The Radian Group, the nation's third largest mortgage insurance company, said as of March 15th it will no longer write new policies on "attached" condominium units.At press time the company could not be reached for comment. According to a new bulletin posted on the MI's website, the Philadelphia-based firm also will no longer insure construction-to-permanent loans and interest-only mortgages. In a new filing with the Securities and Exchange Commission, Radian says it expects to incur "significant" losses this year thanks to large claims on alt-A mortgages, high LTV loans, pool insurance and other products. In 2008 Radian had to pay claims on 110,553 first-lien primary defaults, an 82% increase from the year before. Two weeks ago Radian posted a 2008 net loss of $410 million. Its stock is trading at about $1.35 a share.
Nation's #3 MI, Radian, Bans Condo Loans, More
Published March 10, 2009, 1:00 p.m. EDT
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