these e-mail excerpts are fascinating

Excerpts of E-Mails From Angelo Mozilo Sept. 26, 2006 — following up a meeting with Sambol the previous day about the Pay-Option ARM loan portfolio: We have no way, with any reasonable certainty, to assess the real risk of holding these loans on our balance sheet. The only history we can look to is that of World Savings however their portfolio was fundamentally different than ours in that