May 6, 2013
NEW YORK ? Bank of America and MBIA, a mortgage insurer, have reached a deal to settle a dispute over faulty mortgage securities issued during the U.S. housing boom, according to the Wall Street Journal.
As part of the settlement, Bank of America will pay MBIA $1.6 billion in cash, along with other compensation, provide MBIA with a credit line of $500 million and take a stake of about 5 percent in MBIA's holding company, the Journal said.
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