Radian to Shut Down RadianExpress.com

Radian Group Inc. plans to shut down its struggling mortgage services subsidiary over the next three months to give itself time to complete transactions in the works, negotiate an end to 113 employment contracts, and close the division's Dayton, Ohio, headquarters.Three factors led to the decision to shut the RadianExpress.com subsidiary: California regulators' adverse ruling against its Radian Lien Protection title insurance alternative, competitive pressures in the settlement services market, and shrinking mortgage origination volumes, a Radian spokeswoman said. The move is expected to have an after-tax impact on the parent company of approximately $0.09 per share, an amount that "isn't meaningful enough" to affect Radian Group's credit ratings, according to Michael Barry, a managing director in Fitch Ratings' insurance group. Radian can be found online at http://www.radiangroupinc.com.