FDIC Asks DC Circ. To Kill MBIA's IndyMac Suit Revival Bid

Law360, New York (October 3, 2012, 8:06 PM EDT) -- The Federal Deposit Insurance Corp. on Tuesday asked the D.C. Circuit to uphold the dismissal of MBIA Insurance Corp.'s claims that the FDIC wrongly refused to reimburse it for losses on mortgage-backed securities contracts with collapsed bank IndyMac Bank FSB.

A lower court was right to reject MBIA's argument that the FDIC had tacitly approved a set of mortgage-backed securities transactions between MBIA and IndyMac because it did not specifically reject them when it assumed the role of receiver of the failed bank, the FDIC said....
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