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
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