Expanded Program Helps Troubled Homeowners Keep their Homes
Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group
Inc. (NYSE:RDN), today stated its full support of the new, higher
loan-to-value (LTV) ceiling for the Home Affordable Refinance Program
(HARP), which is part of the government’s Homeowner Affordability and
Stability Plan (HASP). Previously, the LTV ceiling was 105 percent. The
new limit of 125 percent LTV means more borrowers will be eligible to
refinance despite falling home prices, even in areas hit hardest by home
value depreciation.
“Radian is committed to promoting and preserving the dream of
homeownership for borrowers, and fully supports government and industry
efforts to assist troubled homeowners to remain in their homes by
sensibly restructuring or refinancing their mortgages,” said Teresa
Bryce, President of Radian Guaranty Inc. “For borrowers with Radian
insured loans, we are ready to handle the anticipated increase in volume
from the government sponsored programs or through other lender initiated
refinance or modification programs.”
Radian already has programs in place to provide assistance to lenders
and their borrowers who are struggling with mortgage payments. The “Fast
Advance” program was launched in 2008 and to date it has helped hundreds
of borrowers realize more advantageous mortgage terms. The program
advances up to 15% of a potential claim to the lender to forestall a
full claim and to keep borrowers in their homes and out of foreclosure.
Radian has also partnered with third-party credit counseling services to
provide additional assistance to borrowers who are evaluating the best
options to restore their credit.
“Radian’s commitment to our lending partners and their borrowers is to
process all modification requests in a timely manner,” added Bryce. “The
new expanded loan-to-value limits reflect the need for more flexibility
as a result of dropping home values. This will allow thousands of
additional homeowners who have made their payments on time, to lower
their monthly payments by refinancing to today’s attractive fixed rate
programs.”
About Radian
Radian Group Inc. (NYSE:RDN), headquartered in Philadelphia, provides
private mortgage insurance and related risk management products and
services to mortgage lenders nationwide through its principal operating
subsidiary, Radian Guaranty Inc. These services help promote and
preserve homeownership opportunities for homebuyers, while protecting
lenders from default-related losses on residential first mortgages and
facilitating the sale of low-downpayment mortgages in the secondary
market. Additional information may be found at www.radian.biz.
Radian Group Inc.
For investors:
Terri Williams-Perry,
215-231-1486
terri.williams-perry@radian.biz
or
For
the media:
Rick Gillespie, 215-231-1061
rick.gillespie@radian.biz
