September 21, 2011
Radian Group Inc., the second-largest U.S. mortgage insurer, said today it is cutting 7 percent of its mortgage insurance and corporate staff. Included in the cuts is Robert H. Griffith, executive vice president and chief operating officer of Radian Guaranty Inc., the mortgage insurance subsidiary, which has seen weak sales because of the slow housing market. An estimated 40 to 50 people are affected by the cuts at the Philadelphia company. -Harold Brubaker
November 21, 2005 |
Herbert Wender encountered a problem after arriving in the executive suite at Radian Group Inc. one May morning to introduce its new chief executive officer, S.A. Ibrahim. Ibrahim had arrived much earlier in Radian's Center City offices and had disappeared. "I found him down on the fifth floor in the mail room" shaking hands with employees, said Wender, Radian's chairman of the board. "He has brought an energy level to the company that is just astounding," Wender said.
April 26, 2005 |
Mortgage-industry veteran Sanford A. Ibrahim will become chief executive officer of Radian Group Inc., succeeding Frank Filipps, who is retiring, the Philadelphia insurance and financial-services company said yesterday. Ibrahim, 53, had led the GreenPoint Mortgage residential mortgage lending subsidiary of North Fork Bankcorp. Inc. since 1999. He is a 1978 graduate of the Wharton School of the University of Pennsylvania, where he studied finance. He also has an engineering degree from Osmania University in India.
May 29, 2001 |
Who has money, or desire, to put a 20 percent down payment on a home anymore? Not many people. That's where a Center City company, formerly known as Commonwealth Mortgage Assurance Co., comes in. Now called Radian Group Inc., it is one of seven private mortgage insurers in the nation that sell "credit enhancement" products to the undercapitalized home buyer. Radian's typical customers are buying a home for about $140,000, are short on cash, and are willing to pay $700 to $750 a year for mortgage insurance to purchase the split-level of their dreams.
July 7, 2008 |
As chief executive officer of Radian Group Inc., a Philadelphia mortgage and bond insurer, Sanford A. Ibrahim (who goes by S.A., as suggested by a Wharton career counselor) has been dealing with a company whose stock has plummeted from $66 in early 2007 to barely $1 last week. The crumbling housing and credit markets have provided a brutal ride. Still, Ibrahim, who became Radian's CEO three years ago and still has a house near San Francisco, where he last worked, tries to keep some part of his life for himself.
September 26, 2011
Radian Group Inc. and the National League of Cities, which has 1,600 municipal members, said today they are exploring the formation of a company, backed by third-party investors, to insure municipal bonds. The National League of Cities said it wanted to create a mutual bond insurer, which would be owned by the policyholders, to restore insurance capacity that was eliminated during the U.S. financial crisis of 2008 and 2009. Several bond insurers stopped taking on new business because of losses linked to home loans.
August 3, 2010
Radian Group Inc., the second-largest U.S. mortgage insurer, posted its fourth straight quarterly loss on a charge tied to derivatives. The second-quarter net loss was $475.1 million ($4.31 a share), over profit of $231.9 million ($2.82 a share) in the year-earlier period, the Philadelphia-based company said in a statement today. Excluding results from the derivatives, the loss was $1.22 a share, wider than the 78-cent loss that was the average estimate of seven analysts surveyed by Bloomberg.
March 3, 2008 |
Radian Group Inc. said today in a regulatory filing that it was unable to file its 2007 annual report on time because of difficulties valuing assets known as deriviatives. The Philadelphia mortgage and bond insurer said there had been too little trading of those instruments last year to easily settle on their values, which are needed to complete financial statements for the year. Radian also said weakenesses in internal controls over financial reporting, first disclosed after the third quarter of 2007, were still a problem at the end of the year.
August 8, 2007 |
MGIC Investment Corp. said yesterday that it could back out of its agreement to buy rival mortgage insurer Radian Group Inc., of Philadelphia. Since it was announced in February, the stock deal has plummeted in value from $4.87 billion to $2.17 billion as the companies faced mounting losses from defaults on mortgages to borrowers with weak credit. A severe blow came last week when MGIC, of Milwaukee, and Radian said they might have to write off as much as $1 billion invested in Credit-Based Asset Servicing & Securitization L.L.C.
July 8, 2008 |
Radian Group Inc., the troubled mortgage insurer with 500 employees in Center City and whose stock dipped below $1 a share this month, yesterday announced a management shake-up in its principal mortgage-insurance subsidiary. Teresa Bryce, who is executive vice president, general counsel and chief risk officer for Radian, was appointed president of Radian Guaranty Inc. Bryce will report to Radian chief executive Sanford A. Ibrahim. Bryce replaces David Applegate, who resigned and remains with Radian as a consultant.