- Filed last summer, the lawsuit alleges Bank of America (BAC) made misstatements about mortgages sown up in $850M of MBS in 2008, but Judge David Cayer recommends it be tossed for two technical reasons, notably that the government doesn't demonstrate the alleged misstatements were material to the GSE's decision to buy the paper. The government immediately filed notice objecting to the ruling.
- If upheld, the opinion would undercut the Obama administration's broader attempt to go after the nation's largest banks for their activities prior to the financial crisis.
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