Radian Helps Underwater Homeowners Refinance Through HARP 2.0

PHILADELPHIA - (BUSINESS WIRE) - Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., today announced its continued support of the Home Affordable Refinance program (HARP). The HARP program was first introduced in 2009 by the Federal Housing Finance Agency (FHFA) and the Department of the Treasury to help "underwater" homeowners who owe more on their mortgage than their home is worth. HARP 2.0 was announced late last year and included additional enhancements to help more homeowners take advantage of the program.

Radian has helped more than 35,000 borrowers take advantage of the newest HARP 2.0 program where, on average, homeowners are able to reduce the monthly principal and interest payment on their mortgage by more than 20 percent. Many are also using the program to pay their mortgage loan more quickly, with 18 percent of Radian's HARP 2.0 borrowers refinancing into a 10- to 20-year term.

"At Radian, we are committed to helping homeowners stay in their homes. We are pleased to support the successful HARP refinance program, which helps borrowers who are paying their monthly mortgage payments and are committed to their homes to take advantage of today's low interest rates," stated Teresa Bryce Bazemore, President of Radian Guaranty.