Sprint's Bum Deal, Sears's Plight, Yellow Pages' Fall: Timshel Feb 29, 2008
Only two other members of the Russell 1000 Index have lost more: MoneyGram International Inc. and Radian Group Inc., among the casualties of the subprime-mortgage market's collapse. Idearc Inc., the country's biggest directory publisher, also ranks in the index's bottom 10. (Bloomberg -- Columnists)
Daily Briefing Feb 16, 2008
Philadelphia - Radian Group Inc., whose primary business is insuring mortgages against defaults, on Friday posted a loss of $618 million for the fourth quarter. Chief Executive S.A. Ibrahim called 2007 "an extremely challenging year" and said "the housing downturn will continue to challenge us in 2008 and into 2009." The fourth-quarter loss came to $7. (Atlanta Journal-Constitution -- Business)
Mortgage insurer Radian posts massive quarterly loss Feb 16, 2008
PHILADELPHIA Radian Group Inc., whose primary business is insuring mortgages against defaults, on Friday posted a massive loss for the fourth quarter as the nation's housing crisis continued to hurt the company's bottom line. 2007 was indeed an extremely challenging year, said S.A. Ibrahim, Radian's chief executive, during a conference call with analysts. (San Diego Union-Tribune -- Business)
U.S. mortgage insurer Radian posts large Q4 loss Feb 16, 2008
NEW YORK Mortgage insurer Radian Group Friday reported its second-ever quarterly loss, hurt by securities losses, costly write-downs and the need to boost its loss reserves as more U.S. homeowners fell behind on payments. The company, which sells policies to cover partial payment of mortgages in the event of a default, said its fourth-quarter net loss was $618 million, or $7. (San Diego Union-Tribune -- Business)
Mortgage woes sting insurer MGIC again Feb 14, 2008
Deteriorating U.S. mortgages resulted in MGIC and rivals Radian Group Inc and PMI Group Inc posting their first-ever losses in the third quarter last year. For all of 2007, MGIC lost $1. (ABC News -- Wire)
Mortgage Insurers' Mess, Buyout Barrier, Rio's Profit: Timshel Feb 14, 2008
The country's three largest mortgage insurers -- MGIC Investment Corp., PMI Group Inc. and Radian Group Inc., in that order -- have fallen by an average of 42 percent this year. The comparable figure for MBIA Inc., Ambac Financial Group Inc. and five other bond insurers is just one percentage point worse. (Bloomberg -- Columnists)
Mortgage insurer MGIC posts $1.47-billion loss Feb 13, 2008
MGIC had agreed last February to a $5-billion merger with rival Radian Group Inc. That merger collapsed in September after both companies saw their shares plunge, and wrote off much of their $1. 03-billion investment in C-BASS.. (Globe and Mail -- Business)
Defaults on US Insured Mortgages at Record High Jan 1, 2008
Mortgage insurers such as MGIC Investment Corp (MTG.N: , , ), PMI Group Inc (PMI.N: , , ) and Radian Group Inc (RDN.N: , , ) lost money in the third quarter as more homeowners fell behind on payments. Shares of each lost well over half their value this year. (Reuters)
Mortgage insurance defaults set monthly record Jan 1, 2008
The trade group's data comes from American International Group Inc., Genworth Financial Inc., Old Republic International Corp., MGIC, PMI and Triad Guaranty Inc. but excludes Radian Group Inc., which left the trade group in 2003. Copyright 2007 The Associated Press. (MSNBC -- Business)
Addicted to Porn Jan 1, 2008
During the same 12 months, Radian Group (NYSE: RDN), Akamai Technologies (Nasdaq: AKMI), Sirius Satellite Radio (Nasdaq: SIRI), Rambus (Nasdaq: RMBS), and Google (Nasdaq: GOOG) turned over approximately 8, 4, 3+, 3+, and 3 times, respectively. Together with Apple, these stocks had a combined 12-month return of (trumpet fanfare) 12. (MSNBC -- Business)
US mortgage defaults rise to a record Jan 1, 2008
The trade group's data comes from American International Group Inc, Genworth Financial Inc, Old Republic International Corp., MGIC, PMI and Triad Guaranty Inc but excludes Radian Group Inc, which left the trade group in 2003. 2008. (Sydney Morning Herald -- Business)
