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MBI > SEC Filings for MBI > Form 8-K on 26-Dec-2013All Recent SEC Filings

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Form 8-K for MBIA INC


Other Events

Item 8.01. OTHER EVENTS.

MBIA Inc. (the "Company") announced today that on December 24, 2013 its wholly-owned subsidiary, MBIA Insurance Corporation ("MBIA Corp."), sold its claims and certain related rights (the "Claims") against the bankruptcy estates of Residential Funding Company, LLC ("RFC"), GMAC Mortgage LLC ("GMAC") and Residential Capital LLC and certain related entities (collectively, "ResCap") for an amount that modestly exceeds the recoveries recorded in respect of the Claims on MBIA Corp.'s balance sheet as of September 30, 2013. As previously disclosed, MBIA Corp. had asserted contract claims (referred to as "put-back" claims) against RFC, GMAC and ResCap related to mortgage loans whose inclusion in insured securitizations failed to comply with representations and warranties. ResCap and its wholly-owned subsidiary companies, RFC and GMAC, each filed for bankruptcy protection in May 2012, and their reorganization plan was approved in bankruptcy court on December 11, 2013.

MBIA Corp. used approximately $72 million of the proceeds of the sale of the Claims to repay all outstanding borrowings plus accrued interest and related expenses under its $500 million credit agreement with Blue Ridge Investments, L.L.C. (the "Blue Ridge Secured Loan"). In addition, the Blue Ridge Secured Loan was terminated as a result of the sale of the Claims since the aggregate proceeds of the sale exceeded Blue Ridge's commitment amount, which was reduced to zero under the terms of the Blue Ridge Secured Loan.

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