Radian's new delinquencies drop 8.5% in August
Mortgage servicers reported 9,084 in new delinquent loans insured by Radian Group (RDN), a mortgage insurer based in Philadelphia. It's an 8.5% drop from the 9,930 of newly delinquent loans for Radian in July. Radian's primary inventory of delinquent mortgages did fall to 137,374 in August, too, down from 138,015 delinquent mortgages in July. The new numbers are sign of recovery on Radian's books. In the first half of 2010, Radian reported $785.4 million in losses. The company paid $337 million in claims for the first quarter of 2010. Fewer delinquencies could be a sign of new cures on troubled mortgages. Servicers reported cures on 8,142 mortgages insured by Radian, up 6.9% from the 7,616 done in July. According to the Mortgage Insurance Companies of America (MICA), a trade group of mortgage insurers, there were 68,862 primary defaults in July for its members including Radian, a 27.1% drop from a year before. Write to Jon Prior.