MKM Partners Reiterates a 'Buy' on MBIA Inc. (MBI); Syncora Gets Settlement From BofA; Is MBIA Next?
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Price: $14.57 -1.55%
Rating Summary:
2 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
2 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade MBI Now!
MKM Partners reiterates a 'Buy' on MBIA Inc. (NYSE: MBI) price target of $18.00.
Analyst, Harry Fong, said, "Last night, Syncora announced that it had settled its reps and warranty lawsuit with Bank of America Countrywide (NYSE: BAC), which was being presided over by Justice Eileen Bransten, the same Judge overseeing MBIA’s case against the bank. BofA agreed to pay Syncora $375 million in return for a release of all claims related to the five referenced second-lien RMBS and nine other first and second lien deals."
"Clearly BofA wants to put its mortgage issues behind it and we would not be surprised to learn of additional settlements in the coming weeks or months with the three other financial guarantors with unresolved litigation against it including MBIA, FGIC and Ambac."
For an analyst ratings summary and ratings history on MBIA Inc. click here. For more ratings news on MBIA Inc. click here.
Shares of MBIA Inc. closed at $10.62 yesterday, with a 52 week range of $5.99-$13.50.
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Analyst, Harry Fong, said, "Last night, Syncora announced that it had settled its reps and warranty lawsuit with Bank of America Countrywide (NYSE: BAC), which was being presided over by Justice Eileen Bransten, the same Judge overseeing MBIA’s case against the bank. BofA agreed to pay Syncora $375 million in return for a release of all claims related to the five referenced second-lien RMBS and nine other first and second lien deals."
"Clearly BofA wants to put its mortgage issues behind it and we would not be surprised to learn of additional settlements in the coming weeks or months with the three other financial guarantors with unresolved litigation against it including MBIA, FGIC and Ambac."
For an analyst ratings summary and ratings history on MBIA Inc. click here. For more ratings news on MBIA Inc. click here.
Shares of MBIA Inc. closed at $10.62 yesterday, with a 52 week range of $5.99-$13.50.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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Ambac Should Have Been First
Rose on Jul 18, 2012 11:42 AMMark as Spam | Reply to this comment
Why hasn't B of A settled with Ambac first and foremost? B of A had a part to play in shareholders being wiped out because of Ambac's parent bankruptcy. Ambac should have been given top priority, otherwise B of A owes shareholders big time for standing by and watching shareholders get wiped out, and not doing their part more quickly to make amends.