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Tuesday
May072013

Draghi Threatens To Take Interest Rates Negative

DRAGHI LESS THAN ZERO

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More details on Bank of America's $1.7 billion fraud settlement with MBIA.

MBIA Shares Leap 42% on Settlement With Bank of America

The five-year battle between bond insurer MBIA and Bank of America over mortgage bonds appears to be reaching a settlement, a boon for struggling MBIA.

BofA will pay MBIA cash of about $1.6 billion as well as some IOUs  bringing the total amount to 1.7 billion. In addition, Bank of America will provide a credit line to MBIA of $500 million.  BofA will also take a stake in MBIA’s holding company of roughly 5%.

MBIA shares leapt 42% to $13.97 after WSJ broke the news.

 

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May 8, 2013 at 1:16 AM | Registered CommenterDailyBail

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