Market Drift Toward PMI Continuing, Says Radian CFO

a presentation at the Macquarie Small- and Mid-Cap Conference in New York this week, Radian Chief Financial Officer Bob Quint cited positive market trends for the company's mortgage insurance and financial guaranty businesses. ‘We are seeing some improvement in the macroeconomic environment and housing market, which, in turn, has begun to stabilize the performance of our mortgage insurance legacy book,’ Quint said. ‘While we believe the recovery to a more normal economic environment will be slow, there are many signs that the worst is behind us.’ During his presentation, Quint noted that delinquencies declined by approximately 1% for April and by approximately 1.6% for May. Quint emphasized that while the delinquency trends were clearly positive, there are many other factors affecting Radian's loss reserve estimate, including default composition, severity and rescission and denial assumptions. The gradual shift of market share to the private mortgage insurance industry away from Federal Housing Administration mortgage insurance that began in February has slowly increased each month through April, Quint added. SOURCE: [link=]Radian Group Inc.


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