Ambac Financial Group, Inc. reported a 2008 fourth quarter net loss 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 $5.6 billion net loss compared to a $3.2 billion loss in 2007. The company cited the housing market and economy in general as the reason for the losses.
Speaking to its quarterly results, Ambac acknowledged it has recorded "significant mark-to market losses on its CDS [credit default swap] portfolio and has incurred losses in its insured RMBS [residential mortgage backed securities] portfolio."
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