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Devastating Bank of America CEO emails made public

DMandPenfold (1108673) writes | more than 2 years ago

Businesses 0

DMandPenfold (1108673) writes "The private internal email archive of Bank of America subsidiary Countrywide has been opened up in court in a $10.5 billion lawsuit filed by insurer AIG.

Executive emails sent before Countrywide’s devastating collapse were detailed in a New York court as AIG sued parent Bank of America over alleged fraudulent sales practices. Countrywide’s failure, as a company that provided a fifth of US home loans, was one of a number of high profile mortgage market problems that preceded the full impact of the financial crisis.

Countrywide chief executive and co-founder Angelo Mozilo wrote in emails to senior colleagues before the firm’s collapse that he was concerned the company’s subprime loan products were “toxic”, “poison,” and “the most dangerous ... in existence”, and that by selling them the company was facing “catastrophe”. Nevertheless, Countrywide sold billions of dollars worth of the products."

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