Did BlackRock Appoint Kurland to Head New Mortgage Co on Basis of Experience?

(NewsVisual, powered by IntellectSpace) -- In response to the ongoing dislocation in the U.S. mortgage market, BlackRock Inc (NYSE: BLK) and privately-held Highfields Capital Management jointly announced on Monday that they were appointing Stanford L Kurland as Chairman and Chief Executive Officer of Private National Mortgage Acceptance Company, LLC (PennyMac).

PennyMac is a newly formed company by BlackRock and Highfields that will specialize in acquiring and restructuring distressed residential mortgage loans.

In particular, the new company will raise capital from private investors, acquire loans from financial institutions seeking to reduce their mortgage exposures, and seek to create value for both borrowers and investors through distinctive loan servicing, BlackRock said in its statement.

PennyMac's strategy is to help borrowers avoid foreclosures.  Instead, the company will provide them with the option to restructure their loans so they can continue paying and stay in their homes, the BlackRock statement added.

“Stan Kurland and his team have enormous talent and experience in the mortgage business, making them well equipped to develop effective solutions for sellers of mortgage assets and homeowners alike,” said BlackRock CEO/Chairman Laurence D Fink in the statement.

Given the complexity of the current mortgage industry as well as the severity of the ongoing crisis in the market, BlackRock and Highfields must have chosen Mr Kurland after a great deal of deliberation and vetting.

NewsVisual created an IntellectSpace Knowledge Map to illustrate Mr Kurland’s business experience.

The Knowledge Map shows that Mr Kurland had held Senior Executive positions with Countrywide Financial Corp (NYSE: CFC) and IndyMac Bancorp Inc (NYSE: IMB).

In addition, the Map also indicates the he has served as a member of the Board of Directors for one other company, Merscorp Inc.

These illustrations, therefore, indicate that Mr Kurland has enough past professional experience to lead PennyMac.

To see the details of these connections, click here for an interactive and fuller version of this IntellectSpace Knowledge Map.

(Note: the information contained and presented in Knowledge Maps is public information from the Securities and Exchange Commission of the United States of America).