First FHFA Case to Be Tried Next Year, U.S. Judge Says

The first of 16 suits by the Federal Housing Finance Agency against banks over mortgage-backed securities will be tried in New York next year, with the rest to follow in 2014, a federal judge said. U.S. District Judge Denise Cote set out a proposed schedule for the trials in a court conference with more than two dozen lawyers in Manhattan today. Under Cote’s plan, UBS AG (UBSN), Switzerland’s biggest bank, would be first to defend claims it misled Fannie Mae (FNMA) (FNMA) and Freddie Mac (FMCC) (FMCC) about the quality of mortgage loans underlying securities bought by the two agencies.

Businessweek

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