Radian Group’s second-quarter 2008 loss amounted to $4.91 per share in contrast to net income of $21.1 million, or 26 cents, during the year-ago period. Quarterly revenue dipped to $365.5 million.
Despite the steep losses incurred as U.S. housing and property prices spiral downward, Radian says it is and will continue to be committed to its mortgage business. Radian says it can tap into its financial guaranty business to fulfill the financial needs of its mortgage insurance business without raising outside capital.
Radian’s Asset Assurance Inc. division paid an ordinary dividend of $107.5 million to the parent company, which then shifted $100 million to Radian Guaranty to bolster the mortgage insurance business.