NU Online News Service, March 2, 3:19 p.m. EST
Bond insurer MBIA expects to complete separation of its municipal and mortgage insurance companies this year and begin going to trial over its legal wrangling with banks over collateralized debt obligations the company says were ineligible for insurance coverage.
During a conference call with financial analysts today to discuss the company's fourth-quarter and year-end results, Joseph W. Brown Jr., chief executive officer for Armonk, N.Y.-based MBIA, said the company expects to resolve a challenge to its plan to split the company in two this year. It also believes it will go to trial soon over its suit against Bank of America and other banks that MBIA says placed bad mortgages in securitized portfolios the company insured.
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