Huge jump in US housing defaults Jan 1, 2008
Radian Group, the third-largest, dropped US50, or 4. 3%, to $US11. (Sydney Morning Herald -- Business)
Housing slump not hitting Pa. as hard as other parts of country Dec 19, 2007
Mortgage insurer Radian Group Inc. in Philadelphia took a 304 million after-tax hit in the third quarter from a joint venture that invested in subprime mortgages. Its total quarterly loss came to 704 million, or 8. (Somerset Daily American, PA)
Moody's affirms credit ratings on bond insurers Dec 18, 2007
The insurance unit of Radian Group, which is based in Philadelphia, kept its AA3 rating. Today in Marketplace by Bloomberg. (International Herald Tribune -- Business Asia)
Bond Insurers FGIC, XL May Lose Top Rating, MBIA's Uncertain, Moody's Says Dec 16, 2007
Radian Group Inc.'s insurance unit kept its Aa3 rating. We will be focusing on both the effectiveness of the companies' capital remediation plans and their risk management strategies going forward,'' Moody's managing director Jack Dorer said in a statement yesterday. (Bloomberg -- US)
Trade strategy heaps pressure on U.S. borrowers Dec 3, 2007
The U.S. names with inverted yield curves include the largest mortgage lender Countrywide Financial Corp., the largest savings and loan association Washington Mutual Inc., the largest luxury house builder Toll Brothers and mortgage insurer Radian Group Inc.. For example, Radian five-year CDS traded on Friday at about 670 basis points, versus 524 basis points for 10-year CDS, according to data from Markit. (Globe and Mail -- Business)
SEC launches probe of MGIC, Radian Nov 22, 2007
MGIC and Radian had announced plans to merge in February, with MGIC acquiring Radian Group in a $4. 9 billion transaction. (Milwaukee Business Journal, WI)
Ambac Investors Sweat A Little More Nov 20, 2007
49, and Radian Group (nyse: - - ) sank 8 ... 8% over the past month, and Radian Group has dropped 40. (Forbes -- Markets)
As loans go bad, mortgage insurers worry Nov 10, 2007
And the insurer Radian Group Inc. posted a loss of $703 ... Sares of Radian Group increased $2. (Anchorage Daily News)
Bold Buys In Financials Nov 10, 2007
Another financial firm that the gurus jumped into last week: mortgage insurer Radian Group (nyse: - - ) ... Guru Buys: Wells Fargo Radian Group Ryland Group Toll Brothers MBIA (nyse: - - ). (Forbes)
Private mortgage insurers hurting as delinquencies rise Nov 10, 2007
The insurer Radian Group Inc. posted a loss of $703. 9 million in the third quarter after getting hit by writedowns and losses at a subprime mortgage joint venture with MGIC.. (San Diego Union-Tribune)
Down-payment second mortgages tougher to get Nov 9, 2007
Typically, homebuyers who couldnt come up with 20 percent of the purchase price for a cash downpayment were required to buy mortgage insurance from companies like PMI Group Inc., Radian Group Inc. and MGIC Investment Corp. to protect lenders from default. advertisement. (MSNBC -- Business)
Meltdown cuts off 2nd mortgages for downpayments Nov 9, 2007
Typically, homebuyers who couldn't come up with 20 percent of the purchase price for a cash downpayment were required to buy mortgage insurance from companies like PMI Group Inc., Radian Group Inc. and MGIC Investment Corp. to protect lenders from default. But in 2005 and 2006, at the peak of the housing boom, 22 percent of new mortgages had "piggyback" second loans used for downpayments, according to a recent Federal Reserve analysis of home loan data. (AZCentral -- Business)
Canada's AIC Sells 13 Percent Stake in Mortgage Insurer Radian Group Nov 9, 2007
Nov. 8 (Bloomberg) -- AIC Ltd., the Canadian mutual fund manager that in September became the largest investor in mortgage insurer Radian Group Inc., has sold its 13 percent stake ... Radian Group Inc., the third-largest U.S. mortgage insurer, on Nov. 2 reported a $703. (Bloomberg -- Canada)
