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

May 6, 2013 12:09 PM EDT Send to a Friend
(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.


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