What was the mortgage crisis of 2008-2009?

How did Angelo Mozilo convince Bank of America to buy Countrywide Financial immediately before the mortgage crisis, when other banks had previously passed?

• In the year's leading up to the mortgage crisis, was actively marketing loans that are at the center of today's mortgage crisis. Yet, for years prior, Countrywide was, for all intents and purposes, for sale with several international banks considering buying or merging with Countrywide. What's the real story about how purchased its own toxic asset at the worst possible time?

• Answer:

  That is a fantastic question. I gotta think that as the years go by, something will come to light that the Fed or someone in power either pressured or provided incentives to BoA to purchase Countrywide. Their mortgages were poorly underwritten and their practices were not what I would call "best".