(Bloomberg) -- Radian Group Inc. (RDN), the insurer of U.S. mortgages, fell the most since February after reporting a second straight quarterly loss.
Radian plunged 7.4 percent to close at $2.89 in New York. The Philadelphia-based firm’s shares gained 33 percent this year through yesterday.
The insurer posted a first-quarter net loss of $169.2 million, or $1.28 a share, compared with a profit of $103 million, or 77 cents a share, a year earlier, the firm said today in a statement. That missed by 43 cents the average estimate of three analysts surveyed by Bloomberg. Mortgage insurers pay lenders when homeowners default and foreclosures fail to recoup costs.
“Financial results for the quarter continue to reflect the challenges of the macroeconomic environment and our legacy portfolio,” Chief Executive Officer S.A. Ibrahim said in the statement.
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