Radian doubles mortgage insurance written in second-quarter
(Reuters) - Mortgage insurer Radian Group Inc (RDN.N) said it wrote $8.35 billion in new insurance in the second quarter, more than double the amount it wrote a year earlier.
It wrote $3 billion in new insurance in June, more than it wrote in the whole second quarter last year.
Radian has been steadily gaining market share, as some mortgage insurers have stopped writing new insurance due to falling capital levels and regulators shut down some competitors.
Radian and its rivals MGIC Investment Corp (MTG.N) and Genworth Inc (GNW.N) insure mortgages when the down payments are less than a fifth of the property's price. The companies were saddled with billions of dollars in losses after the housing crisis led to a wave of defaults and foreclosures.
The companies have been working through their inventory of bad loans over the past year.
Radian's inventory of delinquent loans fell to 98,450 in June from 99,694 in May.
Shares of the Philadelphia-based company closed at $3.22 on Friday on the New York Stock Exchange.
(Reporting by Jochelle Mendonca in Bangalore; Editing by Supriya Kurane)
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