FHFA's $6B UBS Mortgage Suit Not Time-Barred, 2nd Circ. Told

Law360, New York (November 2, 2012, 4:56 PM EDT) -- The U.S. government on Thursday told the Second Circuit that the Federal Housing Finance Agency's lawsuit against UBS AG over $6.4 billion in failed mortgage-backed securities did not come after the statute of limitations on its claims had expired because the limitations period restarted in 2008.

In an amicus brief, the federal government said that the Housing and Economic Recovery Act, the 2008 law that established the FHFA to oversee failed mortgage giants Fannie Mae and Freddie Mac, reset the existing statute of limitations so that...
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