WHO IS PENNYMAC?

COUNTRYWIDE EXECUTIVES

Where Are They Now?

June 23, 2011

Angelo Mozillo – CEO of Countrywide.  Has worked for Countrywide for 39 years.  Now retired.

Stanford Kurland – 2007 – present, Chairman of the Board and CEO of PennyMac Corporation –

1999-N/A

Former President, Chief Operating Officer, Director, Chairman of Countrywide Home Loans Inc and Chief Executive Officer of Countrywide Home Loans Inc

David Sambol – Age 50 – Head of Global Consumer Credit Group – Bank of America Corp.  (Formerly - Executive Managing Director of Mortgage Banking and Capital Markets of Countrywide Financial Corp. and for its subsidiary, Countrywide Home Loans Inc. as President.

Tom Gamache, East Division Retail Mortgage Sales executive, for Bank of America.  Gamache previously served as East Division executive for the Consumer Markets division of Countrywide. Gamache will be based in Boston.

David A. Spector

Mr. Spector is the president and chief operating officer of PMT and chief investment officer of PCM and PLS.

Mr. Spector was senior managing director, secondary marketing, for Countrywide, from May 1990 to August 2006, where he was responsible for all secondary marketing activities, including interest rate risk management, and directed loan

trading, loan pricing, pipeline hedging, and MSR hedging. Mr. Spector was a member of the Countrywide Asset Liability and Credit Committees, as well as Freddie Mac and Fannie Mae Advisory Committees.

Anne D. McCallion

Ms. McCallion is the chief financial officer and treasurer of PMT, and chief financial officer of PCM and PLS.  She is responsible for overseeing PennyMac's financial management, reporting and controls; compliance; administration and human resources. Prior to joining PennyMac in April 2009, Ms. McCallion held various financial positions at Countrywide, including serving as chief financial officer after the company was acquired

by Bank of America. In her 17 years at Countrywide, from July 1991 to December 2008, she also served as deputy chief financial officer, chief operations officer, and chief administrative officer.

David M. Walker

Mr. Walker is the chief credit officer of PMT, PCM and PLS, and is responsible for credit and portfolio management activities including: the due diligence on acquired mortgages, transaction management, new loan underwriting and modification standards, loan sales, overseeing representation and warranty claims, evaluating the adequacy of reserves and overseeing the default and loss severity assumptions used by PCM's valuation model.

Prior to joining PennyMac in January 2008, Mr. Walker was chief credit officer at

New World Financial. Prior to joining New World Financial in April 2007, Mr. Walker was chief lending officer for Countrywide Bank, N.A., a subsidiary of Countrywide, where he was responsible for the bank's lending, credit and portfolio management activities. Prior to joining Countrywide Bank, N.A. in March 2002, Mr. Walker spent ten years with Countrywide in a variety of credit risk management and secondary marketing positions, including chief credit officer and executive vice president of secondary marketing. Prior to joining Countrywide in 1992, Mr. Walker was a vice president at Citicorp and, prior to that, a member of McKinsey & Company's corporate finance practice.

John Lawrence – Managing Director of PennyMac.

From the following web-site: http://www.forexhound.com/article/Stocks/Stocks/Watch_Your_Wallet_the_Countrywide_Team_ex_Mozilo_is_Back/150108

His new team at PennyMac includes former Countrywide executives David Spector (a 16-year veteran), Farzard Abolfathi (21 years), Anne McCallion (17 years, ending as Countrywide chief financial officer), Michael Muir, (CFO of Countrywide Bank and head of asset-backed securities trading), Aratha Johnson (Kurland's chief of staff at Countrywide), Julianne Fries (chief of compliance at Countrywide Capital Markets), Brandon Ohnemus (lending finance at Countrywide Bank), Scott Anderson (Countrywide Home Loans), and Lee Trumble (also Countrywide Bank).

It's an all-star team. Anderson was previously at Lehman Brothers and Washington Mutual, both of which collapsed. John Lawrence was at IndyMac, ditto.

The $300 million question today: Would you hire Subprime Stan and the team to clean up the mortgage mess?

Anyone tempted to invest in PennyMac needs to look at the fine print first.

Shareholders' money will be used to buy up distressed mortgaged. Investors will take the risks. But they won't get all the rewards.

According to the PennyMac prospectus, these mortgages will be serviced by an outside firm, PennyMac Loan Services LLC. That firm is owned by Kurland and his pals, BlackRock and Highfield. They will collect between 0.3% and 1% a year on the unpaid balances of each mortgage purchased. They will also collect "certain customary market-based fees and charges, including boarding and deboarding fees, disposition fees, assumption, modification and origination fees and late charges, as well as interest on funds on deposit in custodial or escrow accounts."

PLS will also get 1% plus $750 for loans it refinances.

The fees don't stop there. Another 1.5% will go each year to another outside firm, PNMAC Capital Management. That, too, is owned by Kurland, his pals, and BlackRock and Highfield.

And they will also be entitled to a performance fee as well: one-fifth of all earnings over $1.60 a share (That's 8% of the $20 issue price).

The fine print also explains another wrinkle: When calculating whether the fund has earned the necessary profits, the company will ignore the costs of any stock and options in the trust that it grants to staff and executives. Sweet.

And our government who is of the people, by the people and for the people stands by and does nothing.