UBS Says Gov't Suit Over $6.4B MBS Is Past Its Prime

Law360, New York (November 26, 2012, 7:00 PM EST) -- UBS AG on Monday asked the Second Circuit to kill a Federal Housing Finance Agency lawsuit over $6.4 billion in mortgage-backed securities bought by Freddie Mac and Fannie Mae, saying the government's lawsuit is too old.

The 2008 Housing and Economic Recovery Act, which extended the statute of limitations on claims related to the two mortgage giants, does not apply to the government's claim against UBS, a lawyer for the bank said at oral arguments in Manhattan.

The government, which sued in 2011, wants to hold...
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