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A New York state appeals court on Tuesday cleared the way for bond insurer MBIA Inc to pursue a fraud lawsuit against Bank of America Corp over toxic mortgage securities.

N.Y. State Supreme Court upholds insurance departments decision to split MBIA in two, but yesterday, subsidiary National Public Finance Guarantee Corp. revealed it has more than $100 million in general-obligation-debt exposure to the city of Detroit.

N.Y. State Supreme Court upholds insurance departments decision to split MBIA in two, but yesterday, subsidiary National Public Finance Guarantee Corp. revealed it has more than $100 million in general-obligation-debt exposure to the city of Detroit.

Shares of bond insurer MBIA Inc rose as much as 7 percent on Friday as investors bet that a new investigation into Bank of America Inc's mortgage practices would pressure the bank to settle a $5 billion lawsuit with the company.

Shares of bond insurer MBIA Inc rose as much as 7 percent on Friday as investors bet that a new investigation into Bank of America Inc's mortgage practices would pressure the bank to settle a $5 billion lawsuit with the company.

Standard and Poor's cut its financial strength rating on bond insurer MBIA Insurance Corp. by three notches to CCC from B with a negative outlook, the rating agency said late on Thursday.

A court decision last week ordering Flagstar Bank to pay $90.1 million to bond insurer Assured Guaranty as compensation for losses incurred on insured mortgage-backed securities should benefit other financial guarantors by giving them leverage in their own lawsuits against banks for losses sustained during the financial crisis, according to...

Closely watched lawsuit has been seen as a test of the ability of bond insurers to hold banks accountable for losses incurred insuring securities at the heart of the financial crisis.