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					PROPERTY AND CASUALTY COMPANIES—ASSOCIATION EDITION


                                                                 ANNUAL STATEMENT
                                                     FOR THE YEAR ENDED DECEMBER 31, 2007
                                                                 OF THE CONDITION AND AFFAIRS OF THE
                                                                     RADIAN GUARANTY INC.
NAIC Group Code           0766        ,                    0766      NAIC Company Code           33790        Employer’s ID Number       23-2018130
                     (Current Period)                 (Prior Period)
 Organized under the Laws of                               Pennsylvania              , State of Domicile or Port of Entry           Pennsylvania
 Country of Domicile                                                                   United States
Incorporated/Organized                                  09/23/1976                 Commenced Business                         04/12/1977
Statutory Home Office                                     1601 Market Street                                ,                     Philadelphia, PA 19103
                                                         (Street and Number)                                                (City or Town, State and Zip Code)
Main Administrative Office                            1601 Market Street                                   Philadelphia, PA 19103                   800-523-1988
                                                        (Street and Number)                               (City or Town, State and Zip Code)                (Area Code) (Telephone Number)
Mail Address                         1601 Market Street                                        ,                               Philadelphia, PA 19103
                              (Street and Number or P.O. Box)                                                            (City or Town, State and Zip Code)
Primary Location of Books and Records             1601 Market Street                                              Philadelphia, PA 19103                 215-231-1225
                                                                  (Street and Number)                           (City or Town, State and Zip Code)              (Area Code) (Telephone Number)
Internet Website Address                                                                             www.radian.biz
Statutory Statement Contact                                       Colleen Marie Monti                                                    215-231-1225
                                                                        (Name)                                            (Area Code) (Telephone Number) (Extension)
                            colleen.monti@radian.biz                                                                            215-564-5282
                                 (E-mail Address)                                                                               (Fax Number)
                                                                                   OFFICERS
               Name                                           Title                                            Name                                                   Title
     David Michael Applegate #              ,              President                                    Timothy White Hunter                       ,                Secretary
        Carl Robert Quint #                 ,      EVP/ Chief Financial Officer                                                                    ,
                                                                            OTHER OFFICERS
       Teresa Audrey Bryce                  ,         EVP/ General Counsel                               Robert Ely Croner                     ,           Senior Vice President
     Sanford Alexander Ibrahim              ,         Chief Executive Officer                                                                  ,
                                                                 DIRECTORS OR TRUSTEES
     David Michael Applegate #                      Paul Francis Bognanno #                           Teresa Audrey Bryce                                 Stephen DeWitt Cooke
         Robert Ely Croner                          Sanford Alexander Ibrahim                          Carl Robert Quint
      State of                   Pennsylvania

     County of                   Philadelphia                          ss


The officers of this reporting entity, being duly sworn, each depose and say that they are the described officers of said reporting entity, and that on the reporting period stated
above, all of the herein described assets were the absolute property of the said reporting entity, free and clear from any liens or claims thereon, except as herein stated, and that
this statement, together with related exhibits, schedules and explanations therein contained, annexed or referred to is a full and true statement of all the assets and liabilities and
of the condition and affairs of the said reporting entity as of the reporting period stated above, and of its income and deductions therefrom for the period ended, and have been
completed in accordance with the NAIC Annual Statement Instructions and Accounting Practices and Procedures Manual except to the extent that: (1) state law may differ; or, (2)
that state rules or regulations require differences in reporting not related to accounting practices and procedures, according to the best of their information, knowledge and belief,
respectively. Furthermore, the scope of this attestation by the described officers also includes the related corresponding electronic filing with the NAIC, when required, that is an
exact copy (except for formatting differences due to electronic filing) of the enclosed statement. The electronic filing may be requested by various regulators in lieu of or in addition
to the enclosed statement.



              Sanford Alexander Ibrahim                                         Timothy White Hunter                                                   Carl Robert Quint
               Chief Executive Officer                                               Secretary                                                     EVP/ Chief Financial Officer
                                                                                                                    a. Is this an original filing?
 Subscribed and sworn to before me this                                                                             b. If no,
                     day of          February, 2008                                                                 1. State the amendment number
                                                                                                                    2. Date filed
                                                                                                                    3. Number of pages attached
                               ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.



                                                                                    ASSETS
                                                                                                                              Current Year                                         Prior Year
                                                                                                1                                  2                          3                         4

                                                                                                                                                    Net Admitted Assets           Net Admitted
                                                                                             Assets                        Nonadmitted Assets           (Cols. 1 - 2)               Assets
   1. Bonds (Schedule D)                                                                            ! "# $ $                                                     ! "# $ $             %     "      " $
   2. Stocks (Schedule D):
        2.1 Preferred stocks                                                                     " # % "                                                       " # % "                 !% ! % "
        2.2 Common stocks                                                                      " $ $ ! %##                                " $                " % !! #!#               ! %
   3. Mortgage loans on real estate (Schedule B):
        3.1 First liens
        3.2 Other than first liens
   4. Real estate (Schedule A):
        4.1 Properties occupied by the company (less
        $                            encumbrances)
        4.2 Properties held for the production of income
        (less $                              encumbrances)
        4.3 Properties held for sale (less
        $                            encumbrances)
   5. Cash ($                !!      %       , Schedule E, Part 1), cash equivalents
                ($                           , Schedule E, Part 2) and short-term
        investments ($                   #     "$ , Schedule DA)                                "$ "$                  %                                     "$ "$            %             "       #
   6. Contract loans, (including $                                premium notes)
   7. Other invested assets (Schedule BA)                                                       #           #      !                                         #     #      !                 " !
   8. Receivables for securities
   9. Aggregate write-ins for invested assets
  10. Subtotals, cash and invested assets (Lines 1 to 9)                                     ! "!                 !%#                     " $            ! " " "!         "#        ! "            !!#
  11. Title plants less $                              charged off (for Title insurers
        only)
  12. Investment income due and accrued                                                             $ $ #"$                                                      $ $ #"$                         # "#
  13. Premiums and considerations:
        13.1 Uncollected premiums and agents’ balances in the course of
        collection                                                                              #           !                         %%! %#                 #     ##         #             "%      #
        13.2 Deferred premiums, agents’ balances and installments booked but
        deferred and not yet due (including $                                earned
        but unbilled premium)                                                                                                                                                                   !# "!
        13.3 Accrued retrospective premium
  14. Reinsurance:
        14.1 Amounts recoverable from reinsurers                                                                   #                                                      #               ! !
        14.2 Funds held by or deposited with reinsured companies
        14.3 Other amounts receivable under reinsurance contracts
  15. Amounts receivable relating to uninsured plans
  16.1 Current federal and foreign income tax recoverable and interest thereon
  16.2 Net deferred tax asset                                                                       "             %#$               $ !      %$#                 ! #                               $!
  17. Guaranty funds receivable or on deposit
  18. Electronic data processing equipment and software                                                         % %#!                                                  % %#!              % !"!
  19. Furniture and equipment, including health care delivery assets
        ($                           )                                                                  !              !              !         !
  20. Net adjustment in assets and liabilities due to foreign exchange rates
  21. Receivables from parent, subsidiaries and affiliates                                                  !      "                      %" "$                  ! #      "
  22. Health care ($                                ) and other amounts receivable
  23. Aggregate write-ins for other than invested assets                                                #$#                           %# "                        ! $                       #      "%$
  24. Total assets excluding Separate Accounts, Segregated Accounts and
        Protected Cell Accounts (Lines 10 to 23)                                             % "                  ##                ! "      ! $         %               $ $        ! "$% #" ! $
  25. From Separate Accounts, Segregated Accounts and Protected
        Cell Accounts
  26. Total (Lines 24 and 25)                                                                % "                  ##                ! "      ! $         %               $ $        ! "$% #" ! $
        DETAILS OF WRITE-INS
0901.
0902.
0903.
0998. Summary of remaining write-ins for Line 9 from overflow page
0999. Totals (Lines 0901 thru 0903 plus 0998)(Line 9 above)
2301. &             '          (                                                                        ! $                                                       ! $                       % $%
2302.             ) * '                                                                                 %# "                          %# "                                                  !"$ !""
2303.
2398. Summary of remaining write-ins for Line 23 from overflow page
2399. Totals (Lines 2301 thru 2303 plus 2398)(Line 23 above)                                            #$#                           %# "                        ! $                       #      "%$




                                                                                         2
                                 ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                    LIABILITIES, SURPLUS AND OTHER FUNDS
                                                                                                                                       1                                    2
                                                                                                                                  Current Year                         Prior Year
   1. Losses (Part 2A, Line 34, Column 8)                                                                                                          #$ ! "                $ $ " $
   2. Reinsurance payable on paid losses and loss adjustment expenses (Schedule F, Part 1, Column 6)
   3. Loss adjustment expenses (Part 2A, Line 34, Column 9)                                                                                    "                                 ! #                !
   4. Commissions payable, contingent commissions and other similar charges                                                                    ! $           #%                  #        " ""
   5. Other expenses (excluding taxes, licenses and fees)                                                                                      % $ " # %                         ! $            ""
   6. Taxes, licenses and fees (excluding federal and foreign income taxes)                                                                        ! $ #%$                       ! $ ! "!#
   7.1Current federal and foreign income taxes (including $                    % !          on realized capital gains (losses))            $ # %                  #          !           #% $
   7.2 Net deferred tax liability
   8. Borrowed money $                                    and interest thereon $
   9. Unearned premiums (Part 1A, Line 37, Column 5)
      (after deducting unearned premiums for ceded reinsurance of $                     %# " #"$ and including warranty
      reserves of $                         )                                                                                              !         ! !!$                   %           %% !#
  10. Advance premium
  11. Dividends declared and unpaid:
        11.1 Stockholders
        11.2 Policyholders
  12. Ceded reinsurance premiums payable (net of ceding commissions)                                                                                         %#%                 $ %            !
  13. Funds held by company under reinsurance treaties (Schedule F, Part 3, Column 19)
  14. Amounts withheld or retained by company for account of others                                                                                      %        $                      !$ $
  15. Remittances and items not allocated
  16. Provision for reinsurance (Schedule F, Part 7)
  17. Net adjustments in assets and liabilities due to foreign exchange rates
  18. Drafts outstanding
  19. Payable to parent, subsidiaries and affiliates                                                                                                                             $ %" !%#
  20. Payable for securities                                                                                                                         "        ##                     !      "
  21. Liability for amounts held under uninsured plans
  22. Capital notes $                                and interest thereon $
  23. Aggregate write-ins for liabilities                                                                                              !             "            !                  " $ %"
  24. Total liabilities excluding protected cell liabilities (Lines 1 through 23)                                                  ! ##! !                             ! %$              $ #%
  25. Protected cell liabilities

