them. Nice gig if you can get it. Never mind that most analysts believe it was Mr. Gerald and company that in large part contributed to the subprime mess and that many of these homes were lost due to this crew. In fact John Lawrence, head of loan servicing for PennyMac is practically gloating. Business has been "off the charts good" he gleefully declares. Others are not so gleeful. As Gail Collins of the New York Times notes in her column, “It’s like Jeffrey Dahmer selling body parts to a clinic.”

So congratulations on your Huffington Post "Creep of the Week" award. Momma must be so proud.

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