United States Court of Appeals For the Seventh Circuit ____________________ No. 14-2904 CMFG LIFE INSURANCE CO., CUMIS INSURANCE SOCIETY, INC., and MEMBERS LIFE INSURANCE CO., Plaintiffs-Appellants,

v. RBS SECURITIES, INC., Defendant-Appellee. ____________________

Appeal from the United States District Court for the Western District of Wisconsin. No. 3:12-CV-00037 — William M. Conley, Chief Judge. ____________________

ARGUED APRIL 1, 2015 — DECIDED AUGUST 21, 2015 ____________________

Before WOOD, Chief Judge, FLAUM, Circuit Judge, and KENNELLY, District Judge.1 KENNELLY, District Judge. Between 2004 and 2007, CUNA Mutual, an insurance company, purchased fifteen residential

1 Of the United States District Court for the Northern District of Illi- nois, sitting by designation. 2 No. 14-2904 mortgage-backed securities from