Philadelphia-based mortgage insurance giant Radian Group Inc. reported a second-quarter net loss today of $392.5 million, primarily due to reserving activity.
The company said the loss equaled $4.91 per share, after establishing a pre-tax first-lien premium deficiency reserve of $421.8 million. This compares to net income of $21.1 million, or 26 cents per share, for the second quarter of 2007.
S.A. Ibrahim, Radian chief executive officer, said "Radian's results in the second quarter were largely impacted by the first-lien premium deficiency reserve we established after updating our future mortgage insurance loss expectations."
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