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:
“Someone had literally run to earth
In an old cellar hole in a byroad
The origin of all the family there.
Thence they were sprung, so numerous a tribe
That now not all the houses left in town
Made shift to shelter them without the help
Of here and there a tent in grove and orchard.”
—Robert Frost (1874–1963)
“The essence of morality is a questioning about morality; and the decisive move of human life is to use ceaselessly all light to look for the origin of the opposition between good and evil.”
—Georges Bataille (1897–1962)
“Good resolutions are useless attempts to interfere with scientific laws. Their origin is pure vanity. Their result is absolutely nil. They give us, now and then, some of those luxurious sterile emotions that have a certain charm for the weak.... They are simply cheques that men draw on a bank where they have no account.”
—Oscar Wilde (1854–1900)