<SEC-DOCUMENT>0001157523-14-002792.txt : 20140710
<SEC-HEADER>0001157523-14-002792.hdr.sgml : 20140710
<ACCEPTANCE-DATETIME>20140710163900
ACCESSION NUMBER:		0001157523-14-002792
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140710
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140710
DATE AS OF CHANGE:		20140710

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIAN GROUP INC
		CENTRAL INDEX KEY:			0000890926
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				232691170
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11356
		FILM NUMBER:		14969955

	BUSINESS ADDRESS:	
		STREET 1:		1601 MARKET STREET
		STREET 2:		12TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2155646600

	MAIL ADDRESS:	
		STREET 1:		1601 MARKET ST
		STREET 2:		12TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CMAC INVESTMENT CORP
		DATE OF NAME CHANGE:	19960126
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50903398.htm
<DESCRIPTION>RADIAN GROUP INC. 8-K
<TEXT>
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      <font style="font-size: 18pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 18pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-size: 18pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-size: 12pt; font-family: Times New Roman"><b>WASHINGTON,
      DC 20549</b></font><br>
    </p>
    <hr style="text-align: center; width: 100%; height: 1.0 pt; color: #000000">


    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>FORM 8-K</b></font>
    </p>
    <hr style="text-align: center; width: 100%; height: 1.0 pt; color: #000000">


    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Pursuant
      to Section 13 or 15(d) of</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>The
      Securities Exchange Act of 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman"><b>Date
      of report (Date of earliest event reported) </b></font><b><u><font style="font-size: 10pt; font-family: Times New Roman">July
      10, 2014</font></u></b><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <hr style="text-align: center; width: 100%; height: 1.0 pt; color: #000000">


    <p style="text-align: center">
      <font style="font-size: 17pt"><b>Radian Group Inc.</b></font><br><font style="font-size: 10pt; font-family: Times New Roman"><b>(Exact
      Name of Registrant as Specified in Its Charter)</b></font><br>
    </p>
    <hr style="text-align: center; width: 100%; height: 1.0 pt; color: #000000">


    <p style="text-align: center">

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; padding-left: 0.0px; width: 34%; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>1-11356</b></font>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; padding-left: 0.0px; width: 33%; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>23-2691170</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(State or Other Jurisdiction<br>of Incorporation)</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Commission</b><br><b>File Number)</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(IRS Employer</b><br><b>Identification No.)</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 60%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>1601
            Market Street, Philadelphia, Pennsylvania</b></font>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; padding-left: 0.0px; width: 40%; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>19103</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 60%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>(Address
            of Principal Executive Offices)</b></font>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>(Zip
            Code)</b></font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <b>(215) 231 - 1000</b><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman"><b>(Registrant&#8217;s
      Telephone Number, Including Area Code)</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman"><b>(Former
      Name or Former Address, if Changed Since Last Report)</b></font><br><br>
    </p>
    <hr style="text-align: center; width: 100%; height: 1.0 pt; color: #000000">


    <p>

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions </font>&#160;(<i>see </i>General Instruction
      A.2. below)<font style="font-size: 10pt; font-family: Times New Roman">:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt">&#160;</font>
      &#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
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      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>Item 7.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Regulation
      FD Disclosure</u>.</b>
    </p>
    <p style="text-indent: 60.0px">
      On July 10, 2014, Radian Group Inc. (the &#8220;Company&#8221;) issued a news
      release providing comment on today&#8217;s release of the proposed Private
      Mortgage Insurance Eligibility Requirements (PMIERs) developed by Fannie
      Mae and Freddie Mac and issued by the Federal Housing Finance Agency and
      announcing that it will host a conference call at 6:00 p.m. eastern time
      on July 10, 2014 to discuss the proposed PMIERs.
    </p>
    <p style="text-indent: 60.0px">
      A copy of this news release is furnished as Exhibit 99.1 to this Current
      Report on Form 8-K.&#160;&#160;&#160;
    </p>
    <p style="text-indent: 60.0px">
      The information included in, or furnished with, this report shall not be
      deemed &quot;filed&quot; for purposes of Section&#160;18 of the Securities Exchange Act
      of 1934 (the &quot;Exchange Act&quot;), nor shall it be deemed incorporated by
      reference in any filing under the Securities Act of 1933 or the Exchange
      Act, except as shall be expressly set forth by specific reference in
      such filing.
    </p>
    <p>
      <br>
      <b>Item 9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p>
      <b>(d) <i>Exhibits.</i></b>
    </p>
    <p style="white-space: nowrap; text-indent: 60.0px">
      99.1*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Radian Group Inc. News Release dated July 10, 2014.
    </p>
    <p>
      _____________________
    </p>
    <p>
      * Furnished herewith.
    </p>
    <div style="margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
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        <div style="text-align: left">

