Philadelphia Inquirer, The - Insurer Radian trying to keep borrowers in homes

The subprime meltdown is forcing at least one major mortgage insurer, Philadelphia's Radian Group Inc., to launch an unprecedented financial-salvage operation. Facing mortgage claims estimated at $1 billion this year, Radian is trying to help borrowers stay in their houses or get out from under their loans more easily, while cutting its own losses.

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The whole industry is scrambling for ways to mitigate losses. Today, potential solutions specifically for Philadelphia are on the agenda at a hearing before the City Council Committee on Housing, Neighborhood Development and the Homeless. Advocates are pushing for a moratorium on sheriff's sales involving subprime mortgages. Radian's national pilot program, launched recently with five mortgage servicers, offers to pay 15 percent - up to $15,000 - of a potential claim in advance to forestall a full claim. For example, if a lender holds a $100,000 mortgage that is likely to go into default, the lender …

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