Radian Group announced that it presented a comprehensive business and financial plan to the GSEs earlier this month, as a result of its drop in ratings to single-A.
The plan aims to restore profitability and a double-A rating to its mortgage insurance business, Radian Guaranty, the parent company said. The plan was unveiled to the GSEs on April 10, which is two days after Standard & Poors slashed the companys rating to A from AA-. Radian said that while returning to AA might be a long-term endeavor, the company will meet regularly with the GSEs to discuss its progress.
Earlier this month, Radian also announced that it received a waiver from its credit facility lenders to suspend the ratings covenant in the debt package. While the company said it was not in default, it requested temporary relief in order to amend the credit agreement. The changes must be made by April 30.
-
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
3h ago -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
11h ago -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24 -
Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.
April 23 -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
April 23 -
Lendbuzz sells the notes as it juggles mixed performance results from 2023. Originations and revenues saw huge jumps, but so did operating expenses.
April 23