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
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