Fifteen big banks have asked an appeals court to intervene in their legal battle with the Federal Finance Housing Agency, the conservator for Fannie Mae and Freddie Mac. According to the banks, if they end up settling with the FHFA, it’s not because Fannie and Freddie have a strong case that they were duped into buying billions in mortgage-backed securities. Rather, it’s because Southern District Judge Denise Cote (See Profile), who is overseeing the case, is determined to cripple their defense.
The banks signing onto the petition include UBS Americas Inc., JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Deutsche Bank AG, and other Wall Street titans. Their bid for relief came in the form of a petition for a writ of mandamus filed on March 27 with the U.S. Court of Appeals for the Second Circuit. The banks complain that Cote deprived them of crucial discovery and is improperly trying to coerce them to settle.
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