  26. Total liabilities (Lines 24 and 25)                                                                                          ! ##! !                             ! %$              $ #%
  27. Aggregate write-ins for special surplus funds
  28. Common capital stock
  29. Preferred capital stock
  30. Aggregate write-ins for other than special surplus funds
  31. Surplus notes
  32. Gross paid in and contributed surplus                                                                                                "         $"                      #              !
  33. Unassigned funds (surplus)                                                                                                       +                          !,     !           !%! "
  34. Less treasury stock, at cost:
        34.1                                shares common (value included in Line 28 $                               )
        34.2                                shares preferred (value included in Line 29 $                            )
  35. Surplus as regards policyholders (Lines 27 to 33, less 34) (Page 4, Line 39)                                                         #% !"" %"!                    %" %%$                     %
  36. Totals (Page 2, Line 26, Col. 3)                                                                                             %                         $ $       ! "$ %" "
        DETAILS OF WRITE-INS
2301. - '      '. '          (                                                                                                         !             "            !                  " $ %"
2302.
2303.
2398. Summary of remaining write-ins for Line 23 from overflow page
2399. Totals (Lines 2301 through 2303 plus 2398) (Line 23 above)                                                                       !             "            !                  " $ %"
2701.
2702.
2703.
2798. Summary of remaining write-ins for Line 27 from overflow page
2799. Totals (Lines 2701 through 2703 plus 2798) (Line 27 above)

3001.
3002.
3003.
3098. Summary of remaining write-ins for Line 30 from overflow page
3099. Totals (Lines 3001 through 3003 plus 3098) (Line 30 above)




                                                                                              3
                             ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                              STATEMENT OF INCOME
                                                                                                                                         1                                2
                                                                                                                                    Current Year                     Prior Year
      UNDERWRITING INCOME
   1. Premiums earned (Part 1, Line 34, Column 4)                                                                                           #! "                "                 %#      !

         DEDUCTIONS:

   2.   Losses incurred (Part 2, Line 34, Column 7)                                                                                     "$$      ! %                              !" $#
   3.   Loss expenses incurred (Part 3, Line 25, Column 1)                                                                                     !$ $ "                             " %#
   4.   Other underwriting expenses incurred (Part 3, Line 25, Column 2)                                                                    #! !   !                          #
   5.   Aggregate write-ins for underwriting deductions
   6. Total underwriting deductions (Lines 2 through 5)                                                                                     $           !%$            % " "              "
   7. Net income of protected cells
   8. Net underwriting gain (loss) (Line 1 minus Line 6 plus Line 7)                                                                   +%            "$ !! ,               " %$         #%

        INVESTMENT INCOME

   9. Net investment income earned (Exhibit of Net Investment Income, Line 17)                                                           $$ !$!                            "$      #
  10. Net realized capital gains (losses) less capital gains tax of $        # "!$        ! (Exhibit of Capital Gains (Losses))         !$      #!                          $ !$! % %
  11. Net investment gain (loss) (Lines 9 + 10)                                                                                         $ % % #""                             "

        OTHER INCOME

  12. Net gain (loss) from agents' premium balances charged off (amount recovered $
                                  or                                                                                    amount
       charged off $                          )
  13. Finance and service charges not included in premiums
  14. Aggregate write-ins for miscellaneous income                                                                                               +      ! ",                          % !%
  15. Total other income (Lines 12 through 14)                                                                                                   +      ! ",                          % !%
  16. Net income before dividends to policyholders, after capital gains tax and before all other federal and foreign income taxes
        (Lines 8 + 11 + 15)                                                                                                                 %        %! "%             %      %        % "
  17. Dividends to policyholders
  18. Net income, after dividends to policyholders, after capital gains tax and before all other federal and foreign income taxes
        (Line 16 minus Line 17)                                                                                                          %           %! "%             %      %        % "
  19. Federal and foreign income taxes incurred                                                                                          #           "" #
  20. Net income (Line 18 minus Line 19) (to Line 22)                                                                                  + %           $    #,           !#         $

        CAPITAL AND SURPLUS ACCOUNT

  21.   Surplus as regards policyholders, December 31 prior year (Page 4, Line 39, Column 2)                                            %" %%$                  %      % ! %!% # %
  22.   Net income (from Line 20)                                                                                                      + % $                    #,     !# $
  23.   Net transfers (to) from Protected Cell accounts
  24.   Change in net unrealized capital gains or (losses) less capital gains tax of $       +!%     !%   #,                           + % $ "                  %,       % %"           "
  25.   Change in net unrealized foreign exchange capital gain (loss)                                                                                   "                    $          $$
  26.   Change in net deferred income tax                                                                                                       " $                    + ""             # ,
  27.   Change in nonadmitted assets (Exhibit of Nonadmitted Assets, Line 26, Col. 3)                                                  + !        " "! ,                % %#            %
  28.   Change in provision for reinsurance (Page 3, Line 16, Column 2 minus Column 1)
  29.   Change in surplus notes
  30.   Surplus (contributed to) withdrawn from protected cells
  31.   Cumulative effect of changes in accounting principles
  32.   Capital changes:
        32.1. Paid in
        32.2. Transferred from surplus (Stock Dividend)
        32.3. Transferred to surplus
  33.   Surplus adjustments:
        33.1. Paid in
        33.2. Transferred to capital (Stock Dividend)
        33.3. Transferred from capital
  34.   Net remittances from or (to) Home Office
  35.   Dividends to stockholders                                                                                                      +! %             ! ",          + $# $! "",
  36.   Change in treasury stock (Page 3, Lines 34.1 and 34.2, Column 2 minus Column 1)
  37.   Aggregate write-ins for gains and losses in surplus                                                                             !"%       #                   + % ##    ,
  38. Change in surplus as regards policyholders for the year (Lines 22 through 37)                                                    +!     %$ !!,                    #!    $
  39. Surplus as regards policyholders, December 31 current year (Line 21 plus Line 38) (Page 3, Line 35)                                 #% !"" %"                    %" %%$ %
      DETAILS OF WRITE-INS
0501.
0502.
0503.
0598. Summary of remaining write-ins for Line 5 from overflow page
0599. Totals (Lines 0501 through 0503 plus 0598) (Line 5 above)
1401. &         '       ' /                                                                                                                      +      ! ",                          % !%
1402.
1403.
1498. Summary of remaining write-ins for Line 14 from overflow page
1499. Totals (Lines 1401 through 1403 plus 1498) (Line 14 above)                                                                             + ! ",                              % !%
3701. - ' '. '            ( 0 1))     '                                                                                                +!% "$! $ $,                   +!!        % ! ,
3702. - ' '. '            ( 0      (                                                                                                     !       "%#                        ! !$! $
3703. 2   3 4      ' 5*       6 *                                                                                                          $ $$# !!"                           #    $
3798. Summary of remaining write-ins for Line 37 from overflow page
3799. Totals (Lines 3701 through 3703 plus 3798) (Line 37 above)                                                                        !"%                 #         + % ##                  ,




                                                                                         4
                          ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                                                                       CASH FLOW
                                                                                                                               1                                2
                                                                                                                          Current Year                  Prior Year Ended
                                                                                                                            To Date                      December 31
                                                         Cash from Operations
 1.   Premiums collected net of reinsurance                                                                                      ! $ $         % %             # !     $
 2.   Net investment income                                                                                                     $! $!          #                  "% !
 3.   Miscellaneous income                                                                                                         +           ! ",                 % !
 4.   Total (Lines 1 through 3)                                                                                               #      $         "!             ##      !$%
 5.   Benefit and loss related payments                                                                                       ! # % !                          !$ $ "$"
 6.   Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts
 7.   Commissions, expenses paid and aggregate write-ins for deductions                                                           #% !                             $ $               #
 8.   Dividends paid to policyholders
 9.   Federal and foreign income taxes paid (recovered) net of $                  % " #$% tax on capital gains (losses)            % ! # ""                   +$# "     $,
10.   Total (Lines 5 through 9)                                                                                                      !$! % #                  !#    $
11.   Net cash from operations (Line 4 minus Line 10)                                                                             %" !"" %$%                  $ $     "
                                                         Cash from Investments
12.   Proceeds from investments sold, matured or repaid:
      12.1 Bonds                                                                                                                      # " #                   !#% $$ $%
      12.2 Stocks                                                                                                                     " $"% !#                 $" $$ "#!
      12.3 Mortgage loans
      12.4 Real estate                                                                                                                " %!          #           ! "#% %
      12.5 Other invested assets                                                                                                               !                ! %%!
      12.6 Net gains or (losses) on cash, cash equivalents and short-term investments                                             ! #                              %! ! #
      12.7 Miscellaneous proceeds                                                                                             + "     ,                        + $" # ,
      12.8 Total investment proceeds (Lines 12.1 to 12.7)                                                                     #!  " "                         %$" # "%
13.   Cost of investments acquired (long-term only):
      13.1 Bonds                                                                                                              $                " "                  %
      13.2 Stocks                                                                                                                 $         %% "                        #"
      13.3 Mortgage loans
      13.4 Real estate                                                                                                                " %!          #              ! "#% %
      13.5 Other invested assets                                                                                                        $                            # "
      13.6 Miscellaneous applications
      13.7 Total investments acquired (Lines 13.1 to 13.6)                                                                        %         ! "!%             #%"            $
14.   Net increase (decrease) in contract loans and premium notes
15.   Net cash from investments (Line 12.8 minus Line 13.7 minus Line 14)                                                         " "          #$            +!#" " $ % #,
                                           Cash from Financing and Miscellaneous Sources
16.   Cash provided (applied):
      16.1 Surplus notes, capital notes
      16.2 Capital and paid in surplus, less treasury stock
      16.3 Borrowed funds
      16.4 Net deposits on deposit-type contracts and other insurance liabilities
      16.5 Dividends to stockholders                                                                                          ! %   ! "                        $# $! ""
      16.6 Other cash provided (applied)                                                                                       + #! % !,                        #    %
17.   Net cash from financing and miscellaneous sources (Line 16.1 to Line 16.4 minus Line 16.5 plus Line 16.6)              +! $%" " ,                      + !" "" $ ,
                      RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
18.   Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)                                 ! #      $ #            + % %$ % #,
19.   Cash, cash equivalents and short-term investments:
      19.1 Beginning of year                                                                                                         "  #                      %         #           %
      19.2 End of year (Line 18 plus Line 19.1)                                                                                   "$ "$ %                           "            #




