While evaluating $90 billion of mortgages Citigroup was buying from Countrywide and other lenders, former Citigroup vice president Richard Bowen tried to warn about the rise in defective mortgages. Bowen raised concerns that roughly 60% of prime mortgages were defective, as well as Citigroup’s practice of lowering its standards for subprime mortgage pools. In 2010 he testified before the Financial Crisis Inquiry Commission and continues to face repercussions as a whistleblower today.
