FEDERAL HOME LOAN BANK OF BOSTON v. MOODY'S CORP.

No. 14-2148.

821 F.3d 102 (2016)

FEDERAL HOME LOAN BANK OF BOSTON, Plaintiff, Appellant, v. MOODY'S CORPORATION; Moody's Investors Service, Inc., Defendants, Appellees, Ally Financial Inc., f/k/a GMAC, Inc.; BCAP LLC; Barclays Capital, Inc.; Bear Stearns Asset Backed Securities I LLC, f/k/a The Bear Stearns Companies, Inc.; Chevy Chase Funding, LLC; Citimortgage, Inc.; Citicorp Mortgage Securities, Inc.; Citigroup Financial Products, Inc.; Citigroup Global Markets Realty Corp.; Citigroup Global Markets, Inc.; Citigroup Mortgage Loan Trust, Inc.; Citigroup, Inc.; Credit Suisse (USA), Inc.; Credit Suisse First Boston Mortgage Securities Corp.; Credit Suisse Holdings (USA), Inc.; Credit Suisse Securities (USA) LLC; db Structured Products, Inc.; db U.S. Financial Market Holding Corporation; DLJ Mortgage Capital, Inc.; Deutsche Alt-A Securities, Inc.; Deutsche Bank Securities, Inc.; EMC Mortgage Corporation; Lana Franks; Richard S. Fuld, Jr.; GMAC Mortgage Group, LLC; Edward Grieb; IMH Assets Corp.; Impac Funding Corporation; Impac Mortgage Holdings, Inc.; Impac Secured Assets Corp.; J.P. Morgan Acceptance Corporation I; J.P. Morgan Chase & Co.; JP Morgan Securities Holdings, LLC; JPMorgan Acquisition Corp.; JPMorgan Chase Bank, N.A.; MIT Holdings, Inc.; Richard McKinney; Morgan Stanley; Morgan Stanley & Co., Inc.; Morgan Stanley Capital I Inc.; Morgan Stanley Mortgage Capital Holdings, LLC; Mortgage Asset Securitization Transactions, Inc.; MortgageIT Securities Corp.; MortgageIT, Inc.; MortgageIT Holdings, Inc.; Nomura Asset Acceptance Corporation; Nomura Credit & Capital, Inc.; Nomura Holding America, Inc.; Nomura Securities International, Inc.; Barry J. O'Brien; Christopher M. O'Meara; RBS Acceptance Inc., f/k/a Greenwich Capital Acceptance, Inc.; RBS Financial Products, Inc., f/k/a Greenwich Capital Financial Products, Inc.; RBS Holdings USA Inc.; RBS Securities Inc., f/k/a Greenwich Capital Markets, Inc.; Residential Accredit Loans, Inc.; Residential Funding Company, LLC, f/k/a Residential Funding Corporation; Kristine Smith; Structured Asset Mortgage Investments II Inc.; James J. Sullivan; Samir Tabet; The Bear Stearns Companies LLC; UBS Americas, Inc.; UBS Real Estate Securities, Inc.; UBS Securities, LLC; Wamu Capital Corp.; Wells Fargo & Company; Wells Fargo Asset Securities Corporation; Wells Fargo Bank, N.A.; Mark Zusy; Banc of America Funding Corporation; Bank of America Corporation; Bank of America, National Association; Capital One Financial Corporation; Capital One, National Association; Countrywide Financial Corporation; Countrywide Home Loans, Inc.; Countrywide Securities Corporation; CWALT, Inc.; CWMBS, Inc.; Fitch, Inc.; Goldman, Sachs & Co.; Merrill Lynch Mortgage Investors, Inc.; Merrill Lynch & Co., Inc.; Merrill Lynch Mortgage Lending, Inc.; Merrill Lynch, Pierce, Fenner & Smith, Inc.; Sandler, O'Neill & Partners, L.P.; John Does 1-50; Standard & Poor's Financial Services, LLC; The McGraw Hill Companies, Inc., Defendants.

United States Court of Appeals, First Circuit.

May 2, 2016.


Attorney(s) appearing for the Case

Benjamin Gould , with whom Derek W. Loeser ; Amy Williams-Derry ; Gary A. Gotto ; Lynn L. Sarko ; Keller Rohrback L.L.P.; Thomas G. Shapiro ; Adam M. Stewart ; and Shapiro Haber & Urmy LLP were on brief, for appellant.

Joshua M. Rubins , with whom Ralph T. Lepore, III ; Michael T. Maroney ; Nathaniel F. Hulme ; Holland & Knight LLP; Glenn C. Edwards ; James J. Coster ; and Satterlee Stephens Burke & Burke LLP were on brief, for appellees.

Before THOMPSON and KAYATTA, Circuit Judges, and MASTROIANNI, District Judge.


The allegations in this case hearken back to the days of the recent financial crisis and the near-collapse of the mortgage-backed securities market. The issues we deal with today, though, are of the technical, legalistic variety: we have to figure out whether the district court erred in finding that it lacks statutory power...

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