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Ginnie Mae announces new procedures for monitoring loan data submitted by issuers

National Mortgage Professional
Nov 03, 2008

Radian implements mortgage insurance capital plan MortgagePress.comRandian, mortgage insurance, Radian Asset Assurance, S.A. Ibrahim, Sherman Financial Radian Group Inc. has announced the completion of the primary component of its capital plan, providing non-dilutive capital support to its mortgage insurance business. Radian has contributed its ownership interest in Radian Asset Assurance Inc. (Radian Asset), its principal financial guaranty subsidiary, to Radian Guaranty, the company's principal mortgage insurance subsidiary. "We reiterate our commitment to our mortgage insurance business with the contribution of a company with $960 million in statutory surplus, which is part of approximately $3 billion of claims-paying resources," stated S.A. Ibrahim, chief executive officer of Radian Group. "Our mortgage insurance business remains our primary focus and we believe the contribution of Radian Asset will provide a substantial amount of capital over time. The strength of this internally-sourced capital plan differentiates us within the industry and best positions us for the long term." Radian's ownership interest in Sherman Financial recently increased to approximately 29 percent from 22 percent. Radian expects Sherman to continue to provide it with a meaningful dividend contribution and to serve as a potential source of additional capital. Radian received $19.5 million in dividends from Sherman in the first half of 2008. To allow for this transfer, Radian completed the previously announced amendment to its credit facility, reducing the outstanding amount and commitment size of the facility to $150 million. For more information, visit www.radian.biz.
Published
Nov 03, 2008
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