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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.

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