Allstate sues Countrywide over MBS considered “toxic”

4-19-2012: What’s the status of this lawsuit?

According to the MDJ on 12-29-2010, Page B5, Allstate claims that beginning in 2003 , Countrywide failed to exercise adequate underwriting controls and didn’t represent the securities it sold, especially the ones Allstate purchased (totaling $200 Million).

I wonder “who” really¬†failed proper disclosure demands and their due diligence responsibilities?

References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.

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