Private education lending outsourcer First Marblehead Corp., based in Boston, lost more than $235 million in fiscal 2008, the company reported today in an SEC filing, a negative swing of more than $600 million compared to last year.

The loss represents a 163 percent decline in net income, year-over-year. Net income in fiscal 2007 stood at $371.3 million.

Freefalling from revenues of $880 million in 2007, First Marblehead showed a loss in revenues in fiscal year ’08, ending June 30, of $28.4 million.

In the Security and Exchange Commission filing, First Marblehead blamed the losses on the asset-backed securitizations market.

“The conditions of the debt capital markets generally, and the ABS market specifically, rapidly deteriorated during the second quarter of fiscal 2008 … and persists as of Aug. 28. Asset-backed securitizations have historically been our sole source of permanent financing for our clients’ private student loan programs, and our business has been and continues to be materially adversely impacted by the current market dynamics, including an inability to access the securitization market and interim financing facilities,” the company wrote in its filing.

And, the company says, the credit crunch is making matters worse.

“We have pursued alternative means to finance our clients’ loans; however, other sources of funding have not been available on acceptable terms, if available at all. Recent conditions in the capital markets have generally resulted in a substantial widening of credit spreads and significantly more restrictive covenants, which has affected the pricing, terms and conditions of the alternative funding mechanisms we have pursued,” the company wrote.

The filing further warned that the company could be even more seriously affected if it were to be held liable by investors for the huge losses experienced in the past year.

“If we are liable for losses investors incur in any of the securitizations that we facilitate or structure, and any insurance that we may have does not cover this liability or proves to be insufficient, our profitability or financial position could be materially adversely affected.”