                                                                                      5
                              ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                     UNDERWRITING AND INVESTMENT EXHIBIT
                                                                PART 1 - PREMIUMS EARNED
                                                                                   1                       2                    3                   4
                                                                                                 Unearned Premiums Unearned Premiums
                                                                             Net Premiums        Dec. 31 Prior Year -   Dec. 31 Current     Premiums Earned
                                                                               Written per      per Col. 3, Last Year’s Year - per Col. 5      During Year
                                    Lines of Business                       Column 6, Part 1B           Part 1              Part 1A          (Cols. 1 + 2 - 3)

   1.       Fire

   2.       Allied lines

   3.       Farmowners multiple peril

   4.       Homeowners multiple peril

   5.       Commercial multiple peril

   6.       Mortgage guaranty                                                      # %"# " !             %   %% !#            !   ! !!$             #! "         "

   8.       Ocean marine

   9.       Inland marine

  10.       Financial guaranty

  11.1      Medical malpractice - occurrence

  11.2      Medical malpractice - claims-made

  12.       Earthquake

  13.       Group accident and health

  14.       Credit accident and health (group and individual)

  15.       Other accident and health

  16.       Workers'compensation

  17.1      Other liability - occurrence

  17.2      Other liability - claims-made

  18.1      Products liability - occurrence

  18.2      Products liability - claims-made

  19.1,19.2 Private passenger auto liability

  19.3,19.4 Commercial auto liability

  21.       Auto physical damage

  22.       Aircraft (all perils)

  23.       Fidelity

  24.       Surety

  26.       Burglary and theft

  27.       Boiler and machinery

  28.       Credit

  29.       International

  30.       Reinsurance - Nonproportional Assumed Property

  31.       Reinsurance - Nonproportional Assumed Liability

  32.       Reinsurance - Nonproportional Assumed Financial Lines

  33.       Aggregate write-ins for other lines of business

  34.
            TOTALS                                                                 # %"# " !             %   %% !#            !   ! !!$             #! "         "
            DETAILS OF WRITE-INS

3301.

3302.

3303.

3398.       Summary of remaining write-ins for Line 33 from overflow page

3399.       Totals (Lines 3301 through 3303 plus 3398) (Line 33 above)




                                                                             6
                               ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                     UNDERWRITING AND INVESTMENT EXHIBIT
                                                   PART 1A - RECAPITULATION OF ALL PREMIUMS
                                                                            1                   2                 3                    4                   5
                                                                   Amount Unearned     Amount Unearned                         Reserve for Rate
                                                                 (Running One Year or (Running More Than                          Credits and       Total Reserve
                                                                   Less from Date of  One Year from Date        Earned          Retrospective              for
                                                                        Policy)            of Policy)             but         Adjustments Based   Unearned Premiums
                          Line of Business                                 (a)                 (a)         Unbilled Premium     on Experience      Cols. 1 + 2 + 3 + 4

   1.      Fire

   2.      Allied lines

   3.      Farmowners multiple peril

   4.      Homeowners multiple peril

   5.      Commercial multiple peril

   6.      Mortgage guaranty                                                    ! "             $ % "$                                                    !    ! !!$
   8.      Ocean marine

   9.      Inland marine

 10.       Financial guaranty

 11.1      Medical malpractice - occurrence

 11.2      Medical malpractice - claims-made

 12.       Earthquake

 13.       Group accident and health

 14.       Credit accident and health (group and individual)

 15.       Other accident and health

 16.       Workers'compensation

 17.1      Other liability - occurrence

 17.2      Other liability - claims-made

 18.1      Products liability - occurrence

 18.2      Products liability - claims-made

 19.1,19.2 Private passenger auto liability

 19.3,19.4 Commercial auto liability

 21.       Auto physical damage

 22.       Aircraft (all perils)

 23.       Fidelity

 24.       Surety

 26.       Burglary and theft

 27.       Boiler and machinery

 28.       Credit

 29.       International

 30.       Reinsurance - Nonproportional Assumed Property

 31.       Reinsurance - Nonproportional Assumed Liability

 32.       Reinsurance - Nonproportional Assumed Financial
             Lines

 33.       Aggregate write-ins for other lines of business

 34.         TOTALS                                                             ! "             $ % "$                                                    !    ! !!$
 35.       Accrued retrospective premiums based on experience

 36.       Earned but unbilled premiums

 37.       Balance (Sum of Line 34 through 36)                                                                                                            !    ! !!$
           DETAILS OF WRITE-INS

3301.

3302.

3303.

3398.      Summary of remaining write-ins for Line 33 from
             overflow page

3399.      Totals (Lines 3301 thru 3303 plus 3398) (Line 33
             above)

(a) State here basis of computation used in each case .        & '       0




                                                                                      7
                               ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                   UNDERWRITING AND INVESTMENT EXHIBIT
                                                              PART 1B - PREMIUMS WRITTEN
                                                 1                        Reinsurance Assumed                        Reinsurance Ceded                    6
                                               Direct                    2                   3                     4                    5          Net Premiums
                                              Business               From                  From                  To                    To           Written Cols.
           Line of Business                     (a)                 Affiliates          Non-Affiliates        Affiliates          Non-Affiliates   1+2+3-4-5
   1.      Fire
   2.      Allied lines
   3.      Farmowners multiple peril
   4.      Homeowners multiple peril
   5.      Commercial multiple peril
   6.      Mortgage guaranty                    "      ! %#                                         "! # "       $$ $!                  ! %$%           # %"# " !
   8.      Ocean marine
   9.      Inland marine
 10.       Financial guaranty
 11.1      Medical malpractice -
            occurrence
 11.2      Medical malpractice -
            claims-made
 12.       Earthquake
 13.       Group accident and health
 14.       Credit accident and health
             (group and individual)
 15.       Other accident and health
 16.       Workers'compensation
 17.1      Other liability - occurrence
 17.2      Other liability - claims-made
 18.1      Products liability -
             occurrence
 18.2      Products liability -
             claims-made
 19.1,19.2 Private passenger auto
             liability
 19.3,19.4 Commercial auto liability
 21.       Auto physical damage
 22.       Aircraft (all perils)
 23.       Fidelity
 24.       Surety
 26.       Burglary and theft
 27.       Boiler and machinery
 28.       Credit
 29.       International
 30.       Reinsurance -
             Nonproportional Assumed
             Property                            XXX
 31.       Reinsurance -
             Nonproportional Assumed
             Liability                           XXX
 32.       Reinsurance -
             Nonproportional Assumed
             Financial Lines                     XXX
 33.       Aggregate write-ins for other
             lines of business
 34.         TOTALS                             "      ! %#                                         "! # "       $$ $!                  ! %$%           # %"# " !
           DETAILS OF WRITE-INS
3301.
3302.
3303.
3398.      Summary of remaining write-
             ins for Line 33 from
             overflow page
3399.      Totals (Lines 3301 through
             3303 plus 3398) (Line 33
             above)
(a) Does the company’s direct premiums written include premiums recorded on an installment basis?
   If yes: 1. The amount of such installment premiums $
         2. Amount at which such installment premiums would have been reported had they been reported on an annualized basis $




                                                                                      8
                                                                               ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                 UNDERWRITING AND INVESTMENT EXHIBIT
                                                                                              PART 2 - LOSSES PAID AND INCURRED
                                                                                                                  Losses Paid Less Salvage                                      5                6               7                          8
                                                                                                  1                2                    3                   4                                                                     Percentage of Losses
                                                                                                                                                                            Net Losses                                                  Incurred
                                                                                                                                                                             Unpaid          Net Losses   Losses Incurred            (Col. 7, Part 2)
                                                                                                              Reinsurance         Reinsurance         Net Payments         Current Year       Unpaid       Current Year           to Premiums Earned
                                                     Line of Business                       Direct Business    Assumed             Recovered         (Cols. 1 + 2 - 3)   (Part 2A, Col. 8)   Prior Year   (Cols. 4 + 5 - 6)          (Col. 4, Part 1)
      1.       Fire
      2.       Allied lines
      3.       Farmowners multiple peril
      4.       Homeowners multiple peril
      5.       Commercial multiple peril
      6.       Mortgage guaranty                                                                 % " %% !                                       #$         !$# ! $                  #$ ! "      $ $ " $         "$$    !      %                  !"
      8.       Ocean marine
      9.       Inland marine
     10.       Financial guaranty
     11.1      Medical malpractice - occurrence
     11.2      Medical malpractice - claims-made
     12.       Earthquake
     13.       Group accident and health
     14.       Credit accident and health (group and individual)
     15.       Other accident and health
     16.       Workers'   compensation
     17.1      Other liability - occurrence
     17.2      Other liability - claims-made
     18.1      Products liability - occurrence
     18.2      Products liability - claims-made
9




