<SEC-DOCUMENT>0001157523-14-003375.txt : 20140807
<SEC-HEADER>0001157523-14-003375.hdr.sgml : 20140807
<ACCEPTANCE-DATETIME>20140807082854
ACCESSION NUMBER:		0001157523-14-003375
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140807
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140807
DATE AS OF CHANGE:		20140807

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:		141021866

	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>a50920587.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>
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    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>FORM 8-K</b></font>
    </p>
    <hr style="width: 100%; text-align: center; color: #000000; height: 1.0 pt">


    <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">August
      7, 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="width: 100%; text-align: center; color: #000000; height: 1.0 pt">


    <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="width: 100%; text-align: center; color: #000000; height: 1.0 pt">


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

    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-left:auto;margin-right:auto; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td style="white-space: nowrap; width: 34%; text-align: center; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <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 style="white-space: nowrap; width: 33%; text-align: center; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <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 style="width: 33%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(State or Other Jurisdiction<br>of Incorporation)</b>
          </p>
        </td>
        <td style="width: 34%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Commission</b><br><b>File Number)</b>
          </p>
        </td>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <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 style="width: 60%; text-align: center; padding-left: 0.0px" valign="bottom">
          <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 style="white-space: nowrap; width: 40%; text-align: center; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <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 style="width: 60%; text-align: center; padding-left: 0.0px" valign="bottom">
          <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 style="width: 40%; text-align: center; padding-left: 0.0px" valign="bottom">
          <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="width: 100%; text-align: center; color: #000000; height: 1.0 pt">


    <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>
      <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>
      <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; 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>
      <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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    <table style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
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    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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="white-space: nowrap">
      <b>Item 2.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</b>
    </p>
    <p>
      On August 7, 2014, Radian Group Inc. issued a news release announcing
      its financial results for the quarter ended June 30, 2014. A copy of
      this news release is furnished as Exhibit 99.1 to this report.
    </p>
    <p>
      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 style="white-space: nowrap">
      <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>
      <i><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b></i>99.1*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Radian
      Group Inc. News Release dated August 7, 2014.
    </p>
    <p>
      _____________________
    </p>
    <p style="white-space: nowrap">
      *&#160;&#160;Furnished herewith.
    </p>
    <p>

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

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

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


    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <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="font-size: 10pt; text-indent: 30.0px">
      <br>

    </p>
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        </td>
        <td style="width: 49%">

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

        </td>
        <td style="width: 49%">

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

        </td>
        <td style="width: 49%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; width: 6%; text-align: left; padding-left: 0.0px" valign="top">
          Date:
        </td>
        <td style="padding-bottom: 2.0px; width: 49%; text-align: left; padding-left: 0.0px" valign="top">
          August 7, 2014
        </td>
        <td style="padding-bottom: 2.0px; width: 4%; text-align: left; padding-left: 0.0px" valign="top">
          By:
        </td>
        <td style="width: 41%; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ C. Robert Quint
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 49%">

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

        </td>
        <td style="width: 41%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            C. Robert Quint
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 49%">

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

        </td>
        <td style="width: 41%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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        <div style="text-align: left">

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          <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">
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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 style="padding-bottom: 2.0px; width: 4%; text-align: left; padding-left: 0.0px" valign="bottom">
          &#160;
        </td>
        <td style="width: 84%; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Description</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 12%">

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

        </td>
        <td style="width: 84%; text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 12%; text-align: left; padding-left: 0.0px" valign="top">
          99.1*
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 84%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Radian Group Inc. News Release dated August 7, 2014.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 12%">

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

        </td>
        <td style="width: 84%; text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          <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>a50920587ex99_1.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-family: Times New Roman; font-size: 12pt"><b>Radian
      Reports Second Quarter 2014 Financial Results</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>&#8211; Reports
      net income of $175 million or $0.78 per diluted share &#8211;</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>&#8211; Total
      number of primary delinquent loans decline 38% year-over-year;
      delinquency rate falls to 5.8% &#8211;</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>&#8211;
      Acquires Clayton Holdings, a leading provider of outsourced mortgage and
      real estate solutions &#8211;</b></font>
    </p>
    <p>
      PHILADELPHIA--(BUSINESS WIRE)--August 7, 2014--Radian Group Inc. (NYSE:
      RDN) today reported net income for the quarter ended June 30, 2014, of
      $174.8 million, or $0.78 per diluted share, which included net gains on
      investments of $47.2 million and combined gains from the change in fair
      value of derivatives and other financial instruments of $55.6 million.
      This compares to a net loss for the quarter ended June 30, 2013, of
      $33.2 million, or $0.19 per diluted share, which included net losses on
      investments of $130.3 million and combined net gains from the change in
      fair value of derivatives and other financial instruments of $87.7
      million. Book value per share at June 30, 2014, was $8.29.
    </p>
    <p>
      Adjusted pretax operating income for the quarter ended June 30, 2014,
      was $74.2 million, consisting of $92.9 million of income from the
      mortgage insurance segment and a loss of $18.7 million from the
      financial guaranty segment. This compares to adjusted pretax operating
      income for the quarter ended June 30, 2013, of $16.2 million, consisting
      of $15.9 million of income from the mortgage insurance segment and $0.3
      million of income from the financial guaranty segment.
    </p>
    <p>
      &#8220;I am pleased with the solid financial performance and strong credit
      trends for our mortgage insurance business in the second quarter, as
      well as the successful closing of our Clayton acquisition,&#8221; said Chief
      Executive Officer S.A. Ibrahim. &#8220;We believe that there is continued
      growth and opportunity ahead for our mortgage insurance business, and we
      are positioning Radian to leverage our risk management expertise as well
      as our new industry-leading mortgage and real estate services for the
      next phase in the evolution of the U.S. housing finance markets.&#8221;
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
      CAPITAL AND LIQUIDITY UPDATE
    </p>
    <p>
      Radian Guaranty&#8217;s risk-to-capital ratio was 18.7:1 as of June 30, 2014.
      Radian Group maintains approximately $770 million of currently available
      liquidity.
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        The improvement in the risk-to-capital ratio from March 31, 2014, was
        primarily driven by the company&#8217;s net income, partially offset by an
        increase to net risk in force.
      </li>
      <li style="margin-bottom: 10.0px">
        Current holding company liquidity was approximately $770 million after
        an investment of $20 million in July 2014, to capitalize a newly
        formed, wholly owned insurance subsidiary of Radian Group. The
        strategic objective of this investment is to offer mortgage
        insurance-related products, which are currently in a developmental
        stage.
      </li>
      <li style="margin-bottom: 10.0px">
        As of June 30, 2014, Radian Guaranty&#8217;s statutory capital was $1.5
        billion compared to $1.4 billion at March 31, 2014, and $1.2 billion a
        year ago.
      </li>
      <li style="margin-bottom: 10.0px">
        In 2012, Radian Guaranty entered into two quota share reinsurance
        agreements with the same third-party reinsurance provider, in order to
        proactively manage its risk-to-capital position. On April 1, 2013,
        Radian reduced the amount of new business ceded under these
        reinsurance agreements on a prospective basis from 20 percent to 5
        percent. As of June 30, 2014, a total of $2.7 billion of risk in force
        had been ceded under those agreements. Radian has the option to
        recapture a portion of the ceded risk outstanding on each of December
        31, 2014 and December 31, 2015.
      </li>
    </ul>
    <p>
      SECOND QUARTER HIGHLIGHTS
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        New mortgage insurance written (NIW) was $9.3 billion during the
        quarter, compared to $6.8 billion in the first quarter of 2014 and
        $13.4 billion in the prior-year quarter. Radian wrote an additional
        $3.9 billion in NIW in July 2014, compared to $5.3 billion in July
        2013.

