Ambac Financial Group, Inc. reported a 2008 fourth quarter netloss of $2.3 billion, compared to a 2007 fourth quarter net loss of$3.3 billion.
For the year, the New York-based bond insurer reported a $5.6billion net loss compared to a $3.2 billion loss in 2007. Thecompany cited the housing market and economy in general as thereason for the losses.
Speaking to its quarterly results, Ambac acknowledged it hasrecorded "significant mark-to market losses on its CDS [creditdefault swap] portfolio and has incurred losses in its insured RMBS[residential mortgage backed securities] portfolio."
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