A series of lawsuits that charge some of the nation's biggest banks with misleading investors in connection with the sale of hundreds of billions of dollars of MBS may come down to a question of timing.

The U.S. Court of Appeals for the 2nd Circuit on Monday was slated to hear arguments in an appeal brought by UBS in its legal dispute with the Federal Housing Finance Agency (FHFA). It claims that the FHFA waited too long to file suits that charged UBS and other underwriters with misconduct in the sale of securities backed by residential mortgage loans that Fannie Mae and Freddie Mac purchased over a roughly two-year period beginning in 2005.

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