Homebuilders lose ground after Fed interest rate cuts, while other stocks carry on as usual Nov 1, 2007
36, and Radian Group Inc. shares rose 25 cents to $10. 31. (San Diego Union-Tribune -- Business)
Radian Issues Statement Oct 26, 2007
PHILADELPHIA, Oct. 25 /PRNewswire-FirstCall/ -- Radian Group Inc. (NYSE: ) today issued the following statement: "In response to the recent volatility in the financial markets, which has affected the stock price of Radian and many others in the housing, mortgage and financial services sectors, Radian noted that the company has a strong capital position and balance sheet. We believe actions taken during the third quarter, including the sale of the Sherman interest for approximately $278 million... (PR Newswire)
Respite's over Oct 23, 2007
Chief Executive Officer Curt Culver said on a conference call today that real estate prices may drop 10% nationally over the next 18 months MGIC wrote off its $466 million investment in Credit-Based Asset Servicing and Securitization LLC, jointly owned with Radian Group Inc., after demand for subprime loans collapsed Culver blamed much of the surging losses on larger claims from bigger mortgages and fewer delinquent mortgages being returned to good standing as housing markets deteriorated,... (Asia Times Online)
Goldman in talks to buy subprime servicing company Oct 5, 2007
Last month, Radian Group Inc terminated a merger agreement with MGIC Investment Corp, citing weakening conditions in US mortgage markets. Radian and MGIC, the joint owners of CBASS, said they would still pursue a previously announced sale of their venture, which had plunged in value. (The Star Online, Malaysia -- Business)
Mortgage Defaults on Insured Loans in U.S. Increase 30 Percent, Group Says Sep 30, 2007
Third-ranked Radian Group Inc., the insurer whose acquisition by MGIC was scuttled, has fallen almost 60 percent. MGIC fell 36 cents to $32. (Bloomberg)
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Radian Group, Inc. Sep 20, 2007
Sept. 19 /PRNewswire/ -- Law Offices of Howard G. Smith announces that a securities class action lawsuit has been filed on behalf of purchasers of the securities of Radian Group Inc. ("Radian Group" or the "Company") (NYSE: ) between January 23, 2007 and July 31, 2007, inclusive (the "Class Period") ... The Complaint alleges that defendants violated federal securities laws by issuing material misrepresentations to the market concerning the Company's financial performance and prospects, thereby... (PR Newswire)
MGIC Investment Sells Portion of Sherman Joint Venture Sep 20, 2007
Radian Group Inc., which also sold interests in Sherman to the management entity, owns the balance of Sherman. Various decisions involving Sherman will require the concurrence of the three owners. (PR Newswire)
Radian Sells Portion of Investment in Sherman Financial for $278 Million Sep 20, 2007
PHILADELPHIA, Sept. 19 /PRNewswire-FirstCall/ -- Radian Group Inc. (NYSE: ) announced today that its primary mortgage insurance subsidiary, Radian Guaranty Inc., sold a portion of its investment in Sherman Financial Group LLC to an entity owned by Sherman management ... Radian Group Inc. is a global credit risk management company headquartered in Philadelphia with significant operations in New York and London ... SOURCE Radian Group Inc.. (PR Newswire)
Net Worth: Mortgage insurance has often gotten piggybacked away Sep 20, 2007
Seven companies - PMI Group, Radian Group, MGIC Investment, Triad Guaranty and subsidiaries of American International Group, Genworth Financial and Old Republic International - account for more than 95 percent of the U.S. private mortgage insurance market. In recent years, the percentage of home loans with insurance has declined considerably as more buyers opted for piggyback mortgages, which usually carry a higher rate. (San Francisco Chronicle -- Business)
Don't Bet the Ranch Sep 19, 2007
