A new chief executive officer has been named by PennyMac Financial Services Inc. In addition, the young mortgage banking firm announced several other executive appointments.

Following the collapse of the subprime mortgage industry in 2007 just as the country was heading into a massive financial hurricane, Stanford L. Kurland was launching PennyMac.

Kurland had been chief financial officer and chief operating officer of Countrywide Financial Corp. until he left in 2006 amid a power struggle with then-chairman and CEO Angelo R. Mozilo.

Source: Mortgage Daily