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Local mortgage insurer delays annual report
Radian Group Inc. said today in a regulatory filing that it was unable to file its 2007 annual report on time because of difficulties valuing assets known as deriviatives.
The Philadelphia mortgage and bond insurer said there had been too little trading of those instruments last year to easily settle on their values, which are needed to complete financial statements for the year.
Radian also said weakenesses in internal controls over financial reporting, first disclosed after the third quarter of 2007, were still a problem at the end of the year.
Derivatives are investments that are based on other securities.
Today's regulatory filing said Radian did not have enough employees with the financial expertise to handle its deriviatives transactions. Some financial professional left Radian last year because of planned sale of the company to MGIC Investment Corp. That deal fell apart because of mortgage-market turmoil.
