Paul Miller of FBR Capital Markets has come up with similar estimates, though he sees an outside chance losses could turn out to be many multiples of that .
Spokesmen for Bank of America and MBIA declined to comment.
Bank of America shares were up 1.6% to $8.26 early Thursday afternoon following an agreement between the nation's five largest mortgage servicers, including Bank of America, Citigroup (C), Wells Fargo (WFC), JPMorgan Chase (JPM) and Ally Financial with 49 attorneys general and the Obama Administration. As part of the deal, the banks will pay $25 billion to resolve mortgage servicing issues such as "robosigning," an attempt by banks to speed up the foreclosure crisis by cutting corners.
-- Written by Dan Freed in New York. Follow this writer on Twitter.