Ambac Writes Down $228 Million in CDOs During April 

It’s a theme we’ve been reiterating here at HW, but the credit crunch that has roiled markets since the back half of last year is proving that it still has bite left. The latest example comes courtesy of troubled monoline bond insurer Ambac Financial Group, Inc. [stock ABK][/stock], which said Wednesday afternoon that it absorbed net write-downs of $176 million on its insured credit derivatives portfolio during April.