Radian Guaranty Inc., Philadelphia, has announced the completion of a structured transaction that it describes as "an innovative, new reinsurance solution" to manage its subprime mortgage risk.The transaction was completed on an $882 million portfolio of first-lien, subprime residential mortgage loans insured by Radian. "The company will reduce its exposure on this portfolio by transferring a significant portion of the risk to a Bermuda reinsurance company, Smart Home Reinsurance 2204-1 Ltd.," Radian said. Smart Home, which was formed solely to enter into the reinsurance arrangement, was funded in the global capital markets through the sale of credit-linked notes. The company said the transaction will help it boost capacity and take advantage of revenue growth opportunities. Radian can be found online at http://www.radianmi.com.
-
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
6h ago -
A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
7h ago -
The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
7h ago -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
7h ago -
The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
8h ago -
The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
8h ago