        <ul>
          <li style="margin-bottom: 10.0px">
            The Home Affordable Refinance Program (HARP) accounted for $0.5
            billion of insurance not included in Radian Guaranty&#8217;s NIW total
            for the quarter. This compares to $0.6 billion in the first
            quarter of 2014 and $2.4 billion in the prior-year quarter. As of
            June 30, 2014, more than 11 percent of the company&#8217;s total primary
            mortgage insurance risk in force had successfully completed a HARP
            refinance.
          </li>
          <li style="margin-bottom: 10.0px">
            Of the $9.3 billion in new business written in the second quarter
            of 2014, 76 percent was written with monthly premiums and 24
            percent with single premiums. This compares to a mix of 67 percent
            monthly premiums and 33 percent single premiums in the second
            quarter of 2013.
          </li>
          <li style="margin-bottom: 10.0px">
            NIW continued to consist of loans with excellent risk
            characteristics.
          </li>
        </ul>
      </li>
    </ul>
    <ul>
      <li style="margin-bottom: 10.0px">
        The mortgage insurance provision for losses was $64.3 million in the
        second quarter of 2014, compared to $49.2 million in the first quarter
        of 2014, and $136.4 million in the prior-year period.

        <ul>
          <li style="margin-bottom: 10.0px">
            The loss ratio in the second quarter was 31.6 percent, compared to
            24.7 percent in the first quarter of 2014 and 68.9 percent in the
            second quarter of 2013.
          </li>
          <li style="margin-bottom: 10.0px">
            Mortgage insurance loss reserves were $1.7 billion as of June 30,
            2014, compared to $1.9 billion as of March 31, 2014, and $2.7
            billion as of June 30, 2013.
          </li>
          <li style="margin-bottom: 10.0px">
            Primary reserves (excluding IBNR and other reserves) per default
            were $26,024 as of June 30, 2014. This compares to primary
            reserves per default of $26,509 as of March 31, 2014, and $27,293
            as of June 30, 2013.
          </li>
        </ul>
      </li>
    </ul>
    <ul>
      <li style="margin-bottom: 10.0px">
        The total number of primary delinquent loans decreased by 8 percent in
        the second quarter from the first quarter of 2014, and by 38 percent
        from the second quarter of 2013. In addition, the total number of
        primary delinquent loans declined by 2 percent in July 2014.
        Additional details related to the company&#8217;s delinquency inventory in
        July 2014 may be found on Slide 21 of the second quarter presentation
        slides. The primary mortgage insurance delinquency rate decreased to
        5.8 percent in the first quarter of 2014, compared to 6.3 percent in
        the first quarter of 2014, and 9.7 percent in the second quarter of
        2013.
      </li>
      <li style="margin-bottom: 10.0px">
        Total mortgage insurance claims paid were $240.3 million in the second
        quarter, compared to $306.9 million in the first quarter of 2014, and
        $326.4 million in the second quarter of 2013. Claims paid in the
        second quarter of 2014 exclude approximately $35 million of claims
        processed in the quarter in accordance with the terms of the Freddie
        Mac Agreement, for which no cash payment was necessary. The company
        expects mortgage insurance net claims paid in the $900 million to $1.0
        billion range for the full-year 2014.
      </li>
      <li style="margin-bottom: 10.0px">
        Other operating expenses were $65.6 million in the second quarter,
        compared to $59.9 million in the first quarter of 2014, and $61.0
        million in the second quarter of 2013. The second quarter included
        $6.7 million of Clayton-related acquisition expenses. In both the
        first and second quarters, long-term compensation expenses were $13.6
        million. While the component of the long-term incentive expenses that
        resulted from the stock price movement decreased to $0.1 million in
        the second quarter of 2014 compared to $7.8 million in the first
        quarter of 2014, this decrease was offset in the second quarter
        primarily by the recognition of expense related to certain of our
        annual long-term incentive award grants made in the second quarter.
      </li>
      <li style="margin-bottom: 10.0px">
        On June 30, 2014, Radian completed the acquisition of Clayton Holdings
        LLC. This transaction is consistent with Radian&#8217;s growth and
        diversification strategy to pursue opportunities to provide mortgage
        and real estate products and services to the mortgage finance market.
        Radian Group paid aggregate cash consideration, including working
        capital adjustments, of approximately $312 million to purchase all of
        the outstanding equity interests in Clayton.

        <ul>
          <li style="margin-bottom: 10.0px">
            Summary financial information representing unaudited quarterly
            historical details for Clayton may be found in press release
            Exhibit N.
          </li>
          <li style="margin-bottom: 10.0px">
            Results of operations for Clayton will be reported in a new
            Mortgage and Real Estate Services financial segment beginning in
            the third quarter of 2014.
          </li>
        </ul>
      </li>
    </ul>
    <ul>
      <li style="margin-bottom: 10.0px">
        Radian Asset Assurance Inc. continues to serve as an important source
        of capital support for Radian Guaranty and is expected to continue to
        provide Radian Guaranty with dividends over time.

