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MBIA unit gets approval for interest payment on surplus notes

raised $1 billion by selling surplus notes in January. The debt has an interest rate of 14%. Some investors are concerned that bond insurers will have to pay big claims from guarantees sold on mortgage-backed securities and more complex vehicles called collateralized debt obligations. If money is being swallowed up to pay back costly debt, some worry that there may not be enough to pay policy-holders. MBIA shares climbed 1% to $4.81 during morning trading. Alistair Barr is a reporter for MarketWatch in San... [read full story]                    

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