If you were the executive running the show at Countrywide Financial as it made horrible loans that torpedoed the company, then sold it to Bank of America (NYSE: BAC) at a fire-sale price that was still high enough to torpedo that company, what would you do?If you're Stanford L. Kurland, the company's former president, you would assemble a team of former Countrywide executives and buy back these crummy loans for pennies on the dollar -- hoping to collect whatever you could from the struggling consumers whose financial lives have been ruined by the products you peddled.
The fund has raised hundreds of millions of dollars from institutional investors and Mr. Kurland has plowed some of his own personal fortune in as well -- he sold $200 million worth of Countrywide stock before the company imploded.
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