Armonk, N.Y.-based bond insurer MBIA Inc. reported a fourth-quarter loss of $1.2 billion–better than the previous year’s fourth-quarter loss of $2.3 billion–while the company’s CEO called for a radical solution to end the housing crisis.

The loss translated into earnings per share loss of $5.30 compared to the fourth-quarter per share loss of $18.55 in 2007.

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