InfoBytes, July 29, 2011 - A Weekly In-depth review of news & developments in the financial services industry

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Topics In This Issue:

• Federal Issues

• State Issues

• Courts

• Miscellany

• Firm News

• Firm Publications

• Mortgages

• Consumer Finance

• Securities

• Litigation

Excerpt from "Litigation Section"

FHFA Alleges $900 Million in Damages in Suit Filed against UBS for Federal Securities Law Violations Connected to Sale of MBS to Fannie Mae and Freddie Mac. On July 27, the Federal Housing Finance Agency (FHFA) filed a lawsuit in the U.S. District Court for the Southern District of New York alleging that UBS violated §§ 11, 12(a)(2), and 15 of the Securities Act of 1933 (15 U.S.C. § 77a et seq.) through its sale of residential private-label mortgage-backed securities (MBS) to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). In its complaint, the FHFA alleges that UBS sold securities to Fannie Mae and Freddie Mac pursuant to registration statements, prospectuses and prospectus supplements containing materially false statements and omissions.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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