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          <hr style="height: 1.5pt; color: black">

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        <div style="text-align: right">

        </div>
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    </div>
    <p>

    </p>
    <hr style="text-align: left; width: 100%; height: 1.0 pt; color: #000000">


    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <br>
      <br>

    </p>
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      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 54%">

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>RADIAN GROUP INC.</b></u>
          </p>
        </td>
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      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 54%">

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          (Registrant)
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 54%">

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
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        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 6%; padding-bottom: 2.0px">
          Date:
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 54%; padding-bottom: 2.0px">
          July 10, 2014
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 4%; padding-bottom: 2.0px">
          By:
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 36%; border-bottom: solid black 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Edward J. Hoffman
          </p>
        </td>
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        <td style="width: 6%">

        </td>
        <td style="width: 54%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 36%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Edward J. Hoffman
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 54%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 36%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Executive Vice President and<br>General Counsel
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT&#160;INDEX</b><br><br>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>No.</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 4%; padding-bottom: 2.0px">
          &#160;
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 81%; border-bottom: solid black 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Description</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 81%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 15%">
          99.1*
        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 81%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Radian Group Inc. News Release dated July 10, 2014
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 81%">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            * Furnished herewith.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50903398_ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Radian
      Provides Comment on Proposed GSE Requirements for Private Mortgage
      Insurer Eligibility</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--
      Extended transition period of more than two years to comply with PMIERs&#8217;
      financial requirements --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>-- Radian
      expects ability to comply within the transition period without a need to
      raise external capital --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--
      Company to address several aspects of draft requirements during public
      comment period, including those that could increase homebuyer costs and
      restrict credit access --</b></font>
    </p>
    <p>
      PHILADELPHIA--(BUSINESS WIRE)--July 10, 2014--Radian Guaranty Inc., the
      mortgage insurance subsidiary of Radian Group Inc., today commented on
      the proposed Private Mortgage Insurer Eligibility Requirements (PMIERs)
      developed by Fannie Mae and Freddie Mac (GSEs) and issued by the Federal
      Housing Finance Agency (FHFA), which were released earlier today. The
      proposed PMIERs are intended to provide revised requirements that the
      GSEs will impose on private mortgage insurers (MIs), including Radian
      Guaranty, to remain eligible insurers of loans purchased by the GSEs.
    </p>
    <p>
      &#8220;Radian fully supports the need for strong counterparties to Fannie Mae
      and Freddie Mac, and the need for well-defined standards against which
      private mortgage insurers should be measured,&#8221; said Radian Guaranty
      President Teresa Bryce Bazemore. &#8220;We believe appropriately structured
      PMIERs will better position our industry to continue serving its
      critical role in the housing finance market, including providing worthy
      borrowers with access to homeownership.&#8221;
    </p>
    <p>
      The proposed PMIERs reflect limited initial input from Radian. The
      company will provide additional commentary to the FHFA on several areas
      of the proposed PMIERs during the public comment period, which is
      expected to end on Monday, September 8, 2014. Among these areas, Radian
      will note that the proposed capital requirements are more onerous than
