Allstate sues Countrywide over toxic investments

These toxic assets have infected nearly every public and private portfolio. Yet, the people that buy gold and silver are still publicly characterized as hoarders, gold bugs, and various other descriptions that translate into “a bunch of dumb asses”. Go figure.

NEW YORK (AP) -- Allstate Corp. has filed a federal lawsuit against Countrywide Financial Corp. over $700 million in toxic mortgage-backed securities that the insurer bought beginning in 2005, only to see their value decline rapidly.

The suit, filed Monday in Manhattan federal court, targets Countrywide, its co-founder and longtime CEO Angelo Mozilo and other executives, as well as Bank of America Corp., which bought the mortgage giant in 2008.

Source: finance.yahoo.com