News

04/12/2010

Radian Supports Government's Plan to Assist Troubled Homeowners

PHILADELPHIA, Apr 12, 2010 (BUSINESS WIRE) --Radian Guaranty Inc. announced today that it fully supports the Federal Housing Finance Agency's (FHFA) recent extension of the Home Affordable Refinance Program (HARP). The program - a key component of the Obama Administration's Making Home Affordable Program - helps qualified borrowers whose homes have lost value in today's economic climate to refinance their mortgages.

"We applaud the efforts of the FHFA, in conjunction with Fannie Mae and Freddie Mac, to help stem the ongoing mortgage crisis," said S.A. Ibrahim, Chief Executive Officer of Radian Group Inc. "As a private mortgage insurer, Radian's role has long been to promote and preserve homeownership. By extending the HARP program, more deserving homeowners will have the opportunity to refinance their loans and take advantage of today's attractive interest rates. We remain steadfast in our efforts to help families refinance their debt and avoid the devastating impact of foreclosure."

Since the program's inception last year, Radian has completed approximately 6,000 HARP refinances on nearly 1.2 billion of existing mortgage insurance. The company will continue to accept loans under HARP during the program's extension, authorized by the FHFA through June 30, 2011.

Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides private mortgage insurance and related risk management products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages and facilitating the sale of low-downpayment mortgages in the secondary market. Additional information may be found at www.radian.com.

SOURCE: Radian Group Inc.

Radian Group Inc.
Emily Riley,215-231-1035
emily.riley@radian.com