In the end, David Sambol got the big job. Officially speaking, Countrywide Financial replacedStan Kurland as president and chief operating officer with Mr. Sambol, but you can read between the lineson this one: Mr. Sambol is the heir apparent to Countrywide CEO Angelo Mozilo. On Thursday night Mr. Kurlandleft the building, opting not to stick around. Mr. Mozilo's CEO contract ends December 31. (He also holds the chairmantitle which does not expire at year-end.) One of these days Countrywide's board will get around to officially namingMr. Sambol CEO-in-waiting, but when that day will actually come is anyone's guess. Mr. Mozilo is on contract withthe company until 2011. Mr. Kurland had been with Countrywide for 28 years, Mr. Sambol 21. One source familiarwith the situation told us the board felt Mr. Kurland's management style evolved into one that had become "imperialin nature." Mr. Kurland could not be reached for comment. We assume he's open to offers
A once-major subservicing company is exiting the business. To find out its identity see the Monday edition ofNational Mortgage News. Don't subscribe? Call: (800) 221-1809
Also in Monday's edition an update on the sale of two large servicing packages -- one belonging to NetBank,the other to Irwin Mortgage. Sources tell us that NetBank originally was using Phoenix Capital asits broker but then switched to Countrywide Servicing Exchange. Phoenix did not return phone calls aboutthe matter
A few days after Merrill Lynch inked a deal to buy subprime giant First Franklin for $1.3 billion,a company analyst issued a report declaring that the "yield curve has now completely inverted," whilepredicting a profit "recession"
Meanwhile, National City, which is selling First Franklin, put to rest rumors that it may exit the 'A'paper business. It issued a statement to NMN that "National City Mortgage is and will continue to bea big part of National City’s success" adding that, "we have no plans to divest." The bank saidit will "continue to make investments to grow this business"
Trump Mortgage, LLC, said it is accredited and has acquired mortgage licenses in fifteen states: Colorado,Rhode Island, Connecticut, New York, Arkansas, New Hampshire, Massachusetts, California, New Mexico, Minnesota,Oregon, Florida, Iowa, South Dakota and Maine
SPECIAL EVENTS: AmNet Mortgage and Radian Group will unite to sponsor the third annual'Par for the Cause,' a breast cancer memorial golf tournament held to honor Mary Loo, a mortgage industryveteran who died in 2003. Last year's event raised $120,000 for Scripps Cancer Centers and provided patientsupport services, breast cancer research, and more than 1,000 mammograms and biopsies for low-income, uninsuredor under-insured patients.
WASHINGTON NEWS: Rep. Barney Frank, D., Mass., told us a GSE regulatory bill still might passthis fall. He said time isn't the problem, adding that "political will" is the issue. He said the TreasuryDepartment is moving toward a compromise on GSE portfolio limits. Congress is set to adjourn in three weeks.
MORTGAGE PEOPLE: Financial Stocks, Inc., has named Karim Berichi director of asset backedsecurities investments. Mr. Berichi joins FSI from Fortis Investments.
DATA NEWS: NMN recently updated its Mortgage Broker Database product which tracks the nation'stop loan brokerage firms, including top producers at those shops. For more info email:
