Rochester, NY 8/10/2009 7:19:30 PM
Ambac Finl Grp Inc, ABK - Posts $2.4 Billion Loss for 2Q in Mortgage-Backed Securities
AMBAC FINL GRP INC
AMBAC FINL GRP INC, ABK
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Ambac Financial Group Inc., a bond insurer posted a $2.4 billion second-quarter loss Friday, as steep losses in residential mortgage-backed securities helped reverse its year-earlier profit. For the three months ending June 30, the company lost $8.33 per share, compared with a profit of $823.1 million, or $2.80 per share, in the year-earlier period.
Analysts polled by Thomson Reuters forecast a loss of $1.04 per share. Shares of Ambac slid 31 cents, or 22 percent, to $1.07, in afternoon trading. The New York-based company said it recorded $1.23 billion in losses from its financial guarantee segment, driven primarily by residential mortgage-related securities.
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