Law360, New York (May 04, 2012, 5:19 PM ET) -- UBS Americas Inc. on Friday lost its bid to stamp out a Federal Housing Finance Authority lawsuit in New York federal court accusing it of steering Fannie Mae and Freddie Mac into $6.4 billion worth of doomed securities.
The FHFA is pursuing 18 actions against various financial institutions involved in the packaging, marketing and sale of residential mortgage-backed securities. After going south several years ago amid skyrocketing home loan defaults, the toxic assets crippled the nation’s economy and sent Fannie and Freddie into conservatorship.
In the...
UBS Can't Derail Suit Over $6B In Bad Fannie, Freddie MBS
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