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Radian Announces Recent Actions in Response to COVID-19Radian (News - Alert) Group Inc. (NYSE: RDN) announced today that it has taken several actions in response to the COVID-19 pandemic. The objective of these actions is to help ensure the well-being of the company's customers, partners, investors and communities while safeguarding the health of Radian's employees and their families. These actions include the following:
- Radian Group maintains current liquidity of approximately $680 million. This includes first quarter 2020 outflows related to the $226 million of share repurchase activity described above, a previously reported $200 million surplus note investment into Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group, and payment of the company's quarterly dividend, as well as first quarter 2020 inflows of $465 million related to a previously reported return of capital from Radian Reinsurance, along with other ordinary operating activities to date.
For more information on Radian's response to COVID-19 for customers and business partners, visit www.radian.com/covid-19. Due to the unprecedented and rapidly changing social and economic impacts associated with the COVID-19 pandemic on the U.S. and global economies generally, and in particular on the U.S. housing, real estate and housing finance markets, we are unable to predict or estimate the ultimate impact on our business or business prospects. The ultimate significance of COVID-19 on our business will depend on, among other things: the extent and duration of the pandemic, the severity of the disease and the number of people infected with the virus; the effects on the economy of the pandemic and of the measures taken by governmental authorities and other third parties restricting day to day life and the length of time that such measures remain in place; governmental programs implemented to assist new and existing borrowers, including programs and policies instituted by Fannie Mae and Freddie Mac to assist borrowers experiencing a COVID-19-related hardship such as forbearance plans and suspensions of foreclosure and evictions; and the impact on the mortgage origination market. While at this time we cannot estimate the short or long-term impacts of COVID-19 on our business, these and other factors, including those set forth under the heading "Risk Factors" contained in the company's most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC"), could have a material negative effect on the company's business, liquidity, results of operations and financial condition. About Radian Radian is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, real estate, and title services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Learn more about Radian's financial strength and flexibility at www.radian.biz and visit www.radian.com to see how Radian is shaping the future of mortgage and real estate services. View source version on businesswire.com: https://www.businesswire.com/news/home/20200325005158/en/ |