Assured Guaranty News
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The city that sold the first U.S. revenue bonds more than a century ago is the latest issuer in the $3.7 trillion municipal market to gain from investor appetite for riskier debt.
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The receiver appointed by Pennsylvania to mend Harrisburg’s finances plans to submit a proposal this month to lease the capital city’s parking system to pay creditors and restore solvency.
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UBS AG agreed to pay an initial $358 million to Assured Guaranty Ltd. to settle litigation over money-losing residential mortgage-backed securities transactions, Assured officials said.
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Bank of America Corp. Chief Executive Officer Brian T. Moynihan, who once vowed to wage “hand-to-hand combat” in lawsuits over faulty mortgages, settled one big fight with MBIA Inc. yesterday as another remains unfinished.
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The U.S. Securities and Exchange Commission accused the city of Harrisburg, Pennsylvania, of making misleading statements to municipal bond investors as its financial condition deteriorated in 2009.
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MBIA Inc. and Bank of America Corp. settled a five-year legal battle over soured mortgage debt in a deal that will pay MBIA the equivalent of $1.7 billion and give the bank a 5 percent stake in the bond insurer. MBIA shares surged to the highest since September 2008.
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MBIA Inc. said Flagstar Bancorp Inc. agreed to pay $110 million to settle a lawsuit accusing it of making misrepresentations to induce MBIA to insure mortgage- backed securitizations that defaulted.
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Stockton, California, the biggest U.S. city to file for bankruptcy, intends to restart talks with creditors while it develops a plan to adjust debt and exit court protection by year’s end.
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Long Beach, the Long Island shore town still reeling almost six months after Hurricane Sandy, is poised to be the first New York city in three years to get permission to sell debt to fill a spending gap.
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Retired public employees in bankrupt Stockton, California, who saw health-care coverage shrink last year may see their pensions decrease next as the city wrangles with creditors.
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