Radian Applauds President Signing Mortgage Insurance Tax Deductibility Law
20 Décembre 2006 - 11:00PM
PR Newswire (US)
PHILADELPHIA, Dec. 20 /PRNewswire-FirstCall/ -- President Bush
today signed into law a bill making mortgage insurance premiums tax
deductible. The legislation allows borrowers earning less than
$100,000 a year to deduct the full amount of their mortgage
insurance premiums paid in 2007. Borrowers making between $100,000
and $110,000 will be eligible to write off a portion of the premium
in 2007.* S.A. Ibrahim, CEO of Radian Group Inc. (NYSE:RDN),
commented, "We are extremely pleased that this important bill has
been signed into law. This legislation broadens the choices
available to borrowers by making the monthly payment for an insured
mortgage even more affordable and convenient. "We are looking
forward to the opportunity this new legislation brings to educate
consumers on their mortgage insurance options, and to broadening
our market reach to those homebuyers seeking additional tax
advantages." * The MI premium is fully deductible at $100,000 and
phases out for annual earnings between $100,000 and $110,000. About
Radian Group Inc. Radian Group Inc. is a global credit risk
management company headquartered in Philadelphia with significant
operations in both New York and London. Radian develops innovative
financial solutions by applying its core mortgage credit risk
expertise and structured finance capabilities to the credit
enhancement needs of the capital markets worldwide, primarily
through credit insurance products. The company also provides credit
enhancement for public finance and other corporate and consumer
assets on both a direct and reinsurance basis and holds strategic
interests in active credit-based consumer asset businesses.
Additional information may be found at http://www.radian.biz/. All
statements made in this news release that address 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, as well as Radian's
prospects as a whole, 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, population
trends and changes in household formation patterns, changes in
unemployment rates, and changes or volatility in interest rates;
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 a customer with whom Radian has a
concentration of its insurance in force; 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 Radian's
credit ratings or the insurance financial-strength ratings assigned
by the major ratings agencies to Radian's operating subsidiaries;
heightened competition from other insurance providers and from
alternative products to private mortgage insurance and financial
guaranty insurance; changes in the charters or business practices
of Fannie Mae and Freddie Mac; the application of federal or state
consumer- lending, insurance and other applicable laws and
regulations, or unfavorable changes in these laws and regulations
or the way they are interpreted, including: (i) the possibility of
private lawsuits or investigations by state insurance departments
and state attorneys general alleging that services offered by the
mortgage insurance industry, such as captive reinsurance, pool
insurance and contract underwriting, are violative of the Real
Estate Settlement Procedures Act and/or similar state regulations
(particularly in light of public reports that some state insurance
departments are investigating captive reinsurance arrangements used
in the mortgage insurance industry), or (ii) legislative and
regulatory changes affecting demand for private mortgage insurance
or financial guaranty insurance; the possibility that we may fail
to estimate accurately the likelihood, magnitude and timing of
losses in connection with establishing loss reserves for our
mortgage insurance or financial guaranty businesses or to estimate
accurately the fair value amounts of derivative financial guaranty
contracts in determining gains and losses on these contracts;
changes in accounting guidance from the SEC or the Financial
Accounting Standards Board regarding income recognition and the
treatment of loss reserves in the mortgage insurance or financial
guaranty industries; changes in claims against mortgage insurance
products resulting from the aging of Radian's mortgage insurance
policies; vulnerability to the performance of Radian's strategic
investments; changes in the availability of affordable or adequate
reinsurance for our non-prime risk; and international expansion of
our mortgage insurance and financial guaranty businesses into new
markets and risks associated with our international business
activities. For more information regarding these risks and
uncertainties, as well as certain additional risks that we face,
investors should refer to the risk factors detailed in Part I, Item
1A in our annual report on Form 10-K for the year ended December
31, 2005 and the material changes to these risks identified in our
quarterly report on Form 10-Q for the quarter ended June 30, 2006.
We caution you not to place undue reliance on these forward-looking
statements, which are current only as of the date of this news
release. Radian does not intend to and disclaims any duty or
obligation to update or revise any forward-looking statements made
in this news release to reflect new information, future events or
for any other reason. DATASOURCE: Radian Group Inc. CONTACT: For
investors, Mona Zeehandelaar, +1-215-231-1674, , or For the media,
Corporate Communications, +1-215-231-1990, , both of Radian Group
Inc. Web site: http://www.radian.biz/
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