1 BILLION in net worth as of June 30, the mortgage-insurance company Radian Group () might have seemed cushioned from the mayhem unleashed by the unfolding deterioration in the U.S. residential mortgage market. But it hasn't turned out that way. (SmartMoney)
Shareholder Class Action Filed Against Radian Group Inc. by the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP Sep 12, 2007
Shareholder Class Action Filed Against Radian Group Inc. by the Law Firm of Schiffrin Barroway Topaz er, LLP ... Shareholder Class Action Filed Against Radian Group Inc. by the Law Firm of Schiffrin Barroway Topaz er, LLP ... Sept. 11 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin Barroway Topaz er, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all... (PR Newswire)
Value Fund Shines Light On Radian Sep 12, 2007
Philadelphia-based Radian Group (nyse: - - ) rose 10. 1%, or $1. (Forbes -- Markets)
Bond insurers feel the chill from credit turmoil fallout Sep 12, 2007
Among the worst hit has been Radian Group, which focuses on insuring mortgage-backed debt ... Investors in municipal bonds insured by a unit of Radian Group got a taste of that scenario last week, when a downgrade of Radian from Fitch Ratings resulted in ratings cuts for the more than $16bn worth of municipal bonds ... Fitch cut the subsidiarys credit rating two notches to A+ from AA last week and cut the rating of parent Radian Group by a notch to A-minus from A, saying the financial... (FT.com -- Markets)
Troubled Irish financial company is allowed to restructure Sep 7, 2007
According to company records, Bowers set up Structured Credit in 2006 after working for the mortgage insurer Radian Group. The chairman of Structured Credit, Geoffrey Kalish, was a senior principal at the company's largest shareholder, Aquiline. (International Herald Tribune -- Business)
ECB provides emergency funds to money markets Sep 7, 2007
Mortgage insurer MGIC Investment Corp and bond insurer Radian Group Inc terminated a $5. 47 billion merger because of deteriorating market conditions. (International Herald Tribune -- Business)
Housing, Jobs Data Weigh on Stocks Sep 7, 2007
The latest casualty of the subprime real estate meltdown: The planned merger between mortgage insurers MGIC Investment Corp. (MTG) and Radian Group Inc. (RDN), which the two companies terminated Wednesday. The companies say that current market conditions have made the combination more challenging. (MSNBC -- Business)
Radian Requests Withdrawal of Fitch Ratings Sep 6, 2007
PHILADELPHIA, Sept. 5 /PRNewswire-FirstCall/ -- Radian Group Inc. (NYSE: ) ("the Company"), in response to the negative ratings actions taken today by Fitch Ratings with regard to Radian Asset Assurance, the Company's principal financial guaranty subsidiary, has formally requested that Fitch immediately withdraw all of its ratings for the Company and its subsidiaries ... The Company is working diligently to address the concerns of Moody's and S respect to Radian Group and its mortgage insurance... (PR Newswire)
Splitsville for MGIC-Radian Sep 6, 2007
The merger between MGIC Investment Corp. () and Radian Group () first appeared to be souring a month ago. A legal fight was brewing over whether MGIC could pull out of the merger, already approved by both corporate boards. (BusinessWeek)
MGIC scraps Radian deal amid mortgage turmoil Sep 6, 2007
NEW YORK (Reuters) - Mortgage insurer MGIC Investment Corp scrapped plans on Wednesday to acquire rival Radian Group Inc , as the takeover became the latest casualty of turmoil in U.S. mortgage markets. MGIC, the largest private U.S. mortgage insurer, agreed in February to buy Radian in a $5. (ABC News -- Wire)
MGIC and Radian call off takeover talks Sep 6, 2007
MGIC Investment, the biggest U.S. mortgage insurer, has abandoned talks to acquire Radian Group for about $2. 4 billion as subprime loans defaulted at the highest rate in five years. (International Herald Tribune -- Business)
MGIC, Radian call off merger, citing troubles in mortgage market Sep 6, 2007
