BofA (BAC) to Take 5% Stake in MBIA (MBI); Mortgage Putback Litigation Will be Dismissed

May 6, 2013 12:09 PM EDT
(Updated - May 6, 2013 12:13 PM EDT)

Bank of America (NYSE: BAC) to take 5 percent stake in MBIA, Inc. (NYSE: MBI).

According to Dow Jones, BofA will give MBIA about $1.65 billion in cash and extend a $500 million line of credit.

MBIA will dismiss its mortgage putback litigation versus BofA.

Shares of MBIA were up 14 percent ahead of the circuit break pause.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Hot Corp. News, Litigation, Mergers and Acquisitions, Momentum Movers, Trader Talk, Trading Halts

Related Entities

Bank of America

Add Your Comment