Federal Judge Remands FDIC's Mortgage-Backed Security Action

Federal Judge Remands FDIC's Mortgage-Backed Security Action

INDIANAPOLIS - A federal judge in Indiana on July 23 remanded to a state court the Federal Deposit Insurance Corp.'s suit, as the receiver for a failed bank, alleging that financial entities misrepresented material facts regarding a residential mortgage-backed security (RMBS), noting that the Financial Institutions Reform, Recovery and Enforcement Act of 1989's (FIRREA) extender provision applies to "any action" brought by the FDIC as receiver (Federal Deposit Insurance Corp. v. J.P. Morgan Acceptance Corp. I, et al., No. 12-1481, S.D. Ind.; 2013 U.S. Dist. LEXIS 102603).

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