AIG Sues Countrywide

[falcon]

The company that pioneered credit default swaps sued the company that pioneered predatory lending. Such injustice.

http://news.yahoo.com/s/ap/20090320/ap_on_bi_ge/aig_countrywide_lawsuit

LOS ANGELES "“ A unit of embattled insurer American International Group Inc. filed suit against mortgagelender Countrywide Financial Corp. in California federal court Thursday, alleging Countrywide misrepresented the health of loans that the company insured, resulting in massive losses.
United Guaranty Mortgage Indemnity Co. filed suit in U.S. District Court, accusing Countrywide of breach of contract, fraud, negligence, and unfair competition and business practices.

United Guaranty alleges Countrywide "abandoned its own underwriting guidelines to boost its market share and then misrepresented the quality of its loans so that United Guaranty would provide insurancecoverage for them."

[etothepii]

So if they win, what do they collect? More bail-out money?

[falcon]

So if they win, what do they collect? More bail-out money?

+1

By golly, i believe that you've got it.

[flyinfeathers]

ORIGINAL: etothepii

So if they win, what do they collect? More bail-out money?

Now that's funny right there!!

+2