      Radian&#8217;s historical default experience suggests would be needed to
      withstand a severe stress event.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      The company&#8217;s comments will also outline how the proposed PMIERs are
      inconsistent with the FHFA&#8217;s stated goal of expanding access to mortgage
      credit and reducing taxpayer risk by increasing the role of private
      capital in the mortgage market.
    </p>
    <p>
      Bazemore added, &#8220;We look forward to continuing our dialogue with the
      FHFA and the GSEs as they gather input on the PMIERs. We are proud of
      our strong working relationship that was also in place as Radian met all
      of its obligations during the greatest economic stress in our company&#8217;s
      history, paid more than $5 billion in claims, and strengthened our
      capital levels to support continued low downpayment lending.&#8221;
    </p>
    <p>
      Radian will host a conference call at 6:00 p.m. Eastern time today to
      discuss the proposed PMIERs and their potential impact on the company.
      Details for the conference call may be found below; the proposed PMIERs
      and additional information may be found on Radian&#8217;s website at <u>www.radian.biz/pmiers</u>.
    </p>
    <p>
      TIMEFRAME AND EXPECTATION FOR COMPLIANCE
    </p>
    <p>
      After the public comment period ends, the FHFA is expected to review and
      consider input before publishing the final PMIERs. All aspects of the
      PMIERs are expected to become effective 180 days after their final
      publication. Approved insurers will be given an extended transition
      period of up to two years from the final publication date to be in
      compliance with the financial requirements of the PMIERs. Based upon an
      estimated final publication date of the end of 2014, Radian expects a
      transition period through January 1, 2017.
    </p>
    <p>
      Radian remains an eligible mortgage insurer with the GSEs and expects to
      be able to fully comply with the PMIERs within the transition period.
      The company has
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        approximately $800 million of currently available liquidity;
      </li>
      <li style="margin-bottom: 10.0px">
        the potential to monetize or utilize its financial guaranty business,
        which had $1.2 billion of statutory capital and an additional $376
        million in claims-paying resources as of March 31, 2014; and
      </li>
      <li style="margin-bottom: 10.0px">
        the potential to leverage various other options, if needed, including
        external reinsurance.
      </li>
    </ul>
    <p>
      Radian Asset received approval from the New York Department of Financial
      Services to pay an extraordinary dividend to Radian Guaranty of $150
      million. Radian Asset expects to request an additional dividend in 2015.
    </p>
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    <p>
      Radian Chief Executive Officer S.A. Ibrahim added, &#8220;We are confident
      that Radian will be able to comply with the proposed PMIERs within the
      transition period. Based on our holding company cash position and other
      potential options, we do not expect compliance with the PMIERs to
      require Radian to raise external capital.&#8221;
    </p>
    <p>
      Ibrahim continued, &#8220;We do believe that these proposed requirements, if
      not modified, have the potential to increase the cost of borrowing for
      future homebuyers, and could also restrict access to credit. This may
      impact many low- to moderate-income, deserving borrowers, including
      certain minority groups, who are particularly vulnerable today based on
      lower credit scores and limited savings for a downpayment.&#8221;
    </p>
    <p>
      CONFERENCE CALL
    </p>
    <p>
      Radian will discuss the proposed PMIERs in a call today, starting at
      6:00 p.m. Eastern time. The conference call will be broadcast live over
      the Internet at <u>http://www.radian.biz/page?name=Webcasts</u> or at <u>www.radian.biz</u>.
      The call may also be accessed by dialing 800-230-1093 inside the U.S.,
      or 612-288-0329 for international callers, using passcode 331702 or by
      referencing Radian.
    </p>
    <p>
      A replay of the webcast will be available on the Radian website
      approximately two hours after the live broadcast ends for a period of
      one year. A replay of the conference call will be available
      approximately two hours after the call ends for a period of thirty days,
      using the following dial-in numbers and passcode: 800-475-6701 inside
      the U.S., or 320-365-3844 for international callers, passcode 331702.
    </p>
    <p>
      ABOUT RADIAN
    </p>
    <p>
      Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides
      private mortgage insurance and related risk mitigation 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 <u>www.radian.biz</u>.
    </p>
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    </div>
    <p>
      FORWARD-LOOKING STATEMENTS
    </p>
    <p>
      All statements in this press release that address events, developments
