No. 11-5317.

708 F.3d 234 (2013)

MBIA INSURANCE CORPORATION, Appellant v. FEDERAL DEPOSIT INSURANCE CORPORATION, in its corporate capacity and as conservator and receiver of IndyMac Federal Bank, F.S.B., Appellee.

United States Court of Appeals, District of Columbia Circuit.

Decided March 8, 2013.

Attorney(s) appearing for the Case

Howard R. Hawkins Jr. argued the cause for appellant. With him on the briefs were Jason Jurgens , David F. Williams , and Geoffrey Gettinger .

J. Scott Watson , Counsel, Federal Deposit Insurance Corporation, argued the cause for appellee. With him on the brief were Colleen J. Boles , Assistant General Counsel, Lawrence H. Richmond , Senior Counsel, and William R. Stein and Scott H. Christensen.   Thomas L. Holzman and Daniel H. Kurtenbach , Counsel, Federal Deposit Insurance Corporation, entered appearances.

Opinion for the Court by Circuit Judge ROGERS.

ROGERS, Circuit Judge:

The issue in this appeal is whether payments made by the MBIA Insurance Corporation ("MBIA") to investors in mortgage securitizations of a failed bank (IndyMac Bank, F.S.B.) constitute "administrative expenses" entitled to priority under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ("FIRREA"), Pub.L. No. 101-73, 103 Stat. 183 (Aug. 9, 1989), 12 U.S.C. § 1821(d)(11)(A). MBIA sued as the third party beneficiary...


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