Once again, the case against Countrywide CEO and two other executives comes down to email. TheStreet.com offers some choice excerpts.

Here's one to executive David Sambol about Countrywide's 80/20 subprime loans: "In all my years in the business I have never seen a more toxic prduct [sic]. It's not only subordinated to the first, but the first is subprime. In addition, the FICOs are below 600, below 500 and some below 400. With real estate values coming down...the product will become increasingly worse. There has [sic] to be major changes in this program, including substantial increases in the minimum FICO...Whether you consider the business milk or not, I am prepared to go without milk irrespective of the consequences to our production." 

And in another he says, loans had been originated "through our channels with disregard for process [and] compliance with guidelines." And in yet another he says a certain subprime product is "the most dangerous product in existence and there can be nothing more toxic and therefore requires that no deviation from guidelines be permitted irrespective of the circumstances." Of course, context is everything. The defense may well have exculpatory emails. 

For more:
- here's the article

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