      or results that we expect or anticipate may occur in the future are
      &#8220;forward-looking statements&#8221; within the meaning of Section 27A of the
      Securities Act of 1933, Section 21E of the Securities Exchange Act of
      1934 and the United States (&#8220;U.S.&#8221;) Private Securities Litigation Reform
      Act of 1995. In most cases, forward-looking statements may be identified
      by words such as &#8220;anticipate,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;could,&#8221; &#8220;should,&#8221;
      &#8220;would,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;goal,&#8221; &#8220;contemplate,&#8221; &#8220;believe,&#8221;
      &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;seek,&#8221;
      &#8220;strategy,&#8221; &#8220;future,&#8221; &#8220;likely&#8221; or the negative or other variations on
      these words and other similar expressions. These statements, which may
      include, without limitation, projections regarding our future
      performance and financial condition, are made on the basis of
      management&#8217;s current views and assumptions with respect to future
      events. Any forward-looking statement is not a guarantee of future
      performance and actual results could differ materially from those
      contained in the forward-looking statement. These statements speak only
      as of the date they were made, and we undertake no obligation to update
      or revise any forward-looking statements, whether as a result of new
      information, future events or otherwise. We operate in a changing
      environment. New risks emerge from time to time and it is not possible
      for us to predict all risks that may affect us. The forward-looking
      statements, as well as our prospects as a whole, are subject to risks
      and uncertainties that could cause actual results to differ materially
      from those set forth in the forward-looking statements including:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        changes in general economic and political conditions, including
        unemployment rates, changes in the U.S. housing and mortgage credit
        markets (including declines in home prices and property values), the
        performance of the U.S. or global economies, the amount of liquidity
        in the capital or credit markets, changes or volatility in interest
        rates or consumer confidence and changes in credit spreads, all of
        which may be impacted by, among other things, legislative activity or
        inactivity, actual or threatened downgrades of U.S. government credit
        ratings, or actual or threatened defaults on U.S. government
        obligations;
      </li>
      <li style="margin-bottom: 10.0px">
        changes in the way customers, investors, regulators or legislators
        perceive the strength of private mortgage insurers or financial
        guaranty providers, in particular in light of the fact that certain of
        our former competitors have ceased writing new insurance business and
        have been placed under supervision or receivership by insurance
        regulators;
      </li>
      <li style="margin-bottom: 10.0px">
        catastrophic events, municipal and sovereign or sub-sovereign
        bankruptcy filings or other economic changes in geographic regions
        where our mortgage insurance exposure is more concentrated or where we
        have financial guaranty exposure;
      </li>
      <li style="margin-bottom: 10.0px">
        our ability to maintain sufficient holding company liquidity to meet
        our short- and long-term liquidity needs;
      </li>
    </ul>
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    <ul>
      <li style="margin-bottom: 10.0px">
        a reduction in, or prolonged period of depressed levels of, home
        mortgage originations due to reduced liquidity in the lending market,
        tighter underwriting standards, or general reduced housing demand in
        the U.S., which may be exacerbated by regulations impacting home
        mortgage originations, including requirements established under the
        Dodd-Frank Wall Street Reform and Consumer Protection Act (the
        &#8220;Dodd-Frank Act&#8221;);
      </li>
      <li style="margin-bottom: 10.0px">
        our ability to maintain an adequate risk-to-capital position, minimum
        policyholder position and other surplus requirements for Radian
        Guaranty Inc. (&#8220;Radian Guaranty&#8221;), our principal mortgage insurance
        subsidiary, and an adequate minimum policyholder position and surplus
        for our insurance subsidiaries that provide reinsurance or capital
        support to Radian Guaranty;
      </li>
      <li style="margin-bottom: 10.0px">
        Radian Guaranty&#8217;s ability to comply with proposed Private Mortgage
        Insurance Eligibility Requirements (&#8220;PMIERs&#8221;) within the applicable
        transition period, which may require us to contribute substantially
        all of our holding company cash and investments to Radian Guaranty,
        and also could depend on our ability to: (1) successfully monetize
        Radian Asset, a direct subsidiary of Radian Guaranty, or otherwise
