Tuesday, December 22, 2009

PennyMac Updated Article - countrywide exec

PennyMac Updated Article about how the ex-countrywide exec exited countrywide before the Bank of America purchased them, waited the legal allotted time then opened his doors in the same countrywide building as Penny Mac - a company with a core businesses of buying bad loans from shall we say Bank of America and other banks.

So one of the executives that worked for countrywide during the exotic mortgage frenzy, subprime blowout left and started a company to profit from those same bad loans.   Is it great timing, cunning business tactics or just plain fraud?

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