The banks targeted by the Federal Housing Finance Agency haven’t had many victories in the litigation over some $200 billion in residential mortgage–backed securities they sold to Fannie Mae and Freddie Mac. The Manhattan federal judge adjudicating all but one of the cases has been unreceptive to their arguments (see here, here, and here), and the U.S. Court of Appeals for the Second Circuit hasn’t helped them out either. This week individual defendants named in the cases that haven’t yet settled were dealt another setback. On Tuesday, Manhattan U.S. District Court Judge Denise Cote slapped down a last-ditch motion on behalf of roughly 60 individuals who signed registration statements on the loss-generating RMBS.
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