     19.1,19.2 Private passenger auto liability
     19.3,19.4 Commercial auto liability
     21.       Auto physical damage
     22.       Aircraft (all perils)
     23.       Fidelity
     24.       Surety
     26.       Burglary and theft
     27.       Boiler and machinery
     28.       Credit
     29.       International
     30.       Reinsurance - Nonproportional Assumed Property                                    XXX
     31.       Reinsurance - Nonproportional Assumed Liability                                   XXX
     32.       Reinsurance - Nonproportional Assumed Financial Lines                             XXX
     33.       Aggregate write-ins for other lines of business
     34.       TOTALS                                                                            % " %% !                                       #$         !$# ! $                  #$ ! "      $ $ " $         "$$    !      %                  !"
               DETAILS OF WRITE-INS
    3301.
    3302.
    3303.
    3398.      Summary of remaining write-ins for Line 33 from overflow page
    3399.      Totals (Lines 3301 through 3303 + 3398) (Line 33 above)
                                                                                                  ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                    UNDERWRITING AND INVESTMENT EXHIBIT
                                                                                                       PART 2A - UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES
                                                                                                                          Reported Losses                                             Incurred But Not Reported                           8                  9
                                                                                                        1             2                    3                  4              5                     6                  7
                                                                                                                                  Deduct Reinsurance
                                                                                                                                   Recoverable from    Net Losses Excl.
                                                                                                                                    Authorized and       Incurred But                                                                Net Losses          Unpaid Loss
                                                                                                                  Reinsurance        Unauthorized       Not Reported                        Reinsurance           Reinsurance           Unpaid           Adjustment
                                             Line of Business                                         Direct       Assumed            Companies        (Cols. 1 + 2 - 3)   Direct            Assumed                Ceded        (Cols. 4 + 5 + 6 - 7)    Expenses
         1.       Fire
         2.       Allied lines
         3.       Farmowners multiple peril
         4.       Homeowners multiple peril
         5.       Commercial multiple peril
         6.       Mortgage guaranty                                                                     !$ $% $                                               !$ $% $         # $"   $!                                   #$                  #$ ! "          "
         8.       Ocean marine
         9.       Inland marine
       10.        Financial guaranty
       11.1       Medical malpractice - occurrence
       11.2       Medical malpractice - claims-made
       12.        Earthquake
       13.        Group accident and health                                                                                                                                                                                     + ,
       14.        Credit accident and health (group and individual)
       15.        Other accident and health                                                                                                                                                                                     + ,
       16.        Workers'   compensation
       17.1       Other liability - occurrence
       17.2       Other liability - claims-made
       18.1       Products liability - occurrence
       18.2       Products liability - claims-made
10




       19.1,19.2 Private passenger auto liability
       19.3,19.4 Commercial auto liability
       21.        Auto physical damage
       22.        Aircraft (all perils)
       23.        Fidelity
       24.        Surety
       26.        Burglary and theft
       27.        Boiler and machinery
       28.        Credit
       29.        International
       30.        Reinsurance - Nonproportional Assumed Property                                       XXX                                                                  XXX
       31.        Reinsurance - Nonproportional Assumed Liability                                      XXX                                                                  XXX
       32.        Reinsurance - Nonproportional Assumed Financial Lines                                XXX                                                                  XXX
       33.        Aggregate write-ins for other lines of business
       34.          TOTALS                                                                              !$ $% $                                               !$ $% $         # $"   $!                                   #$                  #$ ! "          "
                  DETAILS OF WRITE-INS
      3301.
      3302.
      3303.
      3398.       Summary of remaining write-ins for Line 33 from overflow page
      3399.       Totals (Lines 3301 through 3303 + 3398) (Line 33 above)
     (a) Including $                                for present value of life indemnity claims.
                               ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                    UNDERWRITING AND INVESTMENT EXHIBIT
                                                                            PART 3 - EXPENSES
                                                                                             1                             2                                3                           4
                                                                                      Loss Adjustment              Other Underwriting                  Investment
                                                                                         Expenses                      Expenses                         Expenses                       Total
    1. Claim adjustment services:
         1.1 Direct                                                                                   #                                  $ %!                                                     "!           !
         1.2 Reinsurance assumed
         1.3 Reinsurance ceded
         1.4 Net claim adjustment services (1.1 + 1.2 - 1.3)                                          #                                  $ %!                                                     "!           !
    2. Commission and brokerage:
         2.1 Direct, excluding contingent                                                                                          %!% !                                                        %!% !
         2.2 Reinsurance assumed, excluding contingent
         2.3 Reinsurance ceded, excluding contingent                                                                           $         "         !                                        $         "        !
         2.4 Contingent-direct
         2.5 Contingent-reinsurance assumed
         2.6 Contingent-reinsurance ceded
         2.7 Policy and membership fees
         2.8 Net commission and brokerage (2.1 + 2.2 - 2.3 + 2.4 + 2.5 - 2.6 + 2.7)                                        +         %% # ,                                             +         %% # ,
    3. Allowances to manager and agents                                                                                            % $ "#$                                                      % $ "#$
    4. Advertising                                                                                                                   "" #"                                                        "" " !
    5. Boards, bureaus and associations                                                                    %                   # " "               #           !%                           # "%$ $%%
    6. Surveys and underwriting reports                                                               "                                            "                                                  $ ! $
    7. Audit of assureds'records
    8. Salary and related items:
         8.1 Salaries                                                                        % %           !               $"                                 $!$ $"#                       %         # %%"
         8.2 Payroll taxes                                                                       ! $ $ $                       ! % $                               % !"#                    ! %% " %
    9. Employee relations and welfare                                                            $ ! % #                           #$% #                       %" $"                        # %                %
   10. Insurance                                                                                                                   # # $                                                        # # $
   11. Directors'fees
   12. Travel and travel items                                                                             $                   ! %% %$"                            % "                      ! # $
   13. Rent and rent items                                                                       ! " $ %                       % $                                 $         "              % "           "%
   14. Equipment                                                                                     !#                              # $                               %"!                                    #$
   15. Cost or depreciation of EDP equipment and software                                                 !%$                  $ $%% $                         ! $"$                        $ $           $
   16. Printing and stationery                                                                       $ "%!                                     !#                  !                                      $#!
   17. Postage, telephone and telegraph, exchange and express                                        #% %                            #%            "               # % #                                  %#"
   18. Legal and auditing                                                                                                            "             "               $         $                  " # $
   19. Totals (Lines 3 to 18)                                                                $ " %             %           ! $$                $              "!         !              %! !" !
   20. Taxes, licenses and fees:
         20.1 State and local insurance taxes deducting guaranty association
           credits of $                                                                                                        " %!% !                                                      " %!% !
         20.2 Insurance department licenses and fees                                                      $!$                            # "                                                      # %
         20.3 Gross guaranty association assessments
         20.4 All other (excluding federal and foreign income and real estate)                                                 % % " #!                                                     % % " #!
         20.5 Total taxes, licenses and fees (20.1 + 20.2 + 20.3 + 20.4)                                  $!$                        %!                                                           %% $!$
   21. Real estate expenses
   22. Real estate taxes
   23. Reimbursements by uninsured plans
   24. Aggregate write-ins for miscellaneous expenses                                            !         %                   ! $ #%!                         #" "                         " " %              $
   25.          Total expenses incurred                                                          !$ $ "                    #! !                !                   $ %           (a)    " " %                  !
   26. Less unpaid expenses - current year                                                   "                             !% %$# %""                                                   %! $#
   27. Add unpaid expenses - prior year                                                      ! #               !           %         $! #!                                              $         %            $
   28. Amounts receivable relating to uninsured plans, prior year
   29. Amounts receivable relating to uninsured plans, current year
   30. TOTAL EXPENSES PAID (Lines 25 - 26 + 27 - 28 + 29)                                        "                         "$ "              % $                   $ %                      %         ! "$#
         DETAILS OF WRITE-INS
 2401. &          '          * '                                                                 !         %                   ! $ #%!                         #" "                         " " %              $
 2402.
 2403.
 2498. Summary of remaining write-ins for Line 24 from overflow page
 2499. Totals (Lines 2401 through 2403 plus 2498) (Line 24 above)                                !         %                   ! $ #%!                         #" "                         " " %              $
(a) Includes management fees of $                %"            to affiliates and $                        to non-affiliates.




                                                                                      11
                           ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                                       EXHIBIT OF NET INVESTMENT INCOME
                                                                                                                                           1                                     2
                                                                                                                                       Collected                              Earned
                                                                                                                                      During Year                           During Year
 1.     U.S. Government bonds                                                                                                (a)                  $   $ !                             ! #
 1.1    Bonds exempt from U.S. tax                                                                                           (a)            #       " #$%                         # #!! $ %
 1.2    Other bonds (unaffiliated)                                                                                           (a)                  "% $ !                            $ # $ %
 1.3    Bonds of affiliates                                                                                                  (a)
 2.1    Preferred stocks (unaffiliated)                                                                                      (b)                  $ " #                                $$" "
 2.11   Preferred stocks of affiliates                                                                                       (b)
 2.2    Common stocks (unaffiliated)                                                                                                         % %!                                  % %!
 2.21   Common stocks of affiliates                                                                                                         $ $ ! "                               $ $ ! "
 3.     Mortgage loans                                                                                                       (c)
 4.     Real estate                                                                                                          (d)
 5.     Contract loans
 6.     Cash, cash equivalents and short-term investments                                                                    (e)                $ $ % % %                          $ "% "#
 7.     Derivative instruments                                                                                                (f)
 8.     Other invested assets                                                                                                                  !% %!                                 !%$      %#
 9.     Aggregate write-ins for investment income                                                                                             +$ ! !#,                              +$ !     !#,
10.     Total gross investment income                                                                                                       $! $$ "%%                             $ $ "      !#
11.     Investment expenses                                                                                                                                      (g)                   $    %
12.     Investment taxes, licenses and fees, excluding federal income taxes                                                                                      (g)
13.     Interest expense                                                                                                                                         (h)
14.     Depreciation on real estate and other invested assets                                                                                                     (i)
15.     Aggregate write-ins for deductions from investment income
16.     Total (Lines 11 through 15)                                                                                                                                                    $ %
17.     Net Investment Income - (Line 10 minus Line 16)                                                                                                                           $$ !$!
        DETAILS OF WRITE-INS
0901.   &72-5881 5492 7 :526&5 6 7 -4&5                                                                                                            +% #,                                 +% #,
0902.   1884-165; 7 :526&5 6 7 -4&5                                                                                                              +$ # % ,                              +$ # % ,
0903.
0998.   Summary of remaining write-ins for Line 9 from overflow page
0999.   Totals (Lines 0901 through 0903) plus 0998 (Line 9, above)                                                                               +$ ! !#,                              +$ ! !#,
1501.   &        '     5* '
1502.
1503.
1598.   Summary of remaining write-ins for Line 15 from overflow page
1599.   Total (Lines 1501 through 1503 plus 1598) (Line 15, above)

(a) Includes $      $ # " $ accrual of discount less $             "     % amortization of premium and less $             #" ! ! paid for accrued interest on purchases.
(b) Includes $                 accrual of discount less $                   amortization of premium and less $                     paid for accrued dividends on purchases.
(c) Includes $                 accrual of discount less $                   amortization of premium and less $                     paid for accrued interest on purchases.
(d) Includes $                 for company’s occupancy of its own buildings; and excludes $                     interest on encumbrances.
(e) Includes $          $ #%! accrual of discount less $             #      amortization of premium and less $             ! !"" paid for accrued interest on purchases.
(f) Includes $                 accrual of discount less $                   amortization of premium.
(g) Includes $                 investment expenses and $                      investment taxes, licenses and fees, excluding federal income taxes, attributable to
    segregated and Separate Accounts.
(h) Includes $                 interest on surplus notes and $                     interest on capital notes.
(i) Includes $                 depreciation on real estate and $                   depreciation on other invested assets.


                                       EXHIBIT OF CAPITAL GAINS (LOSSES)
                                                                       1                     2                          3                             4                           5.
                                                                   Realized
                                                                  Gain (Loss)               Other              Total Realized Capital                      Change in Unrealized
                                                                  On Sales or             Realized                  Gain (Loss)       Change in Unrealized Foreign Exchange
                                                                   Maturity              Adjustments             (Columns 1 + 2)       Capital Gain (Loss)  Capital Gain (Loss)
 1.     U.S. Government bonds                                                 " $                                            " $
 1.1    Bonds exempt from U.S. tax                                          %#" $!                + # ! ,                 + !" $!,                               $ "
 1.2    Other bonds (unaffiliated)                                        !     "#                 + # ",                ! $!#                            +! #          ,
 1.3    Bonds of affiliates
 2.1    Preferred stocks (unaffiliated)                                     $$     !#                                     $$         !#                 + "" ,
 2.11   Preferred stocks of affiliates                                      %%#   ##!                                     %%#       ##!             +% ! % ! %,
 2.2    Common stocks (unaffiliated)                                      % %     % #        + $#!        !,              %"        # $            + ! #      ,                        $%
 2.21   Common stocks of affiliates                                     !## #     ! !         ! "%                     !" #          ""          +     % # %" ,
 3.     Mortgage loans
 4.     Real estate
 5.     Contract loans
 6.     Cash, cash equivalents and short-term investments                   !""                                              !""
 7.     Derivative instruments
 8.     Other invested assets                                                                +% " #" ,                   +% " #" ,                    +! ###            ,
 9.     Aggregate write-ins for capital gains (losses)                                          "! # !                      "! # !
10.     Total capital gains (losses)                                    % % %     " "           $#$ " "                %     % ###               + #         ! # ",                    $%
        DETAILS OF WRITE-INS
0901.   &96918 <9 ; -1 7618 =17 ;726 7>9674 2                                                 $       " "!%              $       " "!%
0902.     74 51 < 1; 926&5 6                                                                      +      ! ,                 +      ! ,
0903.   <76 -1 7618 =17 8422
0998.   Summary of remaining write-ins for Line 9 from
          overflow page                                                                       $       ! " "              $       ! " "
0999.   Totals (Lines 0901 through 0903 plus 0998) (Line 9,
          above)                                                                                  "! # !                     "! # !




                                                                                        12
                               ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.



                                               EXHIBIT OF NONADMITTED ASSETS
                                                                                                 1                           2                                3
                                                                                                                                                     Change in Total
                                                                                          Current Year Total             Prior Year                 Nonadmitted Assets
                                                                                         Nonadmitted Assets          Nonadmitted Assets               (Col. 2 - Col. 1)
   1. Bonds (Schedule D)
   2. Stocks (Schedule D):
        2.1 Preferred stocks
        2.2 Common stocks                                                                                  " $                         # $ % $                       %$ # $
   3. Mortgage loans on real estate (Schedule B):
        3.1 First liens
        3.2 Other than first liens
   4. Real estate (Schedule A):
        4.1 Properties occupied by the company
        4.2 Properties held for the production of income
        4.3 Properties held for sale
   5. Cash, (Schedule-E, Part 1), cash equivalents (Schedule-E, Part 2) and
        short-term investments (Schedule DA)
   6. Contract loans
   7. Other invested assets (Schedule BA)
   8. Receivables for securities
   9. Aggregate write-ins for invested assets
  10. Subtotals, cash and invested assets (Lines 1 to 9)                                                   " $                         # $ % $                       %$ # $
  11. Title plants (for Title insurers only)
  12. Investment income due and accrued
  13. Premiums and considerations:
        13.1 Uncollected premiums and agents’ balances in the course of
        collection                                                                                     %%! %#                                  $                   + ! #" ,
        13.2 Deferred premiums, agents’ balances and installments booked but deferred
        and not yet due
        13.3 Accrued retrospective premium
  14. Reinsurance:
        14.1 Amounts recoverable from reinsurers
        14.2 Funds held by or deposited with reinsured companies
        14.3 Other amounts receivable under reinsurance contracts
  15. Amounts receivable relating to uninsured plans
  16.1 Current federal and foreign income tax recoverable and interest thereon
  16.2 Net deferred tax asset                                                                        $ !     %$#                     " $" $                  + !          "! ,
  17. Guaranty funds receivable or on deposit
  18. Electronic data processing equipment and software
  19. Furniture and equipment, including health care delivery assets                                   !         !                   # %$                            %"     !
  20. Net adjustment in assets and liabilities due to foreign exchange rates
  21. Receivables from parent, subsidiaries and affiliates                                                 %" "$                        %                          % " "
  22. Health care and other amounts receivable
  23. Aggregate write-ins for other than invested assets                                               %# "                            !"$ !""                      +# $ ,
  24. Total assets excluding Separate Accounts, Segregated Accounts and
        Protected Cell Accounts (Lines 10 to 23)                                                     ! "     ! $                 "          ! % "            + !     " "! ,
  25. From Separate Accounts, Segregated Accounts and Protected Cell Accounts
  26. Total (Lines 24 and 25)                                                                        ! "     ! $                 "          ! % "            + !     " "! ,
        DETAILS OF WRITE-INS
0901.
0902.
0903.
0998. Summary of remaining write-ins for Line 9 from overflow page
0999. Totals (Lines 0901 through 0903 plus 0998)(Line 9 above)
2301.          ) 5* '                                                                                  %# "                            !"$ !""                      +# $ ,
2302.
2303.
2398. Summary of remaining write-ins for Line 23 from overflow page
2399. Totals (Lines 2301 through 2303 plus 2398)(Line 23 above)                                        %# "                            !"$ !""                      +# $ ,




                                                                                    13
               ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                           NOTES TO FINANCIAL STATEMENTS
1.   Summary of Significant Accounting Policies
     A. The financial statements of Radian Guaranty Inc. ("the Company") are presented on the basis of accounting practices
        prescribed or permitted by the Pennsylvania Insurance Department and the NAIC Accounting Practices and
        Procedures manuals.
     B. The preparation of financial statements in conformity with Statutory Accounting Principles requires management to
        make estimates and assumptions that affect the reported amounts of assets and liabilities. It also requires disclosure of
        contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and
        expenses during the period. Actual results could differ from those estimates.
     C. The Company uses the following accounting policies:
        (1)    Short-term investments are stated at amortized costs.
        (2)    Highest-quality and high-quality (NAIC designations 1 and 2, respectively) bonds not backed by other loans are
               stated at amortized cost and are amortized using the scientific interest method. All other bonds not backed by
               other loans (NAIC designations 3 to 6) are stated at the lower of amortized cost or fair value.
        (3)    Common Stocks are stated at fair value.
        (4)    Highest-quality and high-quality (NAIC designations 1 and 2, respectively) preferred stocks are stated at
               amortized cost. All other preferred stocks (NAIC designations 3 to 6) are stated at the lower of cost, amortized
               cost, or fair value.
        (5)    None.
        (6)    Loan-backed securities are stated at amortized cost and are amortized using the retrospective method.
        (7)     The Company owns 10.49% of the common stock of Enhance Financial Services Group Inc. (“EFSG”), which
               was acquired on April 4, 2003. The company’s percentage of EFSG’s policyholders’ surplus at December 31,
               2007 was $148,038,552. The Company also owns 100% of the common stock of Radian Mortgage Insurance
               Inc. (“RMII”), and Radian Insurance Inc. ("RIINC). At December 31, 2007, RMII and RIINC had
               policyholders'  surplus (market value) of $29,644,146 and $509,870,251, respectively. The Company‘s
               investment in RIINC is reduced by the deferred gain related to the intercompany transfer of securities of
               $5,616,726, resulting in a book market value of $504,253,525. The Company also owns 100% of the stock of
               Radian Services LLC, Radian Mortgage Services (HK) Ltd., and Radian Mortgage Services (UK) Ltd. which
               are valued on the basis of their net worth.
        (8)    None
        (9)    None.
        (10) The Company did not utilize anticipated investment income as a factor in the premium deficiency calculation.
        (11) Unpaid losses and loss adjustment expenses include an amount determined from individual case estimates and
               loss reports and an amount determined from losses incurred but not reported. These liabilities are based on
               estimates and assumptions made by management. Although management believes the liabilities are adequate,
               the ultimate liability may exceed or be less than the amount provided.
        (12) N/A

2.   Accounting Changes and Correction of Errors - None

3.   Business Combinations and Goodwill - None

4.   Discontinued Operations - None

5.   Investments
     A. Mortgage Loans - None
     B. Debt Restructuring - None
     C. Reverse Mortgages - None
     D. Loan-Backed Securities
          (1) N/A
          (2) N/A
          (3) The Company used public market quotes in determining the market value of its loan-backed securities.
     E. Repurchase Agreements – None
     F. Real Estate - None

6.   Joint Ventures, Partnerships and Limited Liability Companies – None

7.   Investment Income
          (1) The Company excludes investment income due and accrued with amounts that are over 90 days past due.
          (2) The total amount excluded was $0

8.   Derivative Instruments – None

9.   Income Taxes

     A. The components of the net deferred tax asset/(liability) at December 31 are as follows:
                                                                            2007               2006
           Total of gros s deferred tax as s ets                      $   273,951,761 $       104,839,192
           Total of deferred tax liabilities                              (54,845,276)        (28,919,141)
           Net deferred tax as s et                                        219,106,485         75,920,051
           Deferred tax as s et nonadmitted                               (205,320,458)       (69,159,521)
           Net admitted deferred tax as s et                          $    13,786,027     $     6,760,530

           Decreas e in nonadmitted as s et                           $ (136,160,937)




                                                         14
          ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                       NOTES TO FINANCIAL STATEMENTS
B. Deferred tax liabilities not recognized - Not Applicable
C. The provisions for incurred taxes on earnings for the years ended December 31 are:
                                                                          2007                 2006

        Federal                                                     $ 186,799,862        $     20,771,262
        Foreign                                                               -                       -
                                                                         186,799,862           20,771,262
        Federal income tax on net capital gains                           68,935,703            7,417,688
        Federal and foreign income taxes incurred                   $ 255,735,565        $     28,188,950

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax
liabilities are as follows:

                                                        December 31, 2007        December 31, 2006
Deferred tax assets:
 Contingency reserve                                   $         229,940,452     $            55,368,582
 Intercompany receivable                                           2,985,942                   4,418,466
 Investment in Sherman Financial Group LLC                               -                    17,896,128
 Fixed assets                                                      2,980,275                   2,097,904
 Unpaid losses & LAE                                              15,072,253                   8,424,039
 Unearned premium reserve                                         16,606,535                   9,845,107
 Other expenses                                                    4,395,420                   6,086,054
 Bills receivable                                                    155,102                      73,590
 Market discount on bonds                                            450,497                         -
 Other invested Assets                                               850,590                     138,904
 Prepaid expenses                                                    514,695                     490,418
Total deferred tax assets                                        273,951,761                 104,839,192
Nonadmitted deferred tax assets                                 (205,320,458)                (69,159,521)
Admitted deferred tax assets                                      68,631,303                  35,679,671
Deferred tax liabilities:
 Stocks (common)                                                 (19,031,688)                (26,836,212)
 Market discount on bonds                                                -                      (113,243)
 Reserve for contingent tax liabilities                             (776,259)                 (1,807,025)
 Unrealized foreign currency gains                                  (242,046)                   (162,661)
 REO Properties                                                     (232,080)                        -
 Investment in Sherman Financial Group LLC                       (34,563,203)                        -
Total deferred tax liabilities                                   (54,845,276)                (28,919,141)
Net admitted deferred tax asset                        $          13,786,027     $             6,760,530



The change in net deferred income taxes is comprised of the following:

                                             December 31, 2007     December 31, 2006             Change
Total deferred tax as s ets                    $ 273,951,761        $  104,839,192             $ 169,112,569
Total deferred tax liabilities                   (54,845,276)           (28,919,141)             (25,926,135)
Net deferred tax as s et (liability)           $ 219,106,485         $      75,920,051            143,186,434
Tax effect of unrealized gains (los s es )                                                         (34,034,718)
Change in net deferred income tax                                                              $ 109,151,716




                                                     14.1
                ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                           NOTES TO FINANCIAL STATEMENTS

      D. The provision for federal and foreign income taxes incurred is different from that which would be obtained by
         applying the statutory Federal income tax rate to net income before taxes after reductions for additions to the
         contingency reserve. The significant items causing this difference are as follows:

                                                                                                Effective Tax
                                                                        December 31, 2007           Rate

         Provis ion computed at s tatutory rate                          $     38,352,614              35.00%

         A ddition to s tatutory contingency res erve                         136,190,055              124.28%
         Tax-exempt income, net of §832(b)(5)(B)                              (24,039,738)            (21.94%)
         Increas e in value of COLI as s et                                    (1,072,132)              (0.98%)
         Dividends received deduction, net of §832(b)(5)(B)                      (866,110)              (0.79%)
         U.S. Tax on foreign operations                                          (605,593)              (0.55%)
         Prior year adjus tments                                               (3,258,595)              (2.97%)
         Change in tax contingencies                                           (1,030,766)              (0.94%)
         Change in non-admitted as s ets                                        1,738,800                 1.59%
         Other                                                                  1,175,314                 1.07%
         Total                                                           $    146,583,849              133.77%

         Federal and foreign income taxes incurred                       $    186,799,862             170.47%
         Federal and foreign income taxes on capital gains                     68,935,703               62.91%
         Change in net deferred income taxes                                 (109,151,716)            (99.61%)
         Total s tatutory income taxes                                   $    146,583,849             133.77%

      E. Net Loss Carryforwards – Not Applicable
      F. The Company’s Federal Income Tax return is consolidated with the following entities:

          Amerin Guaranty Corporation
          Amerin Re Corporation
          Asset Recovery Solutions Group Inc.
          Commonwealth Mortgage Assurance Company of Texas
          Enhance C-BASS Residual Finance Corp.
          Enhance Financial Services Group Inc.
          Guaranty Risk Services, Inc.
          Lottery Receivables Series 1998A Corp.
          Radian Asset Management Inc.
          Radian Asset Securities Inc.
          Radian Capital, LLC
          Radian Group Inc.
          Radian Guaranty Inc.
          Radian Insurance Inc.
          Radian International Holdings, Inc.
          Radian Mortgage Insurance Company
          Radian Mortgage Reinsurance Company
          Radian Reinsurance (Bermuda) Limited
          Radian Services, LLC
          Radian Title Insurance Inc.
          SAFCO SPC Finance Corp.
          SAF Hicks Investments, Inc.
          Settlement Securitization Series 2000 Corp.
          SRT Member 2003-A, Inc.
          Van-American Insurance Agency, Inc.
          Windsor Management Inc.

          The method of allocation between the companies is subject to a written agreement, approved by the Board of
          Directors. Allocation is based upon separate return calculations with current credit for losses that were utilized by the
          consolidated group. Intercompany tax balances are settled on a quarterly basis within 30-days following a federal tax
          payment.

10.   Information Concerning Parent, Subsidiaries and Affiliates

      A. In February 2006, Radian contributed $53,000,000 to a new affiliate, Radian Europe. This contribution consisted of
         $53,000,000 in cash. During the forth quarter of 2007 the Company made the decision to discontinue mortgage
         insurance operations at REL, and cancelled its authorization to engage in the business of insurance in the United
         Kingdom and other European Union member states. No business had been written by REL and REL was liquidated,
         $62,580,308 was distributed back to the Company in the forth quarter of 2007, representing REL’s capital, net of
         expenses related to the closure and liquidation of REL.

      B. During the first quarter of 2006 upon approval from the Commonwealth of Pennsylvania Insurance Department, the
         Company made a $500,000,000 contribution to RIINC of which it owns 100% of the common stock (See also Note 1




                                                         14.2
         ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                     NOTES TO FINANCIAL STATEMENTS
    (7)). This contribution consisted of $31,594,704 in cash and $469,474,357 of securities, resulting in a payable to the
    Company of $1,069,061.

C. The Company entered into an agreement with Amerin Guaranty Corporation (“Amerin”), a monoline second lien
   mortgage guaranty insurer licensed in Illinois to insure second lien mortgages. This agreement, dated August 11,
   1999, sets forth a guaranty that in the event the Amerin fails to make a payment to their policyholders then the
   Company will make the payment.

D. The Company paid dividends to the Parent in the amount of $364,712,329 during 2007, $151,512,329 of which was
   paid in cash the and remainder was the value of the Company’s remaining 21.8% ownership of Sherman valued at
   $213,200,000 on the date of transfer (See also Note 10(E)).

