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Posted on Wed, Nov. 4, 2009


Radian Group records $70.5M 3Q loss; pays fewer claims

Radian Group Inc., a Philadelphia home mortgage insurer, swung to a $70.5 million loss in the third quarter after recording a $36.7 million profit in the same period a year ago.

However, the company cited positive trends, such as the payment of fewer claims than expected.

The company said it paid $243.2 million in claims in the quarter and reduced its prediction for full-year claims to $940 million, from $1.1 billion.

Despite the lower payments on defaulted mortgages, the company said it expected delinquencies to continue rising.

The amount of new insurance written fell to $3.45 billion from $7.5 billion in the year-ago quarter.    - Harold Brubaker


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