Before a packed audience, the U.S. Court of Appeals for the Second Circuit heard arguments on whether the conservator for Freddie Mac and Fannie Mae, the Federal Housing Finance Agency, waited too long to launch its megabillions litigation campaign against banks that marketed toxic residential mortgage-backed securities.
The FHFA and its lawyers at Quinn Emanuel Urquhart & Sullivan came into the hearing Monday with the upper hand since a district judge had already rejected the banks’ timeliness argument, and the Justice Department supported the FHFA’s position. But if either side was hoping for a clear hint of how Second Circuit is leaning, it didn’t get one.
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