Armonk, N.Y.-based bond insurer MBIA reported a third-quarter net loss of more than $800 million, primarily on increases to loss reserves on its mortgage exposures.

MBIA's third-quarter net loss of $806.5 million, or loss per share of $3.48, compares with the prior year's net loss of $37 million, or net loss per share of 30 cents.

Consolidated revenues dropped from $431 million for the third quarter of 2007 to $320 million this year.

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