Thursday 06 September, 2007. The companies announced a deal on Feb. 6 calling for MGIC to pay about $5 billion for Radian, but its value tumbled along with MGIC's stock price. (NEPA News, PA)
MGIC, Radian Pull Plug on Planned Merger Sep 6, 2007
Mortgage insurers MGIC Investment Corp. (MTG) and Radian Group Inc. (RDN) have agreed to terminate their merger agreement some two months after the deal became jeopardized by losses at their subprime-mortgage joint venture. The news sent shares of Radian slidding in premarket trading. (SmartMoney)
Wall St sells off on home sales data Sep 6, 2007
Further demonstrating the continuing impact of subprime problems, mortgage insurers MGIC Investment Corporation and Radian Group on Wednesday agreed to terminate their merger agreement two months after the deal was hit by losses at their subprime-mortgage joint venture. The news sent Radian up almost 12 per cent in early trade before settling almost 1 per cent higher at $18. (FT.com -- Markets)
MGIC abandons deal for rival mortgage insurer Radian, citing troubles in mortgage market Sep 5, 2007
Mortgage insurer MGIC Investment Corp. and rival Radian Group Inc. said Wednesday they are abandoning plans to combine the companies, citing troubles in the mortgage industry. Radian's shares tumbled more than 6 percent in premarket trading. (International Herald Tribune -- Sports)
Cold Stocks You're Selling Now Aug 25, 2007
Updated: 6:52 a.m. ET Aug. 24, 2007. Welcome back to another Foolish review of the coldest stocks, as ranked by Motley Fool CAPS. We're looking at the three worst-performing industries over the past 30 days and your favorite short and long candidates in each. (MSNBC -- Business)
MGIC files federal lawsuit against Radian Group Aug 22, 2007
Wednesday 22 August, 2007. MGIC says it needs the information to decide whether it is obligated to go ahead with the merger with Philadelphia-based Radian. (NEPA News, PA)
Nervous investors flee bond insurers Aug 21, 2007
Among the worst hit has been Radian Group, which specifically insures mortgage-backed debt. It has seen its shares tumble by more than 60 per cent this year while the cost of protecting its debt against default in derivatives markets has spiked nine times higher. (FT.com -- Markets)
Radian Draws on Credit, Faces Lawsuits Aug 18, 2007
Radian Group Inc., one of the nation's largest mortgage insurers, has drawn down half its credit line and faces shareholder lawsuits accusing the company of securities violations. Radian, facing massive losses in subprime investments, said it's getting $200 million from a $400 million unsecured revolving credit facility expiring in 2011, according to a filing late Thursday with the Securities and Exchange Commission. (ABC News -- Wire)
Liner Yankelevitz Investigates Possible Claims Relating to Radian Group Inc. Savings Incentive Plan Aug 18, 2007
SAN FRANCISCO, Aug. 17, 2007 (PRIME NEWSWIRE) -- Liner Yankelevitz Sunshine & Regenstreif LLP (``LYS&R'') has commenced an investigation relating to Radian Group Inc. (``Radian'' or the ``Company'') and potential violations of the Employee Retirement Income Security Act of 1974 (``ERISA''). The investigation focuses on investments in Radian by the Radian Group Inc. Savings Incentive Plan (the ``Plan'') ... If you are a member of the Radian Group Inc. Savings Incentive Plan and purchased or held... (Primezone Releases)
Federman & Sherwood Announces That a Securities Class Action Lawsuit Has Been Filed Against Radian Group, Inc. Aug 17, 2007
Federman ood Announces That a Securities Class Action Lawsuit Has Been Filed Against Radian Group, Inc. ... Federman ood Announces That a Securities Class Action Lawsuit Has Been Filed Against Radian Group, Inc. ... OKLAHOMA CITY, Aug. 16 /PRNewswire/ -- On August 15, 2007, a class action lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania against Radian Group, Inc. (NYSE: ). (PR Newswire)
Accredited Home sues Lone Star to complete merger Aug 14, 2007
