MBIA lost more than a half billion dollars in the 1Q12. The company’s adjusted pre-tax loss was $548 million in the quarter, compared to a $25 million profit in the first quarter of 2011. Its adjusted book value slipped to $32 a share from $34.50.

“The reduction in ABV and the adjusted pre-tax loss for the three months ended March 31, 2012, resulted from losses on insured exposures, realized losses from sales and impairments of investments, and legal and litigation-related costs and expenses,” the company reported in its quarterly statement.

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