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By Sara Lepro
JAN 26, 2010 4:43pm ET

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4Q RESULTS

MGIC Posts Loss and Loses B of A

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Bank of America has stopped doing business with MGIC Investment Corp., the mortgage insurer it sued last month for rejecting $100 million of claims on defaulted loans.

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What the Mortgage Settlement Means to Banks
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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover

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