        utilize the capital in Radian Asset such that we are provided credit
        for such capital under the PMIERs; and (2) obtain reinsurance for a
        portion of our mortgage insurance risk-in-force in a manner that is
        compliant with the PMIERS. The amount of capital or capital relief
        that may be required to comply with the PMIERs also may be impacted by
        the performance of our mortgage insurance business, including the
        losses we incur and the amount of new business we write, among other
        factors. Contributing a significant portion of our holding company
        cash and investments to Radian Guaranty would leave Radian Group with
        less liquidity to satisfy its obligations, and we may not be
        successful in monetizing or otherwise utilizing the capital of Radian
        Asset or in obtaining reinsurance for our mortgage insurance
        risk-in-force on terms that are acceptable to us, if at all. In the
        event we are unable to successfully execute these or similar
        transactions or strategies, or such transactions are not available on
        terms that are acceptable to us, we may be required or decide to seek
        additional capital by incurring additional debt, by issuing additional
        equity, or by selling assets, which we may not be able to do on
        favorable terms, if at all. The ultimate form of the PMIERs and the
        timeframe for their implementation remain uncertain;
      </li>
    </ul>
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      <li style="margin-bottom: 10.0px">
        our ability to continue to effectively mitigate our mortgage insurance
        and financial guaranty losses;
      </li>
      <li style="margin-bottom: 10.0px">
        a more rapid than expected decrease in the levels of mortgage
        insurance rescissions and claim denials, which have reduced our paid
        losses and resulted in a significant reduction in our loss reserves,
        including a decrease in net rescissions or denials resulting from an
        increase in the number of successful challenges to previously
        rescinded policies or claim denials (including as part of one or more
        settlements of disputed rescissions or denials), or by Fannie Mae or
        Freddie Mac (the &#8220;Government-Sponsored Enterprises&#8221; or the &#8220;GSEs&#8221;)
        intervening in or otherwise limiting our loss mitigation practices,
        including settlements of disputes regarding loss mitigation activities;
      </li>
      <li style="margin-bottom: 10.0px">
        the negative impact that our loss mitigation activities may have on
        our relationships with our customers and potential customers,
        including the potential loss of current or future business and the
        heightened risk of disputes and litigation;
      </li>
      <li style="margin-bottom: 10.0px">
        the need, in the event that we are unsuccessful in defending our loss
        mitigation activities, to increase our loss reserves for, and reassume
        risk on, rescinded or cancelled loans or denied claims, and to pay
        additional claims, including amounts previously curtailed;
      </li>
      <li style="margin-bottom: 10.0px">
        any disruption in the servicing of mortgages covered by our insurance
        policies, as well as poor servicer performance;
      </li>
      <li style="margin-bottom: 10.0px">
        adverse changes in the severity or frequency of losses associated with
        certain products that we formerly offered (and which remain a small
        part of our insured portfolio) that are riskier than traditional
        mortgage insurance or financial guaranty insurance policies;
      </li>
      <li style="margin-bottom: 10.0px">
        a substantial decrease in the persistency rates of our mortgage
        insurance policies, which has the effect of reducing our premium
        income on our monthly premium policies and could decrease the
        profitability of our mortgage insurance business;
      </li>
      <li style="margin-bottom: 10.0px">
        heightened competition for our mortgage insurance business from others
        such as the Federal Housing Administration, the U.S. Department of
        Veterans Affairs and other private mortgage insurers, including with
        respect to other private mortgage insurers, those that have been
        assigned higher ratings than we have, that may have access to greater
        amounts of capital than we do, that are less dependent on capital
        support from their subsidiaries than we are or that are new entrants
        to the industry, and therefore, are not burdened by legacy obligations;
      </li>
      <li style="margin-bottom: 10.0px">
        changes in the charters or business practices of, or rules or
        regulations applicable to, the GSEs;
      </li>
      <li style="margin-bottom: 10.0px">
        changes to the current system of housing finance, including the
        possibility of a new system in which private mortgage insurers are not
        required or their products are significantly limited in effect or
        scope;
      </li>
    </ul>
