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 real, then, is that which, sooner or later, information and reasoning would finally result in, and which is therefore independent of the vagaries of me and you. Thus, the very origin of the conception of reality shows that this conception essentially involves the notion of a COMMUNITY, without definite limits, and capable of a definite increase of knowledge.”
—Charles Sanders Peirce (1839–1914)
“In the woods in a winter afternoon one will see as readily the origin of the stained glass window, with which Gothic cathedrals are adorned, in the colors of the western sky seen through the bare and crossing branches of the forest.”
—Ralph Waldo Emerson (1803–1882)