The trustee of at least 530 Countrywide trusts, Bank of New York Mellon, was less impressed.
During the real estate boom Countrywide created hundreds of securitization trusts, selling certificates backed by residential mortgage loans.
Mr. ANGELO MOZILO (CEO, Countrywide Financial): Mr. Chairman, I was with the company 40 years.
It came to light the Countrywide was in serious trouble with risky unorthodox loans.
Countrywide Financial told investors Monday to expect short-term earnings volatility as it tightened its underwriting standards.
In June this year, the company led 83, 400 people countrywide in a read-aloud session.
Conrad said Monday night that he had finally seen the Countrywide e-mail that raised the questions.
Many of the write-downs will be made on loans originated by Countrywide Financial Corp.
"Buy-to-let is much more attractive now than before 2008, " said Nick Dunning, Countrywide's group commercial director.
About 35% of Countrywide's revenue now derives from rental properties, up from 10% in 2007.
Several lenders, including Countrywide, America's largest mortgage lender, have stopped making no-money-down mortgage loans.
His list included Bear Stearns, Lehman, Merrill Lynch, Morgan Stanley, National City, Countrywide and IndyMac.
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Further, Countrywide hired Marks' Neighborhood Assistance Corporation as a contractor to help thousands more people.
Bank of America bought Countrywide, which appeared like insanity at the time, and probably was.
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Countrywide is the largest U.S. mortgage lender and employed 55, 000 people before the cuts.
But Countrywide had failed to produce any such records for their meeting with Andrew.
Bank of America was encouraged to buy troubled Countrywide Financial, and brokerage firm Merrill Lynch.
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Shares for the nation's largest lender, Countrywide Financial, closed up 16.12% for the day.
But countrywide the scheme suffers from the usual ailments of public services in India.
Sandy Samuels is an executive with Countrywide Financial Corp, one of the largest U.S. lenders.
Last year, to settle similar securities fraud charge, Angelo Mozilo, the CEO of Countrywide Financial Corp.
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For now though, the problems at BofA are bigger than just Merrill and Countrywide.
What Lagow learned was that Countrywide wanted to make loans whatever the collateral was worth.
Rep. WAXMAN: You tell the shareholders the Countrywide stock was undervalued and a great investment to make.
She says the Countrywide loan officer's answer to that was to have her lie about her income.
Shares of Bank of America were down more than 3% at midday, while Countrywide had climbed 2%.
So is Bank of America going to use this wedge as the opener to a Countrywide takeover?
Axa also said it was Countrywide's responsibility "to only sell policies to customers that meet the criteria".
The trial against Mozilo and the other former Countrywide execs is set for the middle of October.
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"Their balance sheet can take a shock much better than Countrywide, " said CreditSights senior analyst David Hendler.
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