Radian: MICA Pull-Out 'Strategic'

The Radian Group Inc., Philadelphia, has attributed its decision to pull out of the Mortgage Insurance Companies of America, the trade group that represents the private mortgage insurance industry, to "strategic goals.""Radian has made a strategic decision to discontinue its membership in MICA based on the determination that the company is better served by re-deploying its time and resources in a manner more fitting with our long-term strategic goals as a global credit enhancement company," the company said in a written statement. "These goals focus on growing our mortgage insurance business both domestically and internationally through our new international mortgage team, as well as our financial guaranty and mortgage services business lines." The statement avoids mentioning the split in the industry over Radian Lien Protection. Radian was opposed by MICA and the other six private mortgage insurance companies in the battle over RLP in California. MICA filed a brief with the state's insurance commissioner asking that RLP be declared title insurance. Radian says RLP is a pool mortgage insurance policy, but Commissioner John Garamendi -- siding with the title insurance industry and MICA -- said it was title insurance.