SDNY Denies UBS’s Motion to Dismiss FHFA’s Claims as Untimely

On June 26, 2012, Judge Denise L. Cote of the Southern District of New York denied UBS’s motion to dismiss the Federal Housing Finance Agency’s RMBS action against it as untimely. The FHFA’s suit arises out of Fannie Mae’s and Freddie Mac’s investments in $6.4 billion in UBS residential mortgage backed securities. Judge Cote held that the repose periods for the claims did not begin to run until the securities were actually marketed for sale. Order.