{"id":5420,"date":"2013-04-18T00:00:00","date_gmt":"2013-04-18T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/04\/ubs_loses_appeal_to_have_fhfas"},"modified":"2022-05-02T15:45:56","modified_gmt":"2022-05-02T20:45:56","slug":"ubs-loses-appeal-to-have-fhfas","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-loses-appeal-to-have-fhfas\/","title":{"rendered":"UBS Loses Appeal to Have FHFA\u2019s $6.4 Billion MBS Fraud Lawsuit Dismissed"},"content":{"rendered":"

The US Court of Appeals for the Second Circuit is denying UBS AG\u2019s (UBSN)<\/a> bid to dismiss the Federal Housing Finance Agency\u2019s mortgage-backed securities lawsuit accusing the financial firm of misrepresenting the quality of the loans underlying the residential MBS that Freddie Mac and Fannie Mae bought. FHFA is the mortgage financiers\u2019 appointed conservator.<\/p>\n

In its appeal, UBS contended that the MBS lawsuit<\/a> was filed too late under federal law. However, the 2nd circuit, affirming U.S. District Judge Denise Cote\u2019s ruling, determined that the filing period for type of securities case was extended by the Housing and Economic Recovery Act of 2008.<\/p>\n

The RMBS lawsuit is one of 17 FHFA cases against large financial institutions over alleged misrepresentations involving over $200 million in mortgage-backed securities. Judge Cote is presiding over 15 of these MBS lawsuits.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The US Court of Appeals for the Second Circuit is denying UBS AG\u2019s (UBSN) bid to dismiss the Federal Housing Finance Agency\u2019s mortgage-backed securities lawsuit accusing the financial firm of misrepresenting the quality of the loans underlying the residential MBS that Freddie Mac and Fannie Mae bought. FHFA is the mortgage financiers\u2019 appointed conservator. In […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3757,3755],"tags":[],"class_list":["post-5420","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-mortgagebacked-securities","category-ubs"],"yoast_head":"\nUBS Loses Appeal to Have FHFA\u2019s $6.4 Billion MBS Fraud Lawsuit Dismissed — Investor Lawyers Blog — April 18, 2013<\/title>\n<meta name=\"description\" content=\"The US Court of Appeals for the Second Circuit is denying UBS AG\u2019s (UBSN) bid to dismiss the Federal Housing Finance Agency\u2019s mortgage-backed securities — April 18, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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