Overview
The Federal Housing Finance Agency (or “FHFA,” as conservator for Fannie Mae and Freddie Mac) sued 18 banks in 2011 for misrepresenting the quality of mortgage bonds. All but Nomura and RBS have settled, for a total of around $18 billion. The trial against Nomura and RBS begins Monday before Judge Cote. It will be a bench trial. Coverage of the upcoming trial can be found from Reuters, American Lawyer ($), and Bloomberg. The defendants’ 115-page pretrial memorandum is here. There is not a pretrial memorandum from the FHFA available online. Our prior coverage of the FHFA cases is here
