ANOTHER CIVIL SUIT OVER THE GREAT SHIT PILE

If Fannie and Freddie are major causes of the housing bubble, as the radio gabags never tire of claiming, why haven't they been sued instead of Countrywide again?

Allstate sues BofA, Mozilo over Countrywide losses
By Jonathan Stempel

NEW YORK | Tue Dec 28, 2010 2:10pm EST

NEW YORK (Reuters) - Allstate Corp has sued Bank of America Corp and 18 other defendants over alleged losses on more than $700 million of mortgage securities it bought from Countrywide Financial Corp.

The largest publicly-traded U.S. home and auto insurer alleged it suffered "significant losses" after Countrywide misled it into believing the securities were safe, and that the quality of residential home loans backing them was high.

Allstate said that starting in 2003, Countrywide quietly decided to boost market share by approving any mortgage product that a competitor was willing to offer, in a "proverbial race to the bottom." It said Countrywide then passed on the added risks to investors who bought debt backed by the mortgages.