The U.S. Court of Appeals in Manhattan affirmed a lower court's ruling that the Federal Housing Finance Agency could continue to pursue legal action against UBS over loans contained in mortgage-backed securities. The court said the Housing and Economic Recovery Act of 2008 extended the time frame for filing lawsuits of that type. In a September brief, SIFMA argued for dismissal of the case. "SIFMA's members and other market participants rely on the application of the securities and other laws as they are plainly drafted," according to SIFMA. "When courts rewrite statutes based on intuitions as to what Congress would have preferred to have said, uncertainty and arbitrary decisions result." Learn more about SIFMA's Amicus Brief Program.