SAN FRANCISCO (Thomson Financial) - Radian Group Inc., on a day that saw its shares tumble, issued a statement late Thursday maintaining that the company 'has a strong capital position and balance sheet.'
Shares of the Philadelphia-based mortgage insurer fell nearly 23% Thursday to close at $9.99.
Radian said it was issuing the statement 'in response to the recent volatility in the financial markets, which has affected the stock price of Radian and many others in the housing, mortgage and financial services sectors.'
The company also said it believes it has 'financial flexibility and adequate liquidity for the long term.'
MGIC Investment Corp. and Radian abandoned their $5 billion merger in September.
Radian, which will report third-quarter earnings on Nov. 1, said its 'expected ultimate losses have not changed materially.' Gabriel Madway gm/kh COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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