Judge Upholds Anti-Radian Order

The title insurance industry has scored a second victory in California against Radian Guaranty Inc., as an administrative law judge there has upheld a cease-and-desist order barring the sale of Radian Lien Protection.Executives at the Philadelphia-based mortgage insurer called on the state's new insurance commissioner, John Garamendi, to reject the latest ruling. "Although Radian Lien Protection has been approved by other states, including most recently the Illinois Department of Insurance, this ruling denies its benefits not only to Californians, but to homeowners across the nation," said Howard S. Yaruss, Radian's executive vice president and chief counsel. Radian stopped offering the product when the original cease-and-desist order was issued in June 2002. From the American Land Title Association's perspective, the decision "safeguards consumers against unregulated, unlicensed title insurance products," said James Maher, executive vice president. Eight other states have barred Radian Lien Protection, he added. Radian can be found online at http://www.radianmi.com.