Radian Group Inc., a leading mortgage insurance player, is diving deeper into the asset-backed marketplace with the creation of Radian Insurance Inc., a new credit enhancement subsidiary. Moving further down the credit spectrum, the new company will be dipping into subprime markets, expanding the company's product line to non-traditional offerings.

"The subprime market has been a very vibrant market for many, many years, and it's going to continue to be vibrant for many years," said Frank P. Filipps, chairman and chief executive officer. "Radian is not going to be targeting the subprime market per se, it is more product-oriented rather than borrower credit-quality oriented."

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