        <ul>
          <li style="margin-bottom: 10.0px">
            As of June 30, 2014, Radian Asset had approximately $1.2 billion
            in statutory surplus. Following the previously disclosed
            extraordinary dividend payment from Radian Asset to Radian
            Guaranty of $150.0 million in July 2014, Radian Asset had
            approximately $1.0 billion in statutory surplus with an additional
            $0.4 billion in claims-paying resources.
          </li>
          <li style="margin-bottom: 10.0px">
            The company increased loss reserves related to its exposure to
            Puerto Rico by $11.1 million during the quarter and, as of June
            30, 2014, maintains $12.0 million of total loss reserves on its
            Puerto Rico exposure. An overview of the company&#8217;s Puerto Rico
            exposure may be found under Company Statements in the Investors
            section of Radian&#8217;s website: <u>http://www.radian.biz/page?name=CompanyStatements</u>
          </li>
          <li style="margin-bottom: 10.0px">
            Since June 30, 2008, Radian Asset has successfully reduced its
            total net par exposure by 82 percent to $20.2 billion as of June
            30, 2014, including large declines in many of the riskier segments
            of the portfolio.
          </li>
        </ul>
      </li>
    </ul>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
      RECENT EVENTS
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        On July 10<sup>th</sup>, the Federal Housing Finance Agency (FHFA)
        issued proposed Private Mortgage Insurer Eligibility Requirements
        (PMIERs), which were developed by Fannie Mae and Freddie Mac (GSEs),
        for public comment. 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. Radian will provide commentary to the
        FHFA on several areas of the proposed PMIERs during the public comment
        period, which is scheduled to end on September 8, 2014. Additional
        information on the proposed PMIERs may be found on Radian&#8217;s website at <u>www.radian.biz/pmiers</u>.
      </li>
      <li style="margin-bottom: 10.0px">
        After receiving approval from the New York Department of Financial
        Services in July, Radian Asset paid an extraordinary dividend to
        Radian Guaranty of $150 million. Radian Asset expects to request an
        additional extraordinary dividend in 2015.
      </li>
    </ul>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
      CONFERENCE CALL
    </p>
    <p>
      Radian will discuss second quarter financial results in its conference
      call today, Thursday, August 7, 2014 at 10:00 a.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
      800.230.1096 inside the U.S., or 612.332.0345 for international callers,
      using passcode 332755 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 and a half hours after the call ends for a period of
      two weeks, using the following dial-in numbers and passcode:
      800-475-6701 inside the U.S., or 320-365-3844 for international callers,
      passcode 332755.
    </p>
    <p>
      In addition to the information provided in the company's earnings news
      release, other statistical and financial information, which is expected
      to be referred to during the conference call, will be available on
      Radian's website under Investors &gt;Quarterly Results, or by clicking on <u>http://www.radian.biz/page?name=QuarterlyResults</u>.
    </p>
    <p>
      NON-GAAP FINANCIAL MEASURE
    </p>
    <p>
      Radian believes that adjusted pretax operating income (a non-GAAP
      measure) facilitates evaluation of the company&#8217;s fundamental financial
      performance and provides relevant and meaningful information to
      investors about the ongoing operating results of the company. On a
      consolidated basis, this measure is not recognized in accordance with
      accounting principles generally accepted in the United States of America
      (GAAP) and should not be viewed as an alternative to a GAAP measure of
      performance. The measure described below has been established in order
      to increase transparency for the purpose of evaluating the company&#8217;s
      core operating trends and enable more meaningful comparisons with
      Radian&#8217;s competitors.
    </p>
    <p>
      Adjusted pretax operating income is defined as earnings excluding the
      impact of certain items that are not viewed as part of the operating
      performance of the company&#8217;s primary activities, or not expected to
      result in an economic impact equal to the GAAP measure. See Exhibit E or
      Radian&#8217;s website for a description of these items, as well as a
      reconciliation of adjusted pretax operating income (loss) to pretax
      income (loss).
    </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>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
      FINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS (Unaudited)
    </p>
    <p>
      For trend information on all schedules, refer to Radian&#8217;s quarterly
      financial statistics at <u>http://www.radian.biz/page?name=FinancialReportsCorporate</u>.
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Exhibit A:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Condensed Consolidated Statements of Operations
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Exhibit B:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net Income (Loss) Per Share
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Exhibit C:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Condensed Consolidated Balance Sheets
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Exhibit D:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Segment Information Quarter Ended June 30, 2014 and
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Quarter Ended June 30, 2013
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Exhibit E:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Reconciliation of Consolidated Non-GAAP Financial Measure
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Exhibit F:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Mortgage Insurance Supplemental Information
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          New Insurance Written
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Exhibit G:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Mortgage Insurance Supplemental Information
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Insurance in Force and Risk in Force by Product
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Exhibit H:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Mortgage Insurance Supplemental Information
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Risk in Force by FICO, LTV and Policy Year
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Exhibit I:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Mortgage Insurance Supplemental Information
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Pool and Other Risk in Force, Risk-to-Capital
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Exhibit J:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Mortgage Insurance Supplemental Information
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Claims, Reserves and Reserve per Default
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Exhibit K:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Mortgage Insurance Supplemental Information
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Default Statistics
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Exhibit L:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Mortgage Insurance Supplemental Information
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Captives, QSR and Persistency
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Exhibit M:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Financial Guaranty Supplemental Information
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Exhibit N:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Clayton Selected Financial Information
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="17" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Radian Group Inc. and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="17" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Condensed Consolidated Statements of Operations</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="17" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit A</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Quarter Ended</b><br><b>June 30,</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Six Months Ended</b><br><b>June 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>(In thousands, except per share amounts)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          2013
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net premiums written - insurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>222,367</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          251,229
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>436,073</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          458,414
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net premiums earned - insurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>214,114</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          213,124
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>419,779</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          405,712
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net investment income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>25,737</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          27,615
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>49,966</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          54,488
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net gains (losses) on investments</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>47,219</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (130,254
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>111,670</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (135,759
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Change in fair value of derivative instruments</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>57,477</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          86,535
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>107,563</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (81,135
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net (losses) gains on other financial instruments</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(1,909</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,188
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(1,211</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,487
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Other income</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,817</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,234
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2,944</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,005
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Total revenues</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>344,455</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          200,442
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>690,711</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          242,824
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Expenses:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Provision for losses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>69,343</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          140,291
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>124,152</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          272,350
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Change in reserve for premium deficiency</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>383</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,251
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>849</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          622
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Policy acquisition costs</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>8,421</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>17,035</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          27,201
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Other operating expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>65,551</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          60,981
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>125,460</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          141,081
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Interest expense</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>22,348</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,420
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>42,275</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          35,301
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Total expenses</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>166,046</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          231,949
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>309,771</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          476,555
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Equity in net (loss) income of affiliates</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(13</b>
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Pretax income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>178,409</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (31,507
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>380,927</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (233,730
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Income tax provision (benefit)</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>3,576</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,665
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>3,335</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (13,058
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net income (loss)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>174,833</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (33,172
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>377,592</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (220,672
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Diluted net income (loss) per share</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>0.78</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.19
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1.71</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1.40
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="17" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>For Trend Information, refer to our Quarterly Financial
            Statistics on Radian&#8217;s website.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="15" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Radian Group Inc. and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="15" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Net Income (Loss) Per Share</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="15" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit B</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="15" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>The calculation of basic and diluted net income (loss) per
            share was as follows:</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="6" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Quarter Ended</b><br><b>June 30,</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="6" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Six Months Ended</b><br><b>June 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>(In thousands, except per share amounts)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          2013
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net income (loss)&#8212;basic</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>174,833</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (33,172
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>377,592</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (220,672
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Adjustment for dilutive Convertible Senior Notes due 2019 (1)</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>5,503</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>10,958</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net income (loss)&#8212;diluted</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>180,336</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (33,172
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>388,550</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (220,672
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Average common shares outstanding&#8212;basic</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>182,583</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          171,783
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>177,903</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          158,180
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Dilutive effect of Convertible Senior Notes due 2017 (2)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>7,599</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>8,306</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Dilutive effect of Convertible Senior Notes due 2019</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>37,736</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>37,736</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Dilutive effect of stock-based compensation arrangements (3)</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2,861</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2,822</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Adjusted average common shares outstanding&#8212;diluted</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>230,779</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          171,783
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>226,767</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          158,180
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net income (loss) per share&#8212;basic</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>0.96</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.19
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2.12</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1.40
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net income (loss) per share&#8212;diluted</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>0.78</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (0.19
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1.71</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1.40
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(1)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>As applicable, includes coupon interest, amortization of
            discount and fees, and other changes in income or loss that would
            result from the assumed conversion.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(2)</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Does not include the anti-dilutive impact of 6,403,559 and
            6,256,973 shares, respectively, for the three and six months ended
            June 30, 2014 due to capped call transactions related to the
            Convertible Senior Notes due 2017. Such transactions were designed
            to offset the potential dilution of the notes up to a stock price
            of approximately $14.11 per share.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(3)</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>For the three and six months ended June 30, 2014, 1,483,800
            shares of our common stock equivalents issued under our
            stock-based compensation arrangements were not included in the
            calculation of diluted net income (loss) per share as of such
            dates because they were anti-dilutive.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="9" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Radian Group Inc. and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="9" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Condensed Consolidated Balance Sheets</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="9" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit C</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>June 30,</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          December 31,
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>(In thousands, except per share amounts)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          2013
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Assets:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Cash and investments</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>5,006,221</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,977,542
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Deferred policy acquisition costs</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>60,776</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          66,926
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Deferred income taxes, net</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,902
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Reinsurance recoverables</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>24,752</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          46,846
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Goodwill and other intangible assets, net</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>296,948</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,300
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Derivative assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>22,033</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,642
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Other assets</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>521,821</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          493,533
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>5,932,551</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,621,691
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Liabilities and stockholders&#8217; equity:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Unearned premiums</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>781,660</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          768,871
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Reserve for losses and loss adjustment expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,749,435</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,185,421
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Long-term debt</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,192,397</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          930,072
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>VIE debt</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>93,631</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          94,645
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Derivative liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>200,227</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          307,185
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Other liabilities</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>330,954</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          395,852
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total liabilities</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>4,348,304</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,682,046
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Common stock</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>209</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          191
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Additional paid-in capital</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,707,655</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,454,297
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Retained deficit</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(174,634</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (552,226
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Accumulated other comprehensive income</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>51,017</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          37,383
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total common stockholders&#8217; equity</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,584,247</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          939,645
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total liabilities and stockholders&#8217; equity</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>5,932,551</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,621,691
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Shares outstanding, end of period</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>191,014</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          173,100
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Book value per share</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>8.29</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5.43
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Radian Group Inc. and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Segment Information</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit D (page 1 of 5)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Summarized financial information concerning our operating segments
          and reconciliations to consolidated pretax income (loss) and
          consolidated net income (loss), as of and for the periods indicated,
          is as follows:
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="9" valign="bottom">
          <b>Quarter Ended June 30, 2014</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>(In thousands)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Mortgage</b><br><b>Insurance</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Financial</b><br><b>Guaranty</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>Total</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net premiums written - insurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>221,947</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>420</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>222,367</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net premiums earned - insurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>203,646</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>10,468</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>214,114</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net premiums earned on derivatives (1)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>3,346</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>3,346</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net investment income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>15,271</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>10,466</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>25,737</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Other income</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,626</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>191</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,817</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Total revenues</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>220,543</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>24,471</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>245,014</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Provision for losses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>64,265</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>5,078</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>69,343</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Estimated present value of net credit losses incurred (1)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>180</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>11,279</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>11,459</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Change in reserve for premium deficiency</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>383</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>383</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Policy acquisition costs</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>6,746</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,675</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>8,421</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Other operating expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>49,607</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>9,212</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>58,819</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Interest expense</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>6,405</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>15,943</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>22,348</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Total expenses</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>127,586</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>43,187</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>170,773</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Adjusted pretax operating income (loss)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>92,957</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(18,716</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>74,241</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="11" valign="bottom">
          <b>At June 30, 2014</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>(In thousands)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Mortgage</b><br><b>Insurance</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Financial</b><br><b>Guaranty</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Mortgage and</b><br><b>Real Estate</b><br><b>Services (2)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>Total</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Cash and investments</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2,747,960</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2,240,149</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>18,112</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>5,006,221</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Deferred policy acquisition costs</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>26,443</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>34,333</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>60,776</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Goodwill and other intangible assets, net</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2,266</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>294,682</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>296,948</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>3,153,482</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2,438,418</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>340,651</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>5,932,551</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Unearned premiums</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>597,860</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>183,800</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>781,660</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Reserve for losses and loss adjustment expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,714,681</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>34,754</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,749,435</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>VIE Debt</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>3,237</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>90,394</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>93,631</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Derivative liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>200,227</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>200,227</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(1)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Please see Exhibit E (page 1 of 2) for the definition of this
            line item.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(2)</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Primarily comprising the acquisition of Clayton Holdings,
            effective June 30, 2014.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="12" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Radian Group Inc. and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="12" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Segment Information</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="12" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit D (page 2 of 5)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="10" valign="bottom">
          <b>Six Months Ended June 30, 2014</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>(In thousands)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Mortgage</b><br><b>Insurance</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Financial</b><br><b>Guaranty</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Total</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net premiums written - insurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>434,900</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,173</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>436,073</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net premiums earned - insurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>402,408</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>17,371</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>419,779</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net premiums earned on derivatives (1)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>6,791</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>6,791</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net investment income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>29,292</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>20,674</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>49,966</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Other income</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2,683</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>261</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2,944</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Total revenues</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>434,383</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>45,097</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>479,480</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Provision for losses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>113,425</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>10,727</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>124,152</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Estimated present value of net credit losses incurred (1)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>319</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>10,778</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>11,097</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Change in reserve for premium deficiency</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>849</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>849</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Policy acquisition costs</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>13,763</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>3,272</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>17,035</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Other operating expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>99,965</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>18,763</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>118,728</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Interest expense</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>11,777</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>30,498</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>42,275</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Total expenses</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>240,098</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>74,038</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>314,136</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Equity in net loss of affiliates</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(13</b>
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(13</b>
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Adjusted pretax operating income (loss)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>194,285</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(28,954</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>165,331</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(1)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Please see Exhibit E (page 1 of 2) for the definition of this
            line item.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Radian Group Inc. and Subsidiaries</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Segment Information</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit D (page 3 of 5)</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="11">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="11" valign="bottom">
          <b>Quarter Ended June 30, 2013</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Mortgage</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Financial</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>(In thousands)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Insurance</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Guaranty</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Total</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net premiums written - insurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          251,159
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          70
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          251,229
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net premiums earned - insurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          197,952
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,172
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          213,124
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net premiums earned on derivatives (1)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          4,857
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          4,857
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net investment income</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          15,266
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          12,349
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          27,615
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Other income</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2,159
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          75
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2,234
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Total revenues</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          215,377
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          32,453
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          247,830
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Provision for losses</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          136,410
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          3,881
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          140,291
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Estimated present value of net credit losses (recoveries)
          incurred (1)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          323
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (618
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (295
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Change in reserve for premium deficiency</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          1,251
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          1,251
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Policy acquisition costs</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          6,501
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          3,505
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          10,006
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Other operating expenses</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          51,295
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          9,686
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          60,981
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Interest expense</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          3,704
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          15,716
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          19,420
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Total expenses</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          199,484
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          32,170
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          231,654
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Adjusted pretax operating income</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,893
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          283
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,176
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Cash and investments</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,962,997
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,403,636
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,366,633
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Deferred policy acquisition costs</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          29,138
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          41,289
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          70,427
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          3,431,444
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2,622,556
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          6,054,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Unearned premiums</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          483,303
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          229,403
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          712,706
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Reserve for losses and loss adjustment expenses</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2,690,861
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          25,629
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2,716,490
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>VIE Debt</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          10,963
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          95,804
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          106,767
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Derivative liabilities</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          350,576
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          350,576
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(1)</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Please see Exhibit E (page 1 of 2) for the definition of this
            line item.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Radian Group Inc. and Subsidiaries</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Segment Information</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit D (page 4 of 5)</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="11">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="11" valign="bottom">
          <b>Six Months Ended June 30, 2013</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Mortgage</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Financial</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>(In thousands)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Insurance</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Guaranty</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Total</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net premiums written - insurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          468,445
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (10,031
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          458,414
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net premiums earned - insurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          380,944
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          24,768
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          405,712
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net premiums earned on derivatives (1)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          9,849
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          9,849
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net investment income</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          30,368
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          24,120
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          54,488
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Other income</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          3,871
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          134
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          4,005
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Total revenues</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          415,183
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          58,871
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          474,054
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Provision for losses</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          268,366
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          3,984
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          272,350
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Estimated present value of net credit losses (recoveries)
          incurred (1)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          24
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (3,463
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (3,439
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Change in reserve for premium deficiency</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          622
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          622
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Policy acquisition costs</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          18,233
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          8,968
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          27,201
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Other operating expenses</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          117,075
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          24,006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          141,081
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Interest expense</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          6,373
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          28,928
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          35,301
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Total expenses</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          410,693
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          62,423
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          473,116
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Equity in net income of affiliates</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Adjusted pretax operating income (loss)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,490
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (3,551
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          939
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(1)</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Please see Exhibit E (page 1 of 2) for the definition of this
            line item.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="17" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Radian Group Inc. and Subsidiaries</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Segment Information</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit D (page 5 of 5)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="17" valign="top">
          <b>Reconciliation of Adjusted Pretax Operating Income (Loss) to
          Consolidated Pretax Income (Loss)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="17" valign="top">
          <b>and Consolidated Net Income (Loss)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <b>Quarter Ended</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <b>Six Months Ended</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <b>June 30,</b>
        </td>
        <td style="padding-bottom: 2.0px; text-align: center; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <b>June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Adjusted pretax operating income (loss):</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Mortgage Insurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>92,957</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,893
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>194,285</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,490
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Financial Guaranty</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>(18,716</b>
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          283
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>(28,954</b>
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (3,551
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total adjusted pretax operating income</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>74,241</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          16,176
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>165,331</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          939
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Change in fair value of derivative instruments</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>57,477</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          86,535
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>107,563</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (81,135
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          <b>Less: Estimated present value of net credit (losses) recoveries
          incurred (1)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>(11,459</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          295
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>(11,097</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          3,439
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 25.0px" valign="bottom">
          <b>Less: Net premiums earned on derivatives (1)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>3,346</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          4,857
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>6,791</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          9,849
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Change in fair value of derivative instruments expected to
          reverse over time</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>65,590</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          81,383
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>111,869</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (94,423
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net gains (losses) on investments</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>47,219</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (130,254
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>111,670</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (135,759
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net (losses) gains on other financial instruments</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>(1,909</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          1,188
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>(1,211</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (4,487
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Acquisition-related expenses (1)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>(6,732</b>
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>(6,732</b>
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Consolidated pretax income (loss)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>178,409</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (31,507
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>380,927</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (233,730
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Income tax provision (benefit)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>3,576</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          1,665
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>3,335</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (13,058
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Consolidated net income (loss)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>174,833</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (33,172
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>377,592</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (220,672
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(1)</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Please see Exhibit E (page 1 of 2) for the definition of this
            line item.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          On a consolidated basis, &#8220;adjusted pretax operating income (loss)&#8221;
          is a measure not determined in accordance with GAAP. Total adjusted
          pretax operating income (loss) is not a measure of total
          profitability, and therefore should not be viewed as a substitute
          for GAAP pretax income (loss). Our definition of adjusted pretax
          operating income (loss) may not be comparable to similarly-named
          measures reported by other companies. See Exhibit E for additional
          information on our consolidated non-GAAP financial measure.
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Radian Group Inc. and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Reconciliation of Consolidated Non-GAAP Financial Measure</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit E (page 1 of 2)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Use of Non-GAAP Financial Measure.</i> In addition to the
            traditional GAAP financial measures, we have presented a non-GAAP
            financial measure for the consolidated company, &#8220;adjusted pretax
            operating income (loss),&#8221; among our key performance indicators to
            evaluate our fundamental financial performance. This non-GAAP
            financial measure aligns with the way the Company&#8217;s business
            performance is evaluated by both management and the board of
            directors. This measure has been established in order to increase
            transparency for the purposes of evaluating our core operating
            trends and enabling more meaningful comparisons with our peers.
            Although on a consolidated basis &#8220;adjusted pretax operating income
            (loss)&#8221; is a non-GAAP financial measure, we believe this measure
            aids in understanding the underlying performance of our
            operations. Our senior management, including our Chief Executive
            Officer (the Company&#8217;s chief operating decision maker), uses
            adjusted pretax operating income (loss) as our primary measure to
            evaluate the fundamental financial performance of the Company&#8217;s
            business segments and to allocate resources to the segments.
            Management&#8217;s use of this measure as its primary measure to
            evaluate segment performance began with the quarter ended March
            31, 2014. Accordingly, for comparison purposes, we also present
            the applicable measures from the corresponding periods of 2013 on
            a basis consistent with the current year presentation.
          </p>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Adjusted pretax operating income (loss) adjusts GAAP pretax income
          (loss) to remove the effects of net gains (losses) on investments
          and other financial instruments, acquisition-related expenses,
          amortization of intangible assets and net impairment losses
          recognized in earnings. It also excludes gains and losses related to
          changes in fair value estimates on insured credit derivatives and
          instead includes the impact of changes in the present value of
          insurance claims and recoveries on insured credit derivatives, based
          on our ongoing insurance loss monitoring, as well as premiums earned
          on insured credit derivatives.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Although adjusted pretax operating income (loss) excludes certain
          items that have occurred in the past and are expected to occur in
          the future, the excluded items represent those that are: (1) not
          viewed as part of the operating performance of our primary
          activities; or (2) not expected to result in an economic impact
          equal to the GAAP measure. These adjustments, along with the reasons
          for their treatment, are described below.
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          (1)
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Change in fair value of derivative instruments.</i> Gains and
            losses related to changes in the fair value of insured credit
            derivatives are subject to significant fluctuation based on
            changes in interest rates, credit spreads (of both the underlying
            collateral as well as our credit spread), credit ratings and other
            market, asset-class and transaction-specific conditions and
            factors that may be unrelated or only indirectly related to our
            obligation to pay future claims. With the exception of the
            estimated present value of net credit (losses) recoveries incurred
            and net premiums earned on derivatives, discussed in items 2 and 3
            below, we believe these gains and losses will reverse over time
            and consequently these changes are not expected to result in
            economic gains or losses. Therefore, these gains and losses are
            excluded from our calculation of adjusted pretax operating income
            (loss).
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          (2)
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Estimated present value of net credit (losses) recoveries
            incurred.</i> The change in present value of insurance claims we
            expect to pay or recover on insured credit derivatives represents
            the amount of the change in credit derivatives from item 1, above,
            that we expect to result in an economic loss or recovery based on
            our ongoing loss monitoring analytics. Therefore, this item is
            expected to have an economic impact and is included in our
            calculation of adjusted pretax operating income (loss). Also
            included in this item is the expected recovery of miscellaneous
            operating expenses associated with our consolidated VIEs.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          (3)
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Net premiums earned on derivatives.</i> The net premiums earned
            on insured credit derivatives are classified as part of the change
            in fair value of derivative instruments discussed in item 1 above.
            However, since net premiums earned on derivatives are considered
            part of our fundamental operating activities, these premiums are
            included in our calculation of adjusted pretax operating income
            (loss).
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          (4)
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Net gains (losses) on investments and other financial
            instruments.</i> The recognition of realized investment gains or
            losses can vary significantly across periods as the activity is
            highly discretionary based on the timing of individual securities
            sales due to such factors as market opportunities, our tax and
            capital profile and overall market cycles. Unrealized investment
            gains and losses arise primarily from changes in the market value
            of our investments that are classified as trading. These valuation
            adjustments may not necessarily result in economic gains or
            losses. We do not view them to be indicative of our fundamental
            operating activities. Trends in the profitability of our
            fundamental operating activities can be more clearly identified
            without the fluctuations of these realized and unrealized gains or
            losses. Therefore, these items are excluded from our calculation
            of adjusted pretax operating income (loss).
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          (5)
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Acquisition-related expenses. </i>Acquisition-related expenses
            represent the costs incurred to effect an acquisition of a
            business (i.e., a business combination). Because we pursue
            acquisitions on a limited and selective basis and not in the
            ordinary course of our business, we do not view
            acquisition-related expenses as a consequence of a primary
            business activity. Therefore, we do not consider these expenses to
            be part of our operating performance and they are excluded from
            our calculation of adjusted pretax operating income (loss).
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          (6)
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Amortization of intangible assets.</i> Amortization of
            intangible assets represents the periodic expense required to
            amortize the cost of intangible assets over their estimated useful
            lives. These charges are not viewed as part of the operating
            performance of our primary activities and therefore are excluded
            from our calculation of adjusted pretax operating income (loss).
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          (7)
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Net impairment losses recognized in earnings.</i> The
            recognition of net impairment losses on investments can vary
            significantly in both size and timing, depending on market credit
            cycles. Intangible assets with an indefinite useful life are also
            periodically reviewed for potential impairment and impairment
            adjustments are made whenever appropriate. We do not view
            impairment losses on investments or intangibles to be indicative
            of our fundamental operating activities. Therefore, these losses
            are excluded from our calculation of adjusted pretax operating
            income (loss).
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Total adjusted pretax operating income (loss) is not a measure of
          total profitability, and therefore should not be viewed as a
          substitute for GAAP pretax income (loss). Our definition of adjusted
          pretax operating income (loss) may not be comparable to
          similarly-named measures reported by other companies.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Radian Group Inc. and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Reconciliation of Consolidated Non-GAAP Financial Measure</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit E (page 2 of 2)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          The following table provides a reconciliation of our non-GAAP
          financial measure for the consolidated company, adjusted pretax
          operating income (loss), to the most comparable GAAP measure, pretax
          income (loss).
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <b>Quarter Ended</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <b>Six Months Ended</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <b>June 30,</b>
        </td>
        <td style="padding-bottom: 2.0px; text-align: center; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <b>June 30,</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>(In thousands)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Adjusted pretax operating income (loss):</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Mortgage Insurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>92,957</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,893
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>194,285</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,490
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Financial Guaranty</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>(18,716</b>
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          283
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>(28,954</b>
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (3,551
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 35.0px" valign="bottom">
          <b>Total adjusted pretax operating income</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>74,241</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          16,176
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>165,331</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          939
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Change in fair value of derivative instruments</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>57,477</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          86,535
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>107,563</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (81,135
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Less: Estimated present value of net credit (losses) recoveries
          incurred (1)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>(11,459</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          295
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>(11,097</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          3,439
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Less: Net premiums earned on derivatives (1)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>3,346</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          4,857
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>6,791</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          9,849
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Change in fair value of derivative instruments expected to
          reverse over time</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>65,590</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          81,383
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>111,869</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (94,423
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net gains (losses) on investments</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>47,219</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (130,254
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>111,670</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (135,759
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net (losses) gains on other financial instruments</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>(1,909</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          1,188
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>(1,211</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (4,487
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Acquisition-related expenses (1)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>(6,732</b>
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>(6,732</b>
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 35.0px" valign="bottom">
          <b>Pretax income (loss)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>178,409</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (31,507
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>380,927</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (233,730
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(1) Please see Exhibit E (page 1 of 2) for the definition of
            this line item.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="13">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="13">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="29" valign="top">
          <b>Radian Group Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="29" valign="top">
          <b>Mortgage Insurance Supplemental Information</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="29" valign="top">
          <b>Exhibit F</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="13">

        </td>
        <td>

        </td>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="13" valign="bottom">
          <b>Quarter Ended June 30,</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="13" valign="bottom">
          <b>Six Months Ended June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="6" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="6" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="6" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="6" valign="bottom">
          2013
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>($ in millions)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Primary new insurance written</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Prime</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>9,321</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,376
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>16,128</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          24,281
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Alt -A and A minus and below</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>2</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total Flow</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>9,322</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,377
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>16,130</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          24,283
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Total primary new insurance written by FICO score</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>&gt;=740</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>5,769</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>61.9</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9,666
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          72.3
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>10,114</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>62.7</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,876
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          73.6
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>680-739</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>2,927</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>31.4</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          3,256
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          24.3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>4,968</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>30.8</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          5,654
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          23.3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-bottom: 2.0px; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>620-679</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>626</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>6.7</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          455
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3.4
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1,048</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>6.5</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          753
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3.1
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total Flow</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>9,322</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,377
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>16,130</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          24,283
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Percentage of primary new insurance written</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Monthly premiums</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>76</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          67
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>75</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          66
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Single premiums</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>24</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          33
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>25</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          34
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Refinances</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>13</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          34
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>15</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          40
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>LTV</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <b>95.01% and above</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>0.2</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2.3
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>0.5</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2.1
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <b>90.01% to 95.00%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>53.9</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          44.8
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>53.0</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          42.5
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <b>85.01% to 90.00%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>34.5</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          37.5
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>34.5</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          38.3
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <b>85.00% and below</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>11.4</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          15.4
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>12.0</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          17.1
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="13" valign="top">
          <b>Radian Group Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="13" valign="top">
          <b>Mortgage Insurance Supplemental Information</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="13" valign="top">
          <b>Exhibit G</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="5" valign="bottom">
          <b>June 30,</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="5" valign="bottom">
          June 30,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="5" valign="bottom">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="5" valign="bottom">
          2013
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>($ in millions)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Primary insurance in force (1)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Flow</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>155,604</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>94.3</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          140,776
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          93.0
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Structured</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>9,385</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>5.7</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          10,596
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total Primary</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>164,989</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          151,372
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Prime</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>151,865</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>92.0</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          135,818
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          89.7
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Alt-A</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>8,014</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>4.9</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          9,557
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6.3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <b>A minus and below</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>5,110</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>3.1</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          5,997
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total Primary</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>164,989</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          151,372
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Primary risk in force (1)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Flow</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>39,139</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>94.8</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          34,842
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          93.7
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Structured</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>2,131</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>5.2</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2,355
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total Primary</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>41,270</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          37,197
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Flow</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Prime</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>36,861</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>94.2</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          32,099
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          92.1
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Alt-A</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1,411</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>3.6</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          1,696
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4.9
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <b>A minus and below</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>867</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2.2</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          1,047
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total Flow</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>39,139</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          34,842
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Structured</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Prime</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,263</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>59.3</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,385
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          58.8
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Alt-A</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>452</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>21.2</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          515
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          21.9
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <b>A minus and below</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>416</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>19.5</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          455
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total Structured</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2,131</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,355
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Prime</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>38,124</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>92.4</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,484
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          90.0
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Alt-A</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1,863</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>4.5</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2,211
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6.0
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <b>A minus and below</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1,283</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>3.1</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          1,502
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total Primary</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>41,270</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          37,197
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(1) Includes amounts related to the Freddie Mac Agreement.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="14">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="14" valign="top">
          <b>Radian Group Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="14" valign="top">
          <b>Mortgage Insurance Supplemental Information</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="14" valign="top">
          <b>Exhibit H</b>
        </td>
      </tr>
      <tr>
        <td colspan="14">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="6" valign="bottom">
          <b>June 30,</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="5" valign="bottom">
          June 30,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="6" valign="bottom">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="5" valign="bottom">
          2013
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>($ in millions)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>$</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Total primary risk in force by FICO score</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Flow</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>&gt;=740</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>22,633</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>57.8</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,120
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          54.9
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>680-739</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>11,469</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>29.3</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          10,258
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          29.4
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>620-679</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>4,414</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>11.3</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          4,700
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13.5
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>&lt;=619</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>623</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1.6</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          764
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2.2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total Flow</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>39,139</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          34,842
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Structured</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>&gt;=740</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>576</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>27.0</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          632
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          26.8
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>680-739</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>609</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>28.6</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          678
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          28.8
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>620-679</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>560</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>26.3</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          623
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          26.5
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>&lt;=619</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>386</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>18.1</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          422
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17.9
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total Structured</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2,131</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,355
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>&gt;=740</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>23,209</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>56.2</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,752
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          53.1
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>680-739</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>12,078</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>29.3</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          10,936
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          29.4
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>620-679</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>4,974</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>12.1</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          5,323
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14.3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>&lt;=619</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1,009</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2.4</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          1,186
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3.2
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total Primary</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>41,270</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          37,197
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Total primary risk in force by LTV</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>95.01% and above</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>3,835</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>9.3</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,349
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          11.7
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>90.01% to 95.00%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>18,637</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>45.1</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          15,154
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          40.8
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>85.01% to 90.00%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>14,963</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>36.3</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          13,996
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          37.6
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <b>85.00% and below</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>3,835</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>9.3</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          3,698
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9.9
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>41,270</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          37,197
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Total primary risk in force by policy year</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>2005 and prior</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>3,927</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>9.5</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,073
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13.6
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 10.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2006</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>2,157</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>5.2</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2,526
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6.8
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 10.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2007</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>4,890</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>11.8</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          5,650
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15.2
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 10.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2008</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>3,660</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>8.9</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          4,277
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          11.5
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 10.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2009</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1,267</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>3.1</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          1,706
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4.6
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 10.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2010</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1,068</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2.6</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          1,433
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3.8
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 10.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2011</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>2,051</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>5.0</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2,549
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6.9
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 10.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2012</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>7,229</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>17.5</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          8,157
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          21.9
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 10.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2013</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>10,965</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>26.6</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          5,826
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15.7
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-bottom: 2.0px; text-align: left; padding-left: 10.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2014</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>4,056</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>9.8</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>41,270</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          37,197
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Primary risk in force on defaulted loans</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2,270</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(1)</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,624
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(1) Excludes risk related to loans subject to the Freddie Mac
            Agreement.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="16">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="16" valign="top">
          <b>Radian Group Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="16" valign="top">
          <b>Mortgage Insurance Supplemental Information</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="16" valign="top">
          <b>Exhibit I</b>
        </td>
      </tr>
      <tr>
        <td colspan="16">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="7" valign="bottom">
          <b>June 30,</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="6" valign="bottom">
          June 30,
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>($ in millions)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="7" valign="bottom">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="6" valign="bottom">
          2013
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          $
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Pool risk in force</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Prime</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,229</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>79.0</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,346
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          77.5
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Alt-A</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>64</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>4.1</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          90
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5.2
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <b>A minus and below</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>262</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>16.9</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          301
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,555</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,737
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Total pool risk in force by policy year</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2005 and prior</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,479</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>95.1</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,599
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          92.1
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 10.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2006</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>13</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>0.8</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          58
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3.3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 10.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2007</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>62</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>4.0</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          75
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4.3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-bottom: 2.0px; text-align: left; padding-left: 10.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2008</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>0.1</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          5
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.3
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total pool risk in force</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,555</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,737
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Other risk in force</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Second-lien</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <b>1st loss</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>50</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          71
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <b>2nd loss</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>15</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>NIMS</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>5</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <b>1st loss-Hong Kong primary mortgage insurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>16</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          29
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total other risk in force</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>86</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          125
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Risk to capital ratio-Radian Guaranty only</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>18.7</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>:1</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(1)</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          19.7
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          :1
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Risk to capital ratio-Mortgage Insurance combined</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>22.1</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>:1</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(1)</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          25.9
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          :1
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>(1) Preliminary</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="17" valign="top">
          <b>Radian Group Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="17" valign="top">
          <b>Mortgage Insurance Supplemental Information</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="17" valign="top">
          <b>Exhibit J</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="7" valign="bottom">
          <b>Quarter Ended</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="7" valign="bottom">
          <b>Six Months Ended</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <b>June 30,</b>
        </td>
        <td style="padding-bottom: 2.0px; text-align: center; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <b>June 30,</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>($ in thousands)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          2013
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net claims paid</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Prime</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>159,335</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          217,878
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>354,053</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          418,395
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Alt-A</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>37,368</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          46,059
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>83,559</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          95,150
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <b>A minus and below</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>26,675</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          33,213
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>59,961</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          60,699
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total primary claims paid</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>223,378</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          297,150
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>497,573</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          574,244
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Pool</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>16,362</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          28,610
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>47,225</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          59,559
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Second-lien and other</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>511</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          614
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1,238</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2,498
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Subtotal</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>240,251</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          326,374
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>546,036</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          636,301
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Impact of captive terminations</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1,156</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>240,251</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          326,374
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>547,192</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          636,301
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Average claim paid (1)</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Prime</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>46.3</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          46.0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>45.1</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          47.4
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Alt-A</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>55.9</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          52.5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>55.4</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          56.1
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>A minus and below</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>37.8</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          34.1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>37.2</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          35.6
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total primary average claims paid</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>46.4</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          45.1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>45.3</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          46.9
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Pool</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>63.4</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          74.9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>61.3</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          74.2
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Second-lien and other</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>16.5</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          11.8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>18.7</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          18.2
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>47.0</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          46.5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>46.2</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          48.3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Average primary claim paid (2)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>47.4</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          47.2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>46.7</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          49.2
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Average total claim paid (2)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>48.0</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          48.5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>47.5</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          50.4
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Loss ratio - GAAP basis</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>31.6</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          68.9
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>28.2</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          70.4
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Expense ratio - GAAP basis</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>27.7</b>
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          29.2
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>28.3</b>
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          35.5
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>59.3</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          98.1
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>56.5</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          105.9
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Reserve for losses by category</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Prime</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>701,718</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,301,362
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Alt-A</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>323,490</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          448,053
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>A minus and below</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>174,922</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          272,755
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>IBNR and other</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>326,821</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          284,844
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>LAE</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>50,071</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          55,234
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Reinsurance recoverable (3)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>22,458</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          58,427
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total primary reserves</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1,599,480</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2,420,675
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Pool insurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>104,424</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          227,827
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>IBNR and other</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>4,621</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          31,191
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <b>LAE</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>4,180</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          6,096
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total pool reserves</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>113,225</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          265,114
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total 1st lien reserves</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1,712,705</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2,685,789
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Second lien and other</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1,976</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          5,072
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total reserves</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,714,681</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,690,861
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>1st lien reserve per default (4)</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Primary reserve per primary default excluding IBNR and other</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>26,024</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          27,293
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Pool reserve per pool default excluding IBNR and other</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>12,836</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          15,378
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(1)</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Net of reinsurance recoveries and without giving effect to
            captive terminations.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(2)</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Before reinsurance recoveries and without giving effect to
            captive terminations.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(3)</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Represents ceded losses on captive transactions and quota share
            reinsurance transactions, and Smart Home in 2013.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(4)</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>If calculated before giving effect to deductibles and stop
            losses in pool transactions, this would be $21,514 and $29,846 at
            June 30, 2014 and 2013, respectively.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="14">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="14" valign="top">
          <b>Radian Group Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="14" valign="top">
          <b>Mortgage Insurance Supplemental Information</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="14" valign="top">
          <b>Exhibit K</b>
        </td>
      </tr>
      <tr>
        <td colspan="14">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="4" valign="bottom">
          <b>June 30,</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="4" valign="bottom">
          December 31,
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="2" valign="bottom">
          June 30,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="4" valign="bottom">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="4" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2013
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Default Statistics</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Primary Insurance:</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Prime</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <b>Number of insured loans</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>756,344</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          741,554
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          711,042
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <b>Number of loans in default</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>30,012</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          37,932
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          50,575
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <b>Percentage of loans in default</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>3.97</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5.12
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7.11
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Alt-A</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <b>Number of insured loans</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>41,399</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          44,905
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          49,745
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <b>Number of loans in default</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>9,299</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          11,209
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,731
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <b>Percentage of loans in default</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>22.46</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          24.96
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          27.60
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>A minus and below</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <b>Number of insured loans</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>37,719</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          40,930
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          45,680
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <b>Number of loans in default</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>9,593</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          11,768
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,951
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <b>Percentage of loans in default</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>25.43</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          28.75
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          30.54
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Total Primary</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <b>Number of insured loans</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>845,534</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(1</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          839,249
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(1</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          806,467
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <b>Number of loans in default</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>48,904</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(2</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          60,909
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(2</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          78,257
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <b>Percentage of loans in default</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>5.78</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7.26
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9.70
