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MBIA Inc. Message Board

  • leewardcape leewardcape May 30, 2013 11:09 AM Flag

    Press Release Of May 6th- Loan Repayment

    Here is how the $1.7 billion is to be used. From the press release on the website:

    The payment from Bank of America, including the MBIA Inc. bonds, will be used to repay the remaining outstanding balance and accrued interest on MBIA Corp.'s secured loan from National in accordance with its terms. The secured loan balance of approximately $1.7 billion as of April 1, 2013 had been reduced to approximately $1.6 billion as a result of the receipt of $110 million on May 2, 2013 in settlement of representation and warranty related litigation with Flagstar Bank.

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