Getting your player ready...
WASHINGTON — The regulator of government-controlled mortgage buyers Fannie Mae and Freddie Mac is suing UBS in a bid to recoup more than $900 million in losses from mortgage-backed securities purchased from the banking giant during the housing boom.
The Federal Housing Finance Agency on Wednesday filed the lawsuit in U.S. District Court for the Southern District of New York against UBS Americas, several other units of the Swiss bank and three former executives. It claims the defendants violated U.S. securities laws and seeks restitution for the two mortgage companies’ losses, plus interest.
