Allstate sues BofA, others over Countrywide losses
NEW YORK (Reuters) – Allstate Corp has sued Bank of America Corp and 18 other defendants over losses it said it suffered on more than $700 million of mortgage debt it bought from Countrywide Financial Corp.
In a complaint filed Monday in Manhattan federal court, Allstate, the largest publicly traded U.S. home and auto insurer, alleged that Countrywide misled it into believing the securities it bought were safe, and that the quality of residential home loans backing them was high.
“Defendants knew the loans offloaded onto Allstate were a toxic mix of loans given to borrowers that could not afford the properties, and thus were highly likely to default,” the complaint said. Allstate suffered “significant losses” as a result, the complaint said.
Among the defendants are several former Countrywide officials, including long-time Chief Executive Angelo Mozilo.
Check out the rest here…
Complaint to follow…
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4closureFraud.org
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Allstate Insurance Co et al v. Countrywide Financial Corp
Everyone but the cheated and defrauded homeowners. Whats up with that? How can I tell if my loan is securitized? (besides a 2,000.00 $ audit? Does anyone know?
Go to your recorder of deeds office. If they never perfected the collateral lien at origination, it is an unsecure loan. They sold unsecure notes. They never recorded the notes and sold them as security instruments.
It is time for the banks to face the music for all of there wrong doing to the american public they have
made their beds now it is time for them to be put to sleep . night night ..crooks
BOA another suit ! Just how many law suits is BOA facing right now ?!?!?
Finally BOA is getting what they deserve.
I just read BOA is buying every domain name with any reference to them or thier officers names.
I have also noticed new BOA “positive ad campaigns” popping up on every web page I visit.
BOA has been holding the Media at bay -the game is over, the truth will prevail !
It would be a small comfort to see a list of all the Gov. agencies, Investors, Title, Insuranceand homeowners that are suing them. BOA has been COUNTRYFIRED with the same toxic paper homeowners have
-glad BOA got what they “paid” for.
For starters the people need to default on all of the unsecured debt they are trying to saddle us with and then we will begin to take our country back. We want No Loan Modifications. We want our loans rescinded, they broke contractual law and committed securities fraud AKA the RICO ACT. Their plan was to take away our Freedom, our Wealth, and our livelihoods. They robbed us of our wealth and took it out of the Country and left us holding the bag of unsecured debt and are now trying to make debtor slaves out of all of us. They need to be held accountable for all of the missing money and all of the fraud they have committed. The people must be indivisible in their fight to regain their Country. These criminals are not unlike the Nazis in their quest for complete world domination. The tactics they used this time are just more insidious. They are trying to achieve their same goal through the use of class warfare. Their plans are failing though thanks to home computers, we are much more able to spread the truth at a faster pace. We are not the stupid peasants that they thought we were.
Great , the FIRE industry is starting to fight amongst themselves. Bank of America must be put into receivership.
Seize this Financial Criminal!
This is great news! Thanks for the info.
This proves once again that the so called deadbeats are not the ones at fault in this Ponzi Scheme. Is there anybody out there who did business with Country Wide Home Loans and now Bank of America who wants to suit BofA? This is the best time to suit. Bank of America is being so kind and generous lately that they will settle with anyone who suits them. The same way they take people’s home without owning them, the same way should be done to BofA to give them a taste of their own medicine to see how it feels.
I always wonder what happens to all the money BofA had paid to the SEC and other government agencies, and the Attorney Generals. Why don’t we see the money being used to help the homeowners?
After everything is settled down, we don’t hear anyone talking about it. This is another form of Fraud and Corruption in this country. We heard a lot about millions and billions of dollars in settlements from all sources and yet there is not help available out there for the homeowners.
I can not wait to see many insurance agencies following suit in the coming weeks. Best of all, I can not wait to see BofA falling down and going out of business next year.
2011 will be the year in history when all the too big to fail will fail. But this will not happen if we all together go to the big banks and withdraw all of our money and put it in the local credit unions to support our local economy.