Wednesday, July 25, 2007

Ambac Second-Quarter Profit Falls on Losses From Subprime Bond Investments

(Bloomberg) -- Ambac Financial Group Inc., the
world's second-largest bond insurer, said second-quarter profit
dropped 27 percent after a slump in the value of subprime
mortgage securities.

Net income declined to $173 million, or $1.67 a share, from
$238.6 million, or $2.22, a year earlier, the New York-based
company said today in a statement. Unrealized mark-to-market
losses on collateralized debt obligations containing subprime
mortgage bonds cost $56.9 million, or 36 cents a share, Ambac
said.


Read more at Bloomberg Bonds News

No comments: