PHILADELPHIA--(BUSINESS WIRE)--Radian Group Inc. (NYSE: RDN) announced today that its board member Brian D. Montgomery was confirmed as the Commissioner of the Federal Housing Administration (FHA) and has stepped down from the Radian Board of Directors.
“Radian once again congratulates Brian on this tremendous honor and thanks him for his knowledge and expertise which he has provided to us, since 2012,” said Radian Chief Executive Officer Rick Thornberry. “We wish him well in this position and know that he will bring the same high degree of professionalism to the FHA which he provided to our company over the past six years.”
A veteran senior public servant, this will be Montgomery's second time to serve as FHA Commissioner. He previously served from 2005 to 2009. Montgomery joined Radian’s Board of Directors in 2012.
In addition to his previous service as FHA Commissioner, Montgomery also served on the Federal Housing Finance Board from 2005 to 2008 as well as the Board of NeighborWorks America from 2005 to 2009. NeighborWorks America is a federally chartered non-profit agency that provides grants and technical assistance to local housing agencies.
The company’s Governance Committee regularly assesses the overall composition of the Radian Board and considers potential new nominees for director who would enhance the Board’s oversight objectives. As previously disclosed, the Governance Committee has engaged Spencer Stuart, a leading search firm, to support its efforts in seeking to identify new potential Board talent.
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides private mortgage insurance, risk management products and real estate services to financial institutions. Radian offers products and services through two business segments:
- Mortgage Insurance, through its principal mortgage insurance subsidiary Radian Guaranty Inc. This private mortgage insurance helps protect lenders from default-related losses, facilitates the sale of low-downpayment mortgages in the secondary market and enables homebuyers to purchase homes more quickly with downpayments less than 20%.
- Mortgage and Real Estate Services, through its principal services subsidiary Clayton, as well as Entitle Direct, Green River Capital, Red Bell Real Estate and ValuAmerica. These solutions include information and services that financial institutions, investors and government entities use to evaluate, acquire, securitize, service and monitor loans and asset-backed securities.
Additional information may be found at www.radian.biz.