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Pool insurance</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <b>Number of loans in default</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>8,461</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          11,921
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,212
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(1)</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Includes 10,072 and 11,860 insured loans subject to the Freddie
            Mac Agreement at June 30, 2014 and December 31, 2013, respectively.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(2)</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Excludes 5,238 and 7,221 loans subject to the Freddie Mac
            Agreement that are in default at June 30, 2014 and December 31,
            2013, respectively, as we no longer have claims exposure on these
            loans.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="17" valign="top">
          <b>Radian Group Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="17" valign="top">
          <b>Mortgage Insurance Supplemental Information</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="17" valign="top">
          <b>Exhibit L</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="7" valign="bottom">
          <b>Quarter Ended</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="7" valign="bottom">
          <b>Six Months Ended</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="7" valign="bottom">
          <b>June 30,</b>
        </td>
        <td style="padding-bottom: 2.0px; text-align: center; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="7" valign="bottom">
          <b>June 30,</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>($ in thousands)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          2013
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>1st Lien Captives</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Premiums ceded to captives</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>3,314</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,787
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>6,822</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9,939
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>% of total premiums</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1.5</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2.2
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1.6</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2.4
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Insurance in force included in captives (1)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>3.3</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          5.2
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Risk in force included in captives (1)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>3.1</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          5.0
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Initial Quota Share Reinsurance (&#8220;QSR&#8221;) Transaction</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>QSR ceded premiums written</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>5,046</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,900
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>10,350</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,022
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>% of premiums written</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>2.1</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2.2
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>2.2</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2.3
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>QSR ceded premiums earned</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>6,803</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,662
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>13,610</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,495
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>% of premiums earned</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>3.1</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          3.6
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>3.1</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          3.8
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Ceding commissions</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,262</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,475
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2,588</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,005
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Risk in force included in QSR (2)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,234,975</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,421,096
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Second QSR Transaction</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>QSR ceded premiums written</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>8,072</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,580
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>15,365</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          24,020
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>% of premiums written</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>3.4</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2.8
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>3.3</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          4.7
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>QSR ceded premiums earned</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>7,197</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,283
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>13,782</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,121
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>% of premiums earned</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>3.3</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          2.0
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>3.2</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          1.7
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Ceding commissions</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2,825</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,653
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>5,378</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,407
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Risk in force included in QSR (2)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,447,088</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,046,041
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Persistency (twelve months ended June 30)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>83.1</b>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          80.3
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(1)</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Radian reinsures the middle layer risk positions, while
            retaining a significant portion of the total risk comprising the
            first loss and most remote risk positions.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(2)</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Included in primary risk in force.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Radian Group Inc. and Subsidiaries</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Financial Guaranty Supplemental Information</b>
        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Exhibit M</b>
        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Quarter Ended</b><br><b>June 30,</b>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Six Months Ended</b><br><b>June 30,</b>
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>(In thousands)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          2013
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total Premiums Earned - insurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>10,468</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,172
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>17,371</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          27,215
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Impact of commutations and reinsurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (2,447
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net Premiums Earned - insurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>10,468</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,172
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>17,371</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          24,768
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Refundings included in earned premium</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>6,073</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,288
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>8,190</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,041
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Claims paid</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(75</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,825
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>2,958</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          44,683
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-bottom: 4.0px; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(1)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>June 30,</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          December 31,
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>($ in thousands, except ratios)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3" valign="bottom">
          2013
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Statutory Information:</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Capital and surplus</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,186,121</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,198,034
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Contingency reserve</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>279,713</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          263,963
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Qualified statutory capital</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1,465,834</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          1,461,997
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Unearned premium reserve</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>183,335</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          195,303
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Loss and loss expense reserve</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>(179,135</b>
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          (180,168
        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Total statutory policyholders&#8217; reserves</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>1,470,034</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          1,477,132
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Present value of installment premiums</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>79,345</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          90,852
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Total statutory claims paying resources</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,549,379</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,567,984
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net debt service outstanding</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>26,957,481</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          30,778,401
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Capital leverage ratio (2)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>18</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          21
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Claims paying leverage ratio (3)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>17</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          20
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net par outstanding by product:</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Public finance direct</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>7,502,390</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,051,124
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Public finance reinsurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>4,313,878</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          4,383,643
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Structured direct</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>7,939,848</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          10,872,379
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Structured reinsurance</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          <b>493,014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          547,733
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Total (4)</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>20,249,130</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          23,854,879
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(1)</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Primarily related to commutation of reinsurance business.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(2)</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>The capital leverage ratio is derived by dividing net debt
            service outstanding by qualified statutory capital.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(3)</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>The claims paying leverage ratio is derived by dividing net
            debt service outstanding by total statutory claims paying
            resources.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(4)</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Included in public finance net par outstanding is $0.7 billion
            and $0.9 billion at June 30, 2014 and December 31, 2013,
            respectively, for legally defeased bond issues where our financial
            guaranty policy has not been extinguished but cash or securities
            have been deposited in an escrow account for the benefit of
            bondholders.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Clayton Holdings LLC and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Selected Financial Information (Unaudited)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit N</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          The selected financial information presented below represents
          unaudited quarterly historical information for the businesses of
          Clayton Holdings LLC (&#8220;Clayton&#8221;) acquired on June 30, 2014.
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="15">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="7" valign="bottom">
          <b>2012</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="15" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="6" valign="bottom">
          <b>2014</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>(In thousands)</b></u>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Qtr 3</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Qtr 4</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Qtr 1</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Qtr 2</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Qtr 3</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Qtr 4</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>Qtr 1</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>Qtr 2</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Services revenue</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          32,514
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          31,524
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          37,041
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          39,115
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          32,718
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          25,593
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          28,043
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          36,347
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Cost of services</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          18,951
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          19,251
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          20,173
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          22,028
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          18,015
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          14,957
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          15,469
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" colspan="2" valign="bottom">
          19,956
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Gross profit on services</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,563
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,273
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,868
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,087
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,703
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,636
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,574
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,391
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
      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; 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>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 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>
    <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 (including legislative changes impacting the obligations of
        the public or sovereign entities that our financial guaranty business
        insures), 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>
      <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
        &quot;Dodd-Frank Act&quot;);
      </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. (&quot;Radian Guaranty&quot;), 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's ability to comply within the applicable transition
        period with the financial requirements of the Private Mortgage
        Insurance Eligibility Requirements (&quot;PMIERs&quot;) when adopted, which,
        based on the recently issued proposed PMIERs, may require us to
        contribute a substantial portion of our holding company cash and
        investments to Radian Guaranty, and could depend on our ability to,
        among other things: (1) successfully monetize Radian Asset Assurance
        Inc. (&quot;Radian Asset Assurance&quot;), a direct subsidiary of Radian
        Guaranty, or otherwise utilize the capital at Radian Asset Assurance
        in a manner that complies with 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 our
        level of defaults, the losses we incur on new and existing defaults
        and the amount and credit characteristics of new business we write,
        among other factors. Contributing a substantial portion of our holding
        company cash and investments to Radian Guaranty would leave Radian
        Group Inc. (&quot;Radian Group&quot;) with less liquidity to satisfy its
        obligations, and we may not be successful in monetizing or otherwise
        utilizing the capital of Radian Asset Assurance or in obtaining
        qualifying 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 we may 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>
      <li style="margin-bottom: 10.0px">
        changes in the charters or business practices of, or rules or
        regulations applicable to, the GSEs, including the adoption of the
        PMIERs, which in their current proposed form: (1) would require Radian
        Guaranty to hold significantly more capital than is currently required
        and could negatively impact our returns on equity; (2) could limit the
        type of business that Radian Guaranty and other private mortgage
        insurers are willing to write, which could reduce our NIW; (3) could
        increase the cost of private mortgage insurance, including as compared
        to the Federal Housing Administration's (&quot;FHA&quot;) pricing, or result in
        the emergence of other forms of credit enhancement; and (4) could
        require changes to our business practices that may result in
        substantial additional costs in order to achieve and maintain
        compliance with the PMIERs;
      </li>
      <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 &quot;Government-Sponsored Enterprises&quot; or the &quot;GSEs&quot;)
        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 FHA, 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 be perceived as having a greater ability to comply
        with the PMIERs, 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 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>
      <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 &quot;qualified
        residential mortgages&quot; 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 &quot;Model Act&quot;) being considered by the National Association of
        Insurance Commissioners 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, a significant portion of our investment portfolio and
        certain of our long-term incentive compensation awards;
      </li>
      <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;
      </li>
      <li style="margin-bottom: 10.0px">
        our ability to fully realize the benefits anticipated from our recent
        acquisition of Clayton Holdings LLC (&quot;Clayton&quot;), which may be impeded
        by, among other things, a loss of customers and/or employees; the
        potential inability to successfully incorporate Clayton's business
        into Radian Group; and the potential distraction of management time
        and attention in connection with the post-acquisition process; and
      </li>
      <li style="margin-bottom: 10.0px">
        the possibility that we may need to impair the estimated fair value of
        goodwill established in connection with our acquisition of Clayton,
        the valuation of which requires the use of significant estimates and
        assumptions with respect to the estimated future economic benefits
        arising from certain assets acquired in the transaction such as the
        value of expected future cash flows of Clayton, Clayton's workforce,
        expected synergies with our other affiliates and other unidentifiable
        intangible assets.
      </li>
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    <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>

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