Origin
The term was in limited use at least as early as 2006, and may have been coined by or popularized by Angelo Mozilo, founder of Countrywide Financial, who used the term "toxic" to describe certain mortgage products in emails in spring of 2006, as revealed in SEC filings:
- " the most dangerous product in existence and there can be nothing more toxic..." (March 28, 2006)
Regarding Countrywide's subprime 80/20 loans:
- "In all my years in the business I have never seen a more toxic prduct . 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." (April 17, 2006)
Read more about this topic: Toxic Asset
Famous quotes containing the word origin:
“High treason, when it is resistance to tyranny here below, has its origin in, and is first committed by, the power that makes and forever re-creates man.”
—Henry David Thoreau (1817–1862)
“The origin of storms is not in clouds,
our lightning strikes when the earth rises,
spillways free authentic power:
dead John Brown’s body walking from a tunnel
to break the armored and concluded mind.”
—Muriel Rukeyser (1913–1980)
“We have got rid of the fetish of the divine right of kings, and that slavery is of divine origin and authority. But the divine right of property has taken its place. The tendency plainly is towards ... “a government of the rich, by the rich, and for the rich.””
—Rutherford Birchard Hayes (1822–1893)