E. In June 2005, the Company entered into agreements to restructure its ownership interest in Sherman. As part of the
   restructuring the Company agreed to sell a 6.92% interest in Sherman to a new entity controlled by Sherman’s
   management team, thereby reducing the Company’s ownership interest to 34.58%. The Company paid $1 million to
   have the right, in the future, to purchase an additional 6.92% interest in Sherman from the new entity controlled by
   Sherman’s management team for a price intended to approximate current fair market value. Before the restructuring,
   Sherman was owned 41.5% by the Company, 41.5% by MGIC and 17% by an entity controlled by Sherman’s
   management team.

    In September, 2006, the Company agreed to restructure the respective option. In order to accommodate this
    restructuring, the equity interests of Sherman were reclassified, effective July 1, 2006, from a single class of equity
    interests into Class A Common Units and a combination of Preferred Units and Class B Common Units. As part of the
    reclassification, all of the authorized Class B Common Units were granted to an entity controlled by Sherman’s
    management. The Class B Common Units entitle Sherman’s management to 3% of Sherman’s pre-tax earnings above
    $200 million (on an annual basis) and a right in liquidation of up to 6% of any amounts after satisfaction of a
    liquidation preference on the Preferred Units. The actual percentage received by the holders of Class B Common Units
    upon a liquidation or sale of Sherman will depend on when the sale or liquidation occurs and the value of Sherman at
    that time.

    As restructured the Company was granted an identical option to purchase, effective July 1, 2006:
    • 4.17% of the Class A Common Units outstanding after the reclassification, which represents 3.92% of the
        common equity interests in Sherman prior to the reclassification; and
    • A preferred equity interest that entitles the Company to the following:
                  Three percent of the first $200 million of Sherman’s annual pre-tax earnings, which amount shall be
                  allocated to the Preferred Units on a cumulative basis before any amounts are allocated to the Class B
                  Common Units, and 1.5% of Sherman’s annual pre-tax earnings above $200 million; and
                  A preference in the proceeds received upon a liquidation or sale of Sherman equal to the tax basis in the
                  preferred equity.

    On September 22, 2006, the Company paid $65.3 million to an entity controlled by Sherman’s management team in
    connection with the exercise of the restructured options. The purchase price consisted of approximately $44.8 million
    for the Class A Common Units and approximately $20.5 million for the Preferred Units. The acquisition of additional
    interest in common equity in Sherman resulted in $37.9 million of purchase accounting premium on receivables and
    approximately $4.0 million in goodwill and other intangibles. The amortization period of the premium on receivables
    is approximately three years with a higher amount of amortization recognized in the first year and declining over the
    life of the receivables.

    On September 19, 2007, the Company sold to Sherman Capital, L.L.C. (“Sherman Capital”), an entity owned by the
    management of Sherman all of its preferred interests in Sherman; and 1,672,547 Class A Common Units in Sherman,
    representing approximately 43.4% of its total common interests in Sherman, for a cash purchase price of
    approximately $277.9 million. This sale resulted in a statutory net investment gain of $224.1million.

    Prior to this transaction the Company held approximately 41.0% of the Class A Common Units in Sherman and 50.0%
    of the total preferred units. Entities owned by Sherman’s management, including Sherman Capital, owned the
    remaining Class A Common Units and all of the Class B Common Units. In connection with the closing of the current
    transaction, the interests in Sherman were recapitalized into a single class of interests. As a result, the Company now
    owns approximately 21.8% of the outstanding equity in Sherman.

    On December 31, 2007, the Company’s remaining 21.8% of the outstanding equity of Sherman was transferred to the
    Parent in the form of a dividend in the amount of $213,200,000.

 F.The Company also has entered into management agreements with each of its subsidiaries, RMII and RIINC, and its
   sister companies Amerin Guaranty, Amerin Reinsurance and Commonwealth Mortgage Assurance Company of Texas,
   whereby a certain percentage of costs incurred by the Company for accounting, finance, data processing and legal
   services are passed through to the subsidiaries.

   The Company has an agreement with its subsidiary, Radian Services, whereby Radian Services purchases, maintains,
   and disposes of real estate and certain other assets acquired in the settlement of claims and purchases, services, and
   settles loans acquired in the loss mitigation process. Financing of each acquisition is provided by the Company and is
   repaid at the time of disposal or settlement. At December 31, 2007 and 2006, the net amount due from Radian Services
   under this agreement was $7,649,095 and $11,496,000 respectively, which was non-admitted for statutory financial
   statement purposes.

   The Company entered into an agreement with Amerin Guaranty Corporation (“Amerin”), a monoline second lien
   mortgage guaranty insurer licensed in Illinois to insure second lien mortgages. This agreement, dated August 11, 1999,




                                                   14.3
                  ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                            NOTES TO FINANCIAL STATEMENTS
         sets forth a guaranty that in the event the Amerin fails to make a payment to their policyholders then the Company will
         make the payment. Under the terms of the agreement, no payments will be made without prior approval by the
         domiciliary insurance department.


      G. All outstanding shares of the Company are currently owned by Radian Group Inc., an insurance holding company
         domiciled in the state of Delaware.

      H. None

      I. The Company owns a 100% interest in RIINC (See also Note 1 (7)), whose carrying value exceeds 10% of the admitted
         assets of the Company. The Company’s investment in RIINC is recorded based on the underlying audited statutory
         equity. At December 31, 2007, RIINC had policyholders'     surplus (market value) of $509,870,251, which was reduced
         for reporting purposes as a result of an intercompany transfer of securities by $5,616,726, resulting in a book market
         value of $504,253,525.

      J. The Company did not recognize any impairment write down for its investments in Subsidiary, Controlled or Affiliated
         Companies during the statement period.


11.   Debt - None

12.   Retirement Plans, Deferred Compensation, Post employment Benefits and Compensated Absences and Other
      Postretirement Benefit Plans

      A. None

      B. None

      C. Deferred Equity Compensation Plans -The Company participates in the Parents'      Savings Incentive Plan in which all
         employees are eligible to participate, a stock option plan for certain key employees of the Company and directors of the
         Parent and a restricted stock plan for certain key employees of the Company. Under the Stock option Plan, options may
                                                                             s
         be granted for a total of 9,400,000 shares of the Parent Company' Common Stock. Nonqualified stock option prices
         must be at least 90% of the fair market value while incentive stock option prices may not be less than 100% of the fair
         market value as of the date of the grants. The stock options were granted during the years 1995 through 2007. As of
                                                                         s
         December 31, 2007, 4,414,306 shares of the Parent Company' Common Stock were subject to options granted under
         the Stock Option Plan with option prices ranging from $10.88 to $56.03. During 2007, 700,046 shares of the Parent
                   s
         Company' common stock were exercised under options subject to the Stock Option Plan with option prices ranging
         from $16.25 to $56.03 and with fair value prices ranging from $11.49 to $18.19. During 2007, restricted stock was
         granted under the plan with fair value prices ranging from $23.23 to $60.84.

      D. In addition to pension benefits, the Company through the Parent provides certain health care and life insurance benefits
         ("postretirement") for retired employees that were hired before January 1, 1990. Alternatively, retirees may elect
         certain prepaid health care benefit plans. Life insurance benefits are generally set at a fixed amount.

13.   Capital and Surplus and Shareholders'    Dividend Restrictions and Quasi-Reorganizations
      (1) The Company has 1,000 shares authorized, 1,000 shares issued and outstanding and par value of $2,000.
      (2) The Company has no preferred stock outstanding
      (3) The ability of the Company to declare dividends on its common stock is restricted by certain provisions of the
           insurance laws of the Commonwealth of Pennsylvania, its state of domicile. The insurance laws of the Commonwealth
           of Pennsylvania establish a test limiting the maximum amount of dividends that may be paid out of unassigned surplus
           by an insurer without prior approval by the Pennsylvania Insurance Commissioner. Under such a test, the Company
           may pay dividends during any 12-month period in an amount equal to the greater of (i) 10 percent of the preceding
           year-end statutory policyholders’ surplus or (ii) the preceding year’s statutory net income. In accordance with such
           restrictions, $18,439,949 would be available for dividends in 2008 which represents 10% of the preceding year’s
           statutory policyholders’ surplus. Pennsylvania statute requires that dividends and other distributions be paid out of an
                    s
           insurer' positive unassigned surplus without prior approval. The company currently has negative unassigned surplus
           of $10,260,175 and therefore, would require prior approval by the Pennsylvania Insurance Commissioner to make any
           dividend payment or other distributions in 2008.
      (4) None
      (5) None
      (6) None
      (7) None
      (8) None
      (9) The portion of unassigned funds (surplus) represented or reduced by each item below is as follows:
                a.   Unrealized gains and los s es               $     76,702,178
                b.   Nonadmitted as s et values                       (93,736,083)
                c.   Separate account bus ines s                              -
                d.   A s s et valuation res erves                             -
                e.   Provis ion for reins urance                              -
      (10) None
      (11) None
      (12) N/A




                                                          14.4
                ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                           NOTES TO FINANCIAL STATEMENTS

14.   Contingencies
      A. Contingent Commitments - None
      B. Assessments – None
      C. Gain Contingencies - None
      D. All Other Contingencies

        The Company is involved in certain litigation arising in the normal course of its business. The Company is contesting
        the allegations of the complaints in each such other pending action and believes, based on current knowledge and after
        consultation with counsel, that the outcome of such litigation will not have a material adverse effect on the Company’s
        financial position or results of operations.

15.   Leases
      A. Lessee Operating Lease
      (1). The Company leases office space under various leases expiring through 2017. Rental expenses for the years ended
           December 31, 2007 and 2006 under all leases totaled $2,381,000 and $3,144,000, respectively.

