Radian Group, the nation's third largest mortgage insurer, said in a new regulatory filing Wednesday that it has fired its chief operating officer Robert Griffith and reduced its workforce by 7%.

No reason was given for Griffith's termination. In the filing the mortgage insurer noted that Griffith and Radian are parties to a severance deal that “governs the parties' obligations following termination of employment and, subject to Mr. Griffith's executing a general release of claims against Radian Guaranty and its affiliates, provides for certain post-termination payments and other benefits.”

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