Federal National Mortgage Association : & Green

Federal National Mortgage Association : & Green Innovations News: (OTCQB: FNMA), (OTCQB: GNIN)
04/08/2013| 01:15am US/Eastern

New York (April 8th, 2013) -Federal National Mortgage Association (OTCQB: FNMA) (Fannie Mae) provides liquidity and stability support services in the secondary mortgage market in the United States.


Reuters reported that a federal appeals court in New York said on Friday that the Federal Housing Finance Agency can proceed with its lawsuit against UBS AG over mortgage losses at Fannie Mae and Freddie Mac .

In rejecting UBS request to dismiss the case, the 2nd U.S. Circuit Court of Appeals said that FHFA's case was timely because it began within three years after the agency became the conservator for Fannie Mae and Freddie Mac. The 2nd Circuit also said the FHFA had standing to pursue the case.

FHFA was intended to help fix financial troubles at Fannie Mae and Freddie Mac caused by the housing crisis and the plummeting values.