Private mortgage insurer Radian laid off 7% of its workforce Monday, according to a filing with the Securities & Exchange Commission. “In connection with this workforce reduction, Robert Griffith, executive vice president and chief operating officer of Radian Guaranty (RDN), the company’s principal mortgage insurance subsidiary, was notified of the termination of his employment, effective September 19, 2011,” the filing states. Griffith is entitled to a severance package, which will provide for undisclosed post-termination payments and benefits. Private mortgage insurance is experiencing a prolonged slowdown period. Insurers had $601.7 billion in primary insurance in force in July. That is down from $606.3 billion in June. Insurers also wrote $4.9 billion in new insurance business in July. Defaults also outpaced loan cured as well, as insurers had 48,758 loan defaults insured by the industry and 35,905 cures. Write to Jacob Gaffney. Follow him on Twitter: @JacobGaffney
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