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Detroit is poised to default on about $641 million of its general obligation bonds on Tuesday, an event that is likely to spur a legal challenge over Detroit's decision to take tax money earmarked for bond payments and apply it instead to city needs.

The U.S. government on Tuesday filed two civil lawsuits against Bank of America that accuse the bank of investor fraud in its sale of $850 million of residential mortgage-backed securities.

Three major bond insurers appear to be working with Detroits emergency manager to gauge their liability in the midst of the citys bankruptcy filing last Thursday.

Three major bond insurers appear to be working with Detroits emergency manager to gauge their liability in the midst of the citys bankruptcy filing last Thursday.

The judge overseeing the bankruptcy of San Bernardino, California, on Thursday disqualified a law firm from representing a major bond insurer in the case, because she said some of its lawyers had "switched sides."

Its one of the peculiar realities of business: two parties can spend years aiming for one anothers jugular vein and end-up partnering when they find cooperation is in the best interest.

In its first earnings conference call since ending litigation with banks over the insuring of structured financial instruments this week, MBIA Inc. executives breathed a huge sigh of relief and spoke about a reinvigorated future for the guarantee insurer.

In its first earnings conference call since ending litigation with banks over the insuring of structured financial instruments this week, MBIA Inc. executives breathed a huge sigh of relief and spoke about a reinvigorated future for the guarantee insurer.