Radian Presents Remediation Plan to GSEs

Radian Group Inc., Philadelphia, has presented a comprehensive business and financial plan to Fannie Mae and Freddie Mac that is aimed at restoring the profitability of its mortgage insurance business, according to the company. Radian said it presented the plan to officials from both government-sponsored enterprises on April 10, two days after Standard & Poor's Ratings Services lowered its rating on the MI subsidiary, Radian Guaranty Inc., from AA-minus to A. This triggered a requirement that Radian submit a remediation plan to the GSEs. "We have been maintaining a frequent and productive dialog with the GSEs about the market downturn and its impact on our business since last year," said Dave Applegate, president of Radian Guaranty. He said the company presented "detailed plans on the transformation of Radian Guaranty" at the April 10 meetings. The parent company can be found online at http://www.radian.biz.