U.S. appeals court rejects UBS AG bid to dismiss FHFA lawsuit over Fannie Mae, Freddie Mac mortgage losses: court ruling

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U.S. appeals court rejects UBS AG bid to dismiss FHFA lawsuit over Fannie Mae, Freddie Mac mortgage losses: court ruling

U.S. appeals court rejects UBS AG bid to dismiss FHFA lawsuit over Fannie Mae, Freddie Mac mortgage losses: court ruling

H/T to Alison Frankel for this… “VERY BAD NEWS for banks sued by FHFA. 2nd Circ says no time bar. Cites Cote “thorough and carefully considered opinion” – signal of support”

UNITED STATES COURT OF APPEALS
FOR THE SECOND CIRCUIT

August Term 2012
(Argued: November 26, 2012 Decided: April 5, 2013)

Docket No. 12-3207-cv

FEDERAL HOUSING FINANCE AGENCY,
AS CONSERVATOR FOR THE FEDERAL NATIONAL
MORTGAGE ASSOCIATION AND
THE FEDERAL HOME LOAN MORTGAGE CORPORATION,
Plaintiff-Appellee,

v.

UBS AMERICAS INC., UBS REAL ESTATE SECURITIES INC.,
UBS SECURITIES, LLC, MORTGAGE ASSET SECURITIZATION
TRANSACTIONS, INC., DAVID MARTIN,
PER DYRVIK, HUGH CORCORAN, AND PETER SLAGOWITZ,
Defendants-Appellants.

Before:
CHIN AND LOHIER, Circuit Judges,
AND GARDEPHE, District Judge.*

Appeal from an interlocutory order of the United
States District Court for the Southern District of New York
(Denise Cote, J.) denying in part defendants-appellants’
motion to dismiss the second amended complaint brought by
plaintiff-appellee Federal Housing Finance Agency as
conservator of the Federal National Mortgage Association and
the Federal Home Loan Mortgage Corporation. The district
court rejected defendants-appellants’ arguments that the
action was untimely and that FHFA lacked standing to bring
this suit.

AFFIRMED.

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