On Aug. 7, MGIC Investment said it wasn't obligated to complete its purchase of mortgage insurer Radian Group after a subprime joint venture became worthless. Two days later, H&R Block said it might delay selling its Option One Mortgage unit to Cerberus Capital at least two months, to year-end. (USA Today -- Money)
Countrywide, Washington Mutual Shares Decline on Mortgage Market Concern Aug 11, 2007
The fallout has toppled at least 70 mortgage companies and half a dozen hedge funds that bought their loans, and stalled buyouts including MGIC's takeover of Radian Group Inc. Regulators in the U.S., Europe and Japan have responded by pumping money into the banking system. Any company that has products related to home sales is in trouble,'' said James Stratton, chief executive officer of investment firm Stratton Management Co. in Plymouth Meeting, Pennsylvania. (Bloomberg)
MGIC stock surges because it may not complete deal with Radian Aug 9, 2007
Radian Group's stock, meanwhile, fell early but gained some ground as it maintained MGIC has no basis to back out of the deal ... Radian Group Inc.: http://www. (Scranton Times, PA)
MGIC says may not be obligated to Radian buy Aug 8, 2007
NEW YORK (Reuters) - MGIC Investment Corp , the largest independent mortgage insurer, said on Tuesday its management has made a preliminary assessment that it is not obligated to complete its acquisition of rival Radian Group Inc. Top Money stories. (ABC News -- Wire)
MGIC Says It Can Back Out of Radian Deal Aug 8, 2007
MGIC Investment Corp. said Tuesday it does not believe it has to complete its purchase of Radian Group Inc., after their joint interest in a mortgage investor became all but worthless ... Last week, private-mortgage insurer MGIC Investment and credit risk manager Radian Group revealed their investments in subprime mortgage investor C-Bass LLC could be worthless. (ABC News -- Wire)
Takeover Doubts, Mortgage REIT Calls, Securitas Slump: Timshel Aug 8, 2007
They also show MGIC Investment Corp.'s proposed takeover of Radian Group Inc. was a question mark even before MGIC said yesterday that it may not complete the purchase. The value of the $2. (Bloomberg -- Columnists)
Radian Declares Regular Quarterly Dividend on Common Stock and Responds to Stockholder Inquiries Aug 7, 2007
PHILADELPHIA, Aug. 6 /PRNewswire-FirstCall/ -- Radian Group Inc. (NYSE: RDN) announced today that the company's Board of Directors approved a regular quarterly dividend on its common stock in the amount of $0 ... Radian Group Inc. is a global credit risk management company headquartered in Philadelphia with significant operations in New York and London ... SOURCE Radian Group Inc.. (PR Newswire)
American Home Mortgage's Lenders Cut Off Credit; May Liquidate Assets Aug 2, 2007
Mortgage insurers MGIC Investment Corp (MTG.N) and Radian Group Inc (RDN.N) fell a respective 14. 9 percent and 16. (Fox News -- Politics)
Stocks Reverse Course, Sink on Credit Fears Aug 1, 2007
Mortgage insurer MGIC () and Radian Group () shares slid after MGIC disclosed it could lose most of its investment in a subprime credit joint venture the companies own ... 66 and Radian Group stock sank 16. (Fox News)
American Home Mortgage Faces Liquidation Aug 1, 2007
American Home's news came after Credit Based Asset Servicing and Securitization, or C-Bass, a joint venture of MGIC Investment Corp. (MTG) and Radian Group Inc. (RDN), said it has been subject to an "unprecedented" amount of margin calls from its lenders, putting heavy demands on the cash it needs to run its business. C-Bass invests in mortgage credit risk by buying home loans and funneling them into various types of investments like bonds or collateralized debt obligations. (SmartMoney)
Loan worries drag US market lower Aug 1, 2007
Mortgage insurer MGIC and Radian Group shares slid after MGIC disclosed it could lose most of its investment in a subprime credit joint venture the companies own ... 66 and Radian Group's. (Sydney Morning Herald -- Business)