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      <li style="margin-bottom: 10.0px">
        the effect of the Dodd-Frank Act on the financial services industry in
        general, and on our mortgage insurance and financial guaranty
        businesses in particular, including whether and to what extent loans
        with private mortgage insurance may be considered &#8220;qualified
        residential mortgages&#8221; for purposes of the Dodd-Frank Act
        securitization provisions;
      </li>
      <li style="margin-bottom: 10.0px">
        the application of existing federal or state laws and regulations, or
        changes in these laws and regulations or the way they are interpreted,
        including, without limitation: (i) the resolution of existing, or the
        possibility of additional, lawsuits or investigations (including in
        particular investigations and litigation relating to captive
        reinsurance arrangements under the Real Estate Settlement Procedures
        Act of 1974); (ii) changes to the Mortgage Guaranty Insurers Model Act
        (the &#8220;Model Act&#8221;) being considered by the National Association of
        Insurance Commissioners (&#8220;NAIC&#8221;) that could include more stringent
        capital and other requirements for Radian Guaranty in states that
        adopt the new Model Act in the future; and (iii) legislative and
        regulatory changes (a) impacting the demand for private mortgage
        insurance, (b) limiting or restricting the products we may offer or
        increasing the amount of capital we are required to hold, (c)
        affecting the form in which we execute credit protection, or (d)
        otherwise impacting our existing businesses or future prospects;
      </li>
      <li style="margin-bottom: 10.0px">
        the amount and timing of potential payments or adjustments associated
        with federal or other tax examinations, including adjustments proposed
        by the Internal Revenue Service resulting from the examination of our
        2000 through 2007 tax years, which we are currently contesting;
      </li>
      <li style="margin-bottom: 10.0px">
        the possibility that we may fail to estimate accurately the
        likelihood, magnitude and timing of losses in connection with
        establishing loss reserves for our mortgage insurance or financial
        guaranty businesses, or to estimate accurately the fair value amounts
        of derivative instruments in determining gains and losses on these
        instruments;
      </li>
      <li style="margin-bottom: 10.0px">
        volatility in our earnings caused by changes in the fair value of our
        assets and liabilities carried at fair value, including our derivative
        instruments, substantially all of our investment portfolio and certain
        of our long-term incentive compensation awards;
      </li>
    </ul>
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      <li style="margin-bottom: 10.0px">
        our ability to realize some or all of the tax benefits associated with
        our gross deferred tax assets, which will depend, in part, on our
        ability to generate sufficient sustainable taxable income in future
        periods;
      </li>
      <li style="margin-bottom: 10.0px">
        changes in accounting principles generally accepted in the United
        States of America or statutory accounting principles, rules and
        guidance, or their interpretation;
      </li>
      <li style="margin-bottom: 10.0px">
        legal and other limitations on amounts we may receive from our
        subsidiaries as dividends or through our tax- and expense-sharing
        arrangements with our subsidiaries; and
      </li>
      <li style="margin-bottom: 10.0px">
        our ability to fully realize the benefits anticipated from our recent
        acquisition of Clayton Holdings LLC (&#8220;Clayton&#8221;), including: as a
        result of a loss of customers and/or employees or the potential
        inability to successfully incorporate Clayton&#8217;s business into Radian
        Group; and the potential distraction of management time and attention
        in connection with the post-acquisition process.
      </li>
    </ul>
    <p>
      For more information regarding these risks and uncertainties as well as
      certain additional risks that we face, you should refer to the Risk
      Factors detailed in Item 1A of Part I of our Annual Report on Form 10-K
      for the year ended December 31, 2013 and in our subsequent reports and
      registration statements filed from time to time with the U.S. Securities
      and Exchange Commission. We caution you not to place undue reliance on
      these forward-looking statements, which are current only as of the date
      on which we issued this press release. We do not intend to, and we
      disclaim any duty or obligation to, update or revise any forward-looking
      statements to reflect new information or future events or for any other
      reason.
    </p>
    <p>

    </p>
    <p>
      CONTACT:<br>Radian Group Inc.<br>Emily Riley,<b> </b>215-231-1035<br><u>emily.riley@radian.biz</u>
    </p>
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