FDIC Argues Countrywide MBS Claims Not Time-Barred

Law360, Los Angeles (November 9, 2012, 12:00 AM EST) -- The Federal Deposit Insurance Corp. told a federal judge Friday that investors suing Countrywide Financial Corp. over allegedly faulty mortgage-backed securities were not aware of their claims until real estate data analysts reviewed the underlying loans, bolstering claims that the suit is not time-barred.

In seeking to dismiss a case the FDIC filed in May as receiver for the now-defunct Strategic Capital Bank, Countrywide has argued that the one-year statute of limitations for claims under the Securities Act of 1933 had long since expired. The suit...
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