Four years have passed since this letter was written. In the final paragraph it says “You have witnessed the destruction caused by Household International and HSBC Finance in the United States, and the global financial impact around the world.” Now, as 2012 begins, we know how global financial matters got worse. So many key points in this letter were correct.
The mortgage stupidity era is over, while demands for repayment of soured loans keeps mounting. How bad was Countrywide Mortgage, now owned by Bank of America? The bank made a guess, but those figures don’t add up. Now the bank says the figures might be worse: