Would You Buy a Used Loan From this Man?

Amazing news from the folks who helped create the mortgage mess: The former president of Countrywide Financial Corp., which is now facing FBI probes for securities fraud, has launched a new company that seeks to profit from the downturn Countrywide helped create.

Kurland will run a new mortgage company that will acquire and restructure distressed mortgages, Associated Press and other news outlets reported Monday. Kurland’s former company, Countrywide, lost about $1.6 billion in the last six months of 2007 as more and more people defaulted on their loans. Bank of America Crop. has agreed to acquire Countrywide.

Private National Mortgage Acceptance Co. LLC intends to help borrowers restructure loans so they can avoid foreclosure and maintain payments. It will be located in Calabasas, Calif., about six miles from the offices of Countrywide. What would be an appropriate analogy, folks? Maybe a former gangbanger who painted graffiti all over a city going into business painting it over?

Do you think this new company will be a rousing success? Should it be? (Photo: ninjapoodles.)