Ally Unit Loses Bid To Revisit Freddie Mac MBS Claims

Law360, New York (January 8, 2013, 6:32 PM EST) -- A federal judge on Monday shot down Ally Financial Inc.'s securities unit's request that she reconsider a December decision that left it vulnerable to claims that it misstated the quality of mortgage-backed securities to Freddie Mac during the housing bubble.

Judge Denise Cote of Manhattan's federal district court rejected the motion for reconsideration filed by Ally Securities LLC in a brief, one-page order, upholding her Dec. 19 ruling largely allowing the Federal Housing Finance Agency's case against Ally and its bankrupt Residential Capital LLC to proceed....
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