March 2, 2010 / 1:49 PM / in 8 years

UPDATE 1-Radian names new COO for mortgage insurance unit

* Hires ex-BofA exec Griffith

* Griffith to be v-p & COO of Radian Guaranty

March 2 (Reuters) - Radian Group Inc (RDN.N) appointed former Bank of America (BAC.N) executive Robert Griffith as chief operating officer of its mortgage insurance unit, Radian Guaranty Inc.

Griffith, who most recently worked as senior vice president for Bank of America, will report to Radian Guaranty’s president Teresa Bryce, the Philadelphia-based company said in a statement.

Radian Guaranty provides mortgage insurance to protect lenders against loan default and to enable homebuyers to purchase homes more quickly and with smaller down payments.

    Radian’s mortgage insurance business has been making losses for the past two quarters on higher provisions for bad loans.

    Last week, Radian reported a narrower-than-expected quarterly loss on slower rate of new delinquencies, and said it expects excess liquidity through 2012. (Reporting by Sweta Singh in Bangalore; Editing by Gopakumar Warrier)

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