EXHIBIT 195
FILED: NEW YORK COUNTY CLERK 11/27/2012
INDEX NO. 602825/2008NYSCEF DOC. NO. 3434RECEIVED NYSCEF: 11/27/2012
FI.om: Brian Kuelbs
Sent:
Fri,14
Apr
2006
16:57:19GMT
To:
Dave
Sambol; Andre\v_Gissinger@coulltrywide.com
Sub"cd'
Fw:
lQ2006
Earnings -Angelo's
nole
requiring Producliun
and
Credillo
develop an
aClion
plan
(Of
.I
•
BC
100% financing programs
Dave
and
Drew,
My
team
is
working with John
to
develop
all
action plan for
Be
100%
linancing
program£.in
response to
Angelo's note
below.
We
have an initial draft into John for review.
r
will share
the
plan
and
action steps
with
you after I meet with John
to
review his comments.
1
eX"Pect
to
have a draft
to
you
on
Monday.Brian
----
Forwarded by
Blian
Kuelbs!l'vfanaging Directors/eFfCCT
on
04/t
4/2006 09:47
A\f
-----
John McMurray/Managing Directors/CffCCl
04/1312006 10:34
PM
To
Brian
KuelbsiManaging Directors/C.lI/CO
cc
Subject
Fwd:
Re:
lQ2006 Earnings
Let's
discuss.
Angeloraises
the documentation
issue
I
have
been
asldng
Steve
ahout. Thanks.
Angelo
Mozilo/Managing
DirectorslCFlCCl wrote:Date:
04/13/200607:42:35
PM
From: Angelo MozilolManaging DirectorsiCFfCCI
To: eric sieracki
cc:
stan
kurland,
d~.ve
sambol,
David
Spector/Managing Directors/CF/CCl,
John
Mc\1urray/Managing
DirectorslCFfCCT@C',nuntrywide
Subject:
Re:
I Q2006 Earnings
As per
our
conversation
ofthis
mQrning it appears
to
me
that
there are s.everalimportant issues
which
must
be
addressed
relative
to
our
100% sub
prime
seconds
CONFIDENTIAL
•
DEPOSITION
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EXHIBIT
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CWMBIA0011 006407
business.
In
.hat
regard I would
like
you
to
analyze
the
losses incurred
to
date
specifically from the
HSBC
transaction and equally
important what are our
future expec!ations as to losses.Not necessarily in
the
order
of
import.ance here
IIfC
my
kcy
concerns abOid
the
product itself and about how
we
conducted ourselves in the origination
and
delivery ofthe product to
HSBC:
1.
The
negotiations
with
HSBC
was
very
flawed
and
as
I
stated
in
my
memo
several
weeks ago
extraordinarily juvenile. Specifically
we
gave
every optionpossible
to
HSBC
to
kick
back
to
us
nil
losses
while they
maintained all
of
he
gains. At
this
stage
of
our
corporate
lives
we
should
know
better.
2.
The loans '
.
vere
originated
through
our channels
with
serious disregard forprocess, compliance with b'Uidelines and irresponsible behavior relative to
meeting
timelines. As a result
we
delivered loans with deficient documentation,
did
not.
respond timely
in
corre('1ing
those
deficiencies
which
resulted
in
extreme time delays
thereby
permitting
loans
to
ha.ve
a greater
chance
for
early
payment
default.
3.
The field people
and
everyone
involved
in
tlle origination chain
received
substantial
compensation
for
the
origination
of
this product
but
have
yet
to
suffer
the
consequences
ofunnacceptable
conduct relative
to
every
aspect
of
originating, documenting and delivering
the product
to
HSBC.
Frankly
r
don't
wantto
hear
how
much
wemade onthe
premium that
wewere
paid
by HSBC
because
I
believe (Sieracki is doing the analysis) that
the
net
of
thistransaction
when
you
consider
all
of
he
executive,
managerial
and
allministrutive time that we have
t.'xpllmlud
in
putting
Ollt
the fires, is Jltlgative
to
the Company. This quarter alone we have had
to
take a .19 write down
because
of
he
hits we
have
taken
to
date.
Bottom
line,
fromthe
negotiation
of
he
deal with
HSBC
through
the
deli very
of
the product we have compounded
one
error after anolhel'. Therefore I
wanL
Sambalto
Lake
alJ sLeps
necessary to assure thal
our
origination operation "followsguidelines" for every
product
that
we originate. I have personally observed aserious lack
of
compliance within
our
origination system as
it
relates
to
documentation and
generally
a detel'iatioll
inthe
quality
of
loans originated
versus
the pricing
of
those loan.
In
my
conversations with Sambol
he
calls the100% sub prime seconds as
the
"milk"
of
he business. Frankly I consider
that
product line
to be
the poison
of
ours. Obviously
as
CEO
I cannot continue thesanctioning
ofthe
origination
of
this product un;i) such time I
ca.n
get
conc.rete assurances that we
are
not facing a contilluous
catastrophe.
Therefore
I
want a
plan
of
action not only
tram
Sambal
but
equally
fi"Om
McMurray as
to
how
v.:e
call1Ilallage tins risk going
lor
ward.
Eric
Sieracki/Managing Directors!CF/CCI041131200603:26
PM
CONFIDENTIAL
CWMBIA0011
006403
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