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December 13, 2012
10:58 EDTMBI, BACMBIA rallies after analysts predict possible BofA settlement
Bond insurer MBIA (MBI) is climbing after Reuters last night quoted analysts as saying that the company's litigation with Bank of America (BAC) may be settled in early 2013. The bank's leverage over MBIA has decreased after the bond insurer won approval to change its debt structure, reducing the possibility that it will default, the news service quoted analysts at research firm CreditSights as saying. Moreover, Bank of America last week said that it was proceeding with an offer to buy some of MBIA's bonds, CreditSights noted, according to Reuters. The bank may be looking to buy the bonds in order to conceal the terms of its settlement with MBIA, CreditSights believes. Meanwhile, in a note to investors earlier today, MKM Research analyst Harry Fong wrote that MBIA made convincing arguments in favor of its summary judgement motion during its case against Bank of America. The bank's Countrywide unit significantly understated the risks carried by securities on which MBIA provided insurance, MBIA argued, according to Fong. MBIA showed very clearly that loan breaches were "rampant" in the Countrywide securities that it insured and Countrywide's counter arguments weren't convincing, Fong wrote. The analyst expects MBIA to obtain billions of dollars from Bank of America and he maintained an $18 price target and buy rating on MBIA. In mid-morning trading, MBIA jumped 64c, or 7.86%, to $8.78.
News For MBI;BAC From The Last 14 Days
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August 21, 2014
09:20 EDTBACBank of America volatility expected to move on $16.65B settlement with DOJ
Bank of America volatility is expected to move on paying a $16.65B settlement with DOJ. Overall option implied volatility of 21 is below its 26-week average of 23 according to Track Data, suggesting decreasing price movement.
09:11 EDTBACSEC says Bank of America settles two cases
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09:09 EDTBACBofA settlement to reduce Q3 pre-tax earnings by approx. 43c per share after tax
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09:09 EDTBACBofA to pay $9.65B in cash, $7B worth of consumer relief in settlement
Borrower relief will be in the form of mortgage modifications, including first-lien principal and forbearance forgiveness and second-lien extinguishments, low- to moderate-income mortgage originations, and community reinvestment and neighborhood stabilization efforts, with initiatives focused on communities experiencing, or at risk of, urban blight. This includes lien releases, uninhabitable and abandoned property demolition, and remediation and property donations. Also, Bank of America will support the expansion of available affordable rental housing. Bank of America has committed to complete delivery of the relief by no later than August 31, 2018. The consumer relief will be subject to oversight by an independent monitor.
09:07 EDTBACBofA to pay $16.65B in settlement with DOJ, state AGs
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09:03 EDTBACBank of America to pay $16.65B in settlement with DOJ, Bloomberg reports
08:41 EDTBACBank of America, DOJ settlement to be announced today, CNBC reports
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06:43 EDTBACRegulators up bank warning efforts for poor risk assessment, Reuters says
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August 20, 2014
18:29 EDTBACBofA, JPMorgan weigh plans to raise salaries for junior bankers, Bloomberg says
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17:12 EDTBACOn The Fly: Closing Wrap
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14:35 EDTBACBofA reaches $17B settlement over mortgage backed securities sales, AP says
Bank of America along with federal and state authorities agreed upon a $17B settlement for the bank in connection with the sale of mortgage-backed securities in the run-up to the 2008 financial crisis, says AP. Reference Link
14:20 EDTBACBofA reaches $17B settlement over mortgage backed securities sales, AP says
08:38 EDTBACRevolution Lighting enters loan, security agreement with BofA
Revolution Lighting (RVLT) announced that it has entered into a three year loan and security agreement with Bank of America (BAC). The agreement allows Revolution Lighting to borrow up to $25M on a revolving basis. Borrowings under the agreement are determined on specified percentages of eligible receivables and inventory, and bear interest either on the base rate plus specified margins or at LIBOR plus specified margins, at the election of Revolution Lighting. The loan provides Revolution Lighting with favorable interest rates with an initial interest rate of 3%. The agreement contains customary covenants and restrictions typical of these agreements.
August 19, 2014
06:20 EDTBACBofA COO transfers, senior manager assumes role, Bloomberg says
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August 18, 2014
06:47 EDTBACU.S. banks consider Ireland fitting spot for EU divisions, FT says
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August 15, 2014
10:07 EDTBACBank of America reports July default rate 3.01% vs. 3.24% last month
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10:01 EDTMBIOn The Fly: Analyst Upgrade Summary
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09:10 EDTMBIOn The Fly: Pre-market Movers
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07:35 EDTMBIMBIA upgraded to Buy from Neutral at BTIG
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August 14, 2014
08:28 EDTBACBofA, DOJ still in talks over $17B settlement, NY Post says
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