. and Ambac Financial Guaranty wrote off $10 billion in losses in 2007, and hundreds of millions in January/2008.13 Standard & Poor's 11 Eric Dash, Clii Leaps a Hurdle and Faces More, N.Y. Tnas, Apr. 19, 2008, at Cl; Nelson D. Schwartz, The Mortgage Bust Goes Global, N.Y. TIMES, April 6, 2008, at B I; Land