(Reuters) - NEW YORK, July 25 - Ambac Financial Group Inc. , a bond insurer, said on Wednesday that second-quarter earnings fell 25 percent, hurt by losses from credit derivatives backed by subprime mortgages. The New York-based company said net income dropped to $173 million, or $1.67 a share, from $238.6 million, or $2.22 a share, a year earlier.
The results were depressed by unrealized mark-to-market losses of $56.9 million, or 36 cents a share, resulting from unfavorable market pricing of collateralized debt obligations largely backed by loans to less credit-worthy home buyers,
Read more at Reuters.com Bonds News
The results were depressed by unrealized mark-to-market losses of $56.9 million, or 36 cents a share, resulting from unfavorable market pricing of collateralized debt obligations largely backed by loans to less credit-worthy home buyers,
Read more at Reuters.com Bonds News
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