UBS Settles $6.4B Suit Over MBS Sales To Fannie, Freddie

Law360, New York (July 22, 2013, 3:03 PM EDT) -- UBS AG on Monday said it has reached a settlement with the Federal Housing Finance Agency to end litigation over alleged misrepresentations of $6.4 billion in mortgage-backed securities it sold to Freddie Mac and Fannie Mae in the run-up to the financial crisis.

The Swiss bank said it has reached an agreement in principle to settle with the FHFA, which sued to hold UBS responsible for losses the government-sponsored Freddie and Fannie suffered when they invested in MBS that failed in the 2008 subprime crisis....
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