Before a packed audience, the U.S. Court of Appeals for the Second Circuit heard arguments on Nov. 26 on whether the conservator for Freddie Mac and Fannie Mae, the Federal Housing Finance Agency, waited too long to launch its litigation campaign against banks that marketed toxic residential mortgage-backed securities (RMBS).
The agency and its lawyers at Quinn Emanuel Urquhart & Sullivan came into the hearing with the upper hand, since a U.S. district court judge had already rejected the banks’ timeliness argument, and the U.S. Department of Justice supported the agency’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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