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On Monday, Brown said in a statement he appreciated Bank of America's efforts to arrive at a fair settlement and that the agreement was a significant milestone for his company. For Bank of America, the agreement is another step forward in its attempt to clear up the legacy of its bad home loans. In January, the lender reached an $11.6 billion settlement with government mortgage agency Fannie Mae to settle claims resulting from mortgage-backed investments that soured during the housing crash. In April, Bank of America agreed to settle a class-action lawsuit led by pension funds and other investors who say they were misled about $350 billion worth of mortgage-backed investments they bought from Countrywide. MBIA surged $4.46, or 45 percent, to $14.29 on word of the deal. Bank of America also rose. The lender's stock climbed 64 cents, or 5.2 percent, to $12.88.
[Associated
Press;
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