FDIC Can't Revive $644M MBS Suits Against Countrywide

Law360, New York (December 20, 2013, 3:03 PM EST) -- A California federal judge on Thursday denied an attempt by the Federal Deposit Insurance Corporation to revive a trio of suits against Countrywide Securities Corp., Banc of America Securities LLC and other lenders over allegedly faulty mortgage-backed securities, holding that the claims were time-barred.

In a 24-page decision, U.S. District Judge Mariana R. Pfaelzer did not grant the FDIC's motion to reconsider her order dismissing the cases handed down on Aug. 26, concluding that the extender provision of the Financial Institutions Reform, Recovery and Enforcement Act...
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