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FHFA withstands another motion to dismiss in MBS lawsuit

FHFA withstands another motion to dismiss in MBS lawsuit

The federal judge in charge of overseeing multiple lawsuits filed by the Federal Housing Finance Agency against non-agency mortgage-backed securities issuers for misrepresenting deals that were sold to Fannie Mae and Freddie Mac rebuffed yet another motion by one of the banks to shut down the legal action.

Judge Denise Cote of the U.S. District Court for the Southern District of Manhattan recently rejected a motion to reconsider her December decision allowing the FHFA to proceed on behalf of the GSEs with most of its fraud claims against Ally Financial

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