A solid understanding of the history of the mortgage industry is crucial in contextualizing the financial crisis of 2008. An analysis of the practices and scope of operations of one of the largest players in the mortgage industry, Countrywide Financial, can shed further light on the events leading up to 2008. To help achieve this, Porter’s Five Forces Model will also be used. Upon drawing a conclusion as to the causes of the financial crises, the Political, Economic, Social and Technological Impacts on the financial industry will be evaluated. Lastly, a set of recommendations will be made to companies like Bank of America to ensure long-term financial prosperity for all parties involved.
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