PHILADELPHIA, Feb. 14 /PRNewswire-FirstCall/ -- Radian Guaranty Inc., a
leading provider of mortgage insurance and subsidiary of Radian Group Inc.
(NYSE: RDN) today named Mark A. Casale to senior vice president, capital
markets. In this role, Mr. Casale will be responsible for the continued
growth of Radian's customized credit enhancement products and services in the
profitable non-prime mortgage markets.
Mr. Casale previously had been Radian's senior vice president, strategic
investments. Prior to joining Radian in 2001, Mr. Casale was with Advanta
Corporation, where he held several executive positions in the company's
Mortgage group, focusing on the company's growth in non-prime mortgage and
capital markets. As senior vice president, corporate finance service, Mr.
Casale formed a division that offered business-to-business capital market
services including securitization access and financing to midsize mortgage
bankers.
"Over the last several years, Radian has built a strong foundation of
success in the global mortgage marketplace," said Roy J. Kasmar, president and
COO of Radian. "Mark has a deep knowledge of Radian's core strengths and
proven expertise in the capital markets. In this position, he can apply our
sound risk management strategies toward the development of new, profitable
credit enhancement solutions that will benefit our customers, partners and
investors."
Mr. Casale will lead Radian's Capital Markets channel, which focuses on
providing prudent, sustainable credit enhancement services to the non-prime
mortgage market. Through the Capital Markets channel, Mr. Casale will help
Radian identify and pursue profitable transactions that will originate,
structure and close investment and non-investment grade credit business,
including traditional bulk MI and other structured credit mortgage business.
Radian recently announced a structured finance transaction to help the
company manage its non-prime mortgage risk. The solution involved a
transaction with Smart Home Reinsurance 2005-1 Limited, a company which was
created and funded through the sale of $98.5 million of credit-linked notes
backed by a $1.68-billion pool of Radian-insured Alt-A mortgage loans.
As senior vice president, capital markets, Mr. Casale will replace Trez
Moore, who is leaving Radian. Mr. Casale will remain actively involved in C-
BASS and Sherman, leading financial services companies in which Radian has
strategic investments.
"With international growth and innovative solutions such as Smart Home,
Radian is well positioned for continued success in the credit enhancement
market," said Mr. Casale. "I'm looking forward to working with our customers
and partners to build on that momentum."
About Radian Guaranty Inc.
Radian Guaranty Inc. is the mortgage insurance subsidiary of Radian Group
Inc. (NYSE: RDN), a global credit enhancement company headquartered in
Philadelphia. Radian Guaranty provides risk management products and services
to mortgage lenders nationwide; these services increase opportunities for
people to buy homes with little or no downpayment, protect lenders from
default-related losses on residential first mortgages and facilitate the sale
of low-downpayment mortgages in the secondary market. Additional information
may be found at http://www.radian.biz.
All statements in this press release that address operating performance,
events or developments that we expect or anticipate may occur in the future
are "forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and
the U.S. Private Securities Litigation Reform Act of 1995. These statements
are made on the basis of management's current views and assumptions with
respect to future events. The forward-looking statements are subject to risks
and uncertainties including the following: changes in general financial and
political conditions, such as extended national or regional economic
recessions (or expansions), changes in housing values, changes or volatility
in interest rates, or other political instability; changes in investor
perception of the strength of private mortgage insurers or financial guaranty
providers, and risks faced by the businesses, municipalities or pools of
assets covered by Radian's insurance; the loss of significant customers with
whom Radian has a concentration of its insurance in force; rising
delinquencies in mortgage loans insured by Radian resulting from increased
consolidation of mortgage lenders and servicers; increased severity or
frequency of losses associated with certain Radian products that are riskier
than traditional mortgage insurance and municipal guaranty insurance policies;
material changes in persistency rates of Radian's mortgage insurance policies;
downgrades of the insurance financial-strength ratings assigned by the major
ratings agencies to Radian's operating subsidiaries; intense competition from
others and from alternative products to private mortgage insurance and
financial guaranty insurance; changes in the business practices of Fannie Mae
and Freddie Mac; legislative and regulatory changes affecting demand for
private mortgage insurance and financial guaranty insurance; changes in claims
against mortgage insurance products resulting from the aging of Radian's
mortgage insurance policies; changes in Radian's ability to maintain
sufficient reinsurance capacity in an increasingly concentrated reinsurance
market; vulnerability to the performance of Radian's strategic investments;
and the loss of executive officers or other key personnel. Investors are also
directed to other risks discussed in documents filed by Radian with the SEC,
including the factors detailed in our annual report on Form 10-K for the year
ended December 31, 2003 in the section immediately preceding Part I of the
report. Radian does not intend to and disclaims any duty or obligation to
update or revise any forward-looking statements made in this press release to
reflect new information, future events or for any other reason.
SOURCE Radian Guaranty Inc.
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Related links:
http://www.radian.biz
CONTACT:
For investors: Mona Zeehandelaar,
+1-215-231-1674, mona.zeehandelaar@radian.biz; For the media:
David Cheung, +1-215-231-1362, david.cheung@radian.biz, both of
Radian
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