Over the past year, we have been hearing a lot of bad news about investment banks and insurers. The slumping housing market, credit crunch and subprime mortgage troubles have been leading the headlines, so many of you are probably shying away from financial stocks as almost all the banks have been getting only bad publicity lately.

In the light of those worries about safe investments, CNNMoney is asking us to reconsider our opinions, claiming that there really are some quality stocks in these challenging financial times.

Berkshire Hathaway tops the list, mainly because of its CEO Warren Buffett, who has the experience of surviving previous recessions. While some investors may have impression that the company has a lot of tough times ahead, CNNMoney sees Berkshire with a lot of capital, which could be enough to steer it through the current economic storm. To support this argument, CNNMoney cites Keppler Asset management CIO Michael Keppler, who is convinced that Berkshire will be able to beat the difficult market.

CNNMoney also likes Royal Bank of Canada (NYSE: RY) whose minimal exposure to subprime lending has helped it successfully pass through the mortgage meltdown. One analyst at Desjardins Securities, Michael Goldberg, is confident that the bank has growth potential due to its high earnings and capital.

There are also some stocks that investors may have ignored and that are worth considering. It points out Aflac Inc. (NYSE: AFL) whose earnings showed a rise of 20% since the beginning of 2007, especially boosted by the weak dollar. While the stock is not cheap, it looks like a good buy if we take into account its previous efficient moves.

Following the same logic, CNNMoney picks Bank of Oklahoma Financial Corp., saying it has no exposure to the problems that hit most other financials, such as subprime lending and collateralized debt obligations. The bank was able to beat the credit crisis and, in addition, its chairman George Kaiser aims to increase its capital at about $4 billion.

Last, but not least, the article recommends investors take a look at Raymond James Financial Inc. (NYSE: RJF), one of the few remaining regional brokerages in the United States. Despite posting disappointing earnings numbers earlier this year, the stock has rebounded nicely following its surprising second quarter results. CNNMoney warns that this stock may be a little to expensive, but its lower risk could still justify investing in the company.

What are your thoughts on these stocks, and the overall financial sector? Has the past year put you off from considering investing in financials, or have you been using the recent pull back as a good chance to pick up some stocks at discount? Let us know what you think of the stocks mentioned in this post, as well as any other financials that you feel were left out.

Check out CNNMoney 's slideshow of these five picks.

Eliza Popescu is a financial writer for the online investment advisory service Investor's Observer.