Morgan Stanley Looks To Toss FHFA's Buyback RMBS Suits
Law360, New York (February 10, 2015, 9:04 PM EST) -- Attorneys for Morgan Stanley units on Tuesday pressed a New York state judge to quash a pair of lawsuits brought by the Federal Housing Finance Agency over $2.5 billion in poor-performing loans underlying pools of residential mortgage-backed securities, saying the agency lacks standing to bring the suits.
The FHFA, which is suing on behalf of the trustees for the RMBS pools, claimed Morgan Stanley failed to repurchase faulty residential mortgage loans pooled into securities that were sold to troubled mortgage giant Freddie Mac in 2007, in breach of its contractual obligations.
During oral arguments over Morgan Stanley's motions to dismiss the...
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