MBIA (MBI) Peers on Watch as Berkowitz 'Prefers' Fannie, Freddie (RDN) (MTG)
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Following news that Bruce Berkowitz's Fairhome Funds cut its stake in mortgage insurer MBIA, Inc. (NYSE: MBI) to 1.17 percent, peers are on watch Monday.
The move comes as Berkowitz recently took a $2.4 billion stake in Fannie Mae (OTCBB: FNMA) and Freddie Mac (OTCBB: FMCC) preferred shares last week.
MBIA shares surged following quarterly results and announcement that it entered a settlement with Bank of America (NYSE: BAC). The stock hit a 52-week high of $16.15 on May 9th, having pared some of the gains since then.
Berkowitz reported its stake was as of May 31at.
Radian Group (NYSE: RDN) and MGIC Investment Corp. (NYSE: MTG) are lower in late trading.
The move comes as Berkowitz recently took a $2.4 billion stake in Fannie Mae (OTCBB: FNMA) and Freddie Mac (OTCBB: FMCC) preferred shares last week.
MBIA shares surged following quarterly results and announcement that it entered a settlement with Bank of America (NYSE: BAC). The stock hit a 52-week high of $16.15 on May 9th, having pared some of the gains since then.
Berkowitz reported its stake was as of May 31at.
Radian Group (NYSE: RDN) and MGIC Investment Corp. (NYSE: MTG) are lower in late trading.
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