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Allstate Sues Bank of America, Countrywide Over Mortgage-Backed Securities

by Danny King on Dec.28, 2010, under Towing

Allstate Sues Bank of America, Countrywide Over Toxic Mortgage-Backed Securities

Allstate is suing Bank of America and its Countrywide Financial division over Countrywide’s sale of $700 million in mortgage-backed securities to the insurance giant, alleging that Countrywide knew in advance that the assets would drop in value because of a high percentage of defaults.

Continue reading Allstate Sues Bank of America, Countrywide Over Mortgage-Backed Securities

Allstate Sues Bank of America, Countrywide Over Mortgage-Backed Securities originally appeared on DailyFinance on Tue, 28 Dec 2010 17:30:00.

Filed Under: Company News, Investing, Bank of America, Stocks in the News

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