For Immediate Release: May 06, 2013
STATEMENT OF NEW YORK FINANCIAL SERVICES SUPERINTENDENT BENJAMIN M. LAWSKY ON MBIA-BANK OF AMERICA SETTLEMENT
This comprehensive and important settlement is a very positive step forward for both Bank of America and MBIA. It is the culmination of more than a year of negotiations. It resolves significant exposure and expensive litigation for Bank of America, while also giving MBIA a path forward. We appreciate both parties' willingness to work in a reasonable fashion to find common ground. Ultimately, this settlement is good for all sides, but most importantly, it is good for our financial markets and for our financial system.