      (2) At December 31, 2007, minimum future operating lease payments are as follows:
                       2008                $        4,545,458
                       2009                         4,498,642
                       2010                         4,464,673
                       2011                         4,551,258
                       2012                         4,470,982
                       2013 and thereafter         26,768,338
                                            $      49,299,351

      B. Lessor Leases - None

16.   Information About financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentrations of
      Credit Risk - None

17.   Sale, Transfer and Servicing of Financial Assets and Extinguishments of Liabilities - None

18.   Gain or Loss to the Reporting Entity from Uninsured A & H Plans and the Uninsured Portion of Partially Insured Plans -
      None

19.   Direct Premium Written by Managing General Agents/Third Party Administrators - None


20.   Other Items

          A. Extraordinary Items – None
          B. Troubled Debt Restructuring – None
          C. Other Disclosures –

                 (1) On February 6, 2007, the Parent and MGIC entered into an Agreement and Plan of Merger pursuant to
                     which the Parent agreed, subject to the terms and conditions of the merger agreement, to merge with and
                     into MGIC, with the combined company to be renamed MGIC Radian Financial Group Inc.

                 (2) On September 4, 2007, facing market conditions that had made combining the companies significantly
                     more challenging, the Parent and MGIC entered into a Termination and Release Agreement relating to the
                     Agreement and Plan of Merger. As a result of this agreement, the Parent and MGIC terminated the Merger
                     Agreement, abandoned the merger contemplated by the Merger Agreement and released each other from
                     related claims. Neither party made a payment to the other in connection with the termination.

                 (3) The Company has selected rounding in reporting amounts in the Statement except for Schedule D where
                     truncation was selected.


          D.   None
          E.   Business Interruption Insurance Recoveries – None.
          F.   State Transferable Tax Credits – None.
          G.   Aggregate amount of deposits admitted under Section 6603 – None




                                                         14.5
     ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                  NOTES TO FINANCIAL STATEMENTS


H. Hybrid securities
                 s
   The Company' investment portfolio consisted of the following hybrid securities as of December 31, 2007:

                                                                                                  BOOKADJUSTED
     CUSIP              ISSUER                                       DESCRIPTION                  CARRYING VALUE
     018490AL6          ALLERGAN INC                                 CONVERTIBLE BOND                      1,652,177
     02261WAB5          ALZA CORP                                    CONVERTIBLE BOND                      1,015,291
     02342TAD1          AMDOCS LTD                                   CONVERTIBLE BOND                        535,864
     039483AW2          ARCHER DANIELS MIDLAND CO                    CONVERTIBLE BOND                      1,390,136
     075811AD1          BACKMAN COULTER                              CONVERTIBLE BOND                        463,414
     086516AF8          BEST BUY INC                                 CONVERTIBLE BOND                      1,031,026
     110122AN8          BRISTOL MYERS SQUIBB CO                      CONVERTIBLE BOND                      1,560,022
     125581405          CIT GROUP INC                                CONVERTIBLE PFRD STK                    400,000
     13342BAB1          COOPER CAMERON                               CONVERTIBLE BOND                        719,000
     143658AV4          CARNIVAL CORP                                CONVERTIBLE BOND                      1,180,592
     15189T206          CENTERPOINT ENERGY                           CONVERTIBLE PFRD STK                    956,874
     22160QAC6          COSTCO COMPANIES INC                         CONVERTIBLE BOND                        587,490
     22540P303          CREDIT SUISSE                                CONVERTIBLE PFRD STK                    257,096
     235851AF9          DANAHER CORP DEL                             CONVERTIBLE BOND                        667,829
     25179MAA1          DEVON ENERGY CORP NEW                        CONVERTIBLE BOND                        548,405
     254687AU0          DISNEY WALT CO                               CONVERTIBLE BOND                        952,448
     268648AK8          E M C CORP MASS                              CONVERTIBLE BOND                        838,732
     285661AF1          ELECTRONIC DATA SYS NEW                      CONVERTIBLE BOND                      1,020,200
     29364G202          ENTERGY CORP                                 CONVERTIBLE PFRD STK                    639,046
     338032AX3          FISHER SCIENTIFIC                            CONVERTIBLE BOND                        796,683
     349573AA3          FORTIS INS                                   CONVERTIBLE PFRD STK                    457,170
     372917AN4          GENZYME CORP                                 CONVERTIBLE BOND                      1,463,163
     38144P457          GOLDMAN SACHS GROUP                          CONVERTIBLE PFRD STK                    387,888
     418056AN7          HASBRO INC                                   CONVERTIBLE BOND                        338,185
     428236AC7          HEWLETT PACKARD CO                           CONVERTIBLE BOND                        948,899
     458140AD2          INTEL CORP                                   CONVERTIBLE BOND                      1,425,579
     459902AP7          INTERNATIONAL GAME TECH                      CONVERTIBLE BOND                        573,199
     50540RAG7          LABORATORY CORP                              CONVERTIBLE BOND                        576,115
     514886100          LB BADEN-WUERTT                              CONVERTIBLE PFRD STK                    327,348
     514886209          LB BADEN-WUERTT                              CONVERTIBLE PFRD STK                    417,715
     5249085D8          LEHMAN BROS HLDGS INC                        CONVERTIBLE BOND                        620,000
     524908PD6          LEHMAN BROS HLDGS INC                        CONVERTIBLE BOND                        525,000
     52522L194          LEHMAN BROTHERS HOLDINGS                     CONVERTIBLE PFRD STK                    517,584
     539830AP4          LOCKHEED MARTIN CORP                         CONVERTIBLE BOND                        796,615
     548661CG0          LOWES COS INC                                CONVERTIBLE BOND                      1,177,382
     585055AL0          MEDTRONIC INC                                CONVERTIBLE BOND                        124,685
     585055AM8          MEDTRONIC INC                                CONVERTIBLE BOND                        898,849
     590188W46          MERRILL LYNCH & CO INC                       CONVERTIBLE BOND                      1,289,443
     59156R702          METLIFE INC                                  CONVERTIBLE PFRD STK                    719,293
     60871RAA8          MOLSON COORS                                 CONVERTIBLE BOND                      1,655,900
     61746SBV0          MORGAN STANLEY                               CONVERTIBLE BOND                        850,471
     61747S322          MORGAN STANLEY                               CONVERTIBLE PFRD STK                    378,768
     651639AH9          NEWMONT MINING CORP                          CONVERTIBLE BOND                        534,004
     65248V205          NEWS CORP                                    CONVERTIBLE PFRD STK                    563,250
     65248V304          NEWS CORP                                    CONVERTIBLE PFRD STK                    890,150
     65332VAY9          NEXTEL COMMUNICATIONS                        CONVERTIBLE BOND                      1,245,344
     681919AT3          OMNICOM GROUP INC                            CONVERTIBLE BOND                        964,138
     69352JAE7          PPL ENERGY SUPPLY LLC                        CONVERTIBLE BOND                        385,887
     744320AG7          PRUDENTIAL FINANCIAL CORP                    CONVERTIBLE BOND                      1,860,185
     749685AK9          RPM                                          CONVERTIBLE BOND                        924,340
     790849AD5          ST JUDE MEDICAL                              CONVERTIBLE BOND                        504,666
     806605705          SCHERING PLOUGH CORP                         CONVERTIBLE PFRD STK                    639,034
     806857AC2          SCHLUMBERGER                                 CONVERTIBLE BOND                        352,089
     81211KAG5          SEALED AIR CORP                              CONVERTIBLE BOND                      1,624,360
     854616208          STANLEY WORKS                                CONVERTIBLE PFRD STK                    675,607
     872540AL3          TJX COMPANIES INC                            CONVERTIBLE BOND                      1,122,001
     88165FAA0          TEVA PHARMACEUTICALS                         CONVERTIBLE BOND                        844,013
     88579YAB7          3M CO                                        CONVERTIBLE BOND                      1,075,266
     893830AU3          TRANSOCEAN SEDCO FOREX IN                    CONVERTIBLE BOND                      1,091,270
     893830AW9          TRANSOCEAN SEDCO FOREX IN                    CONVERTIBLE BOND                         60,000
     929043AE7          VORANDO REALTY                               CONVERTIBLE BOND                        511,364
     939322848          WASHINGTON MUT INC                           CONVERTIBLE PFRD STK                  1,251,995
     949746FA4          WELLS FARGO CO                               CONVERTIBLE BOND                      1,350,000
     983024AD2          WYETH                                        CONVERTIBLE BOND                      1,949,836
     985577AA3          YELLOW ROADWAY CORP                          CONVERTIBLE BOND                        199,289
     985577AB1          YELLOW ROADWAY CORP                          CONVERTIBLE BOND                        933,203
     G05384113          ASPEN INSURANCE HOLDINGS                     CONVERTIBLE PFRD STK                    345,589
                                                                                                          55,578,453

I.   Subprime Mortgage Related Risk Exposure

             This disclosure is provided pursuant to Note 20 to SSAP No. 1- Disclosure of Accounting Policies, Risks
             and Uncertainties, and Other Disclosures (“SSAP No. 1”) adopted on December 2, 2007. This disclosure
             relates specifically to “subprime mortgage” related risk exposure and related risk management practices of




                                                14.6
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


           NOTES TO FINANCIAL STATEMENTS
      the Company. The Company is a direct writer of private mortgage guaranty insurance coverage on
      residential mortgage loans in the United States. For purposes of this disclosure, the Company defines a
      “subprime mortgage” as a mortgage loan with a FICO credit score less than 620. The Company insures
      subprime mortgages through its primary flow, structured finance channels, and to a limited extent, through
      its modified pool products Additionally, the Company insures high loan-to-value (LTV) loans, adjustable
      rate mortgages (ARMs), interest-only loans and payment option ARMs which are viewed to have riskier
      characteristics but do not meet the Company’s definition of subprime mortgage exposure.

(1) Direct Exposure – Mortgage Loans – None

(2) Securities with Underlying Subprime Exposure

      The Company invests in residential mortgage backed securities (“RMBS”) and commercial mortgage
      backed securities (“CMBS”) as part of its allocation to taxable bonds. Securities are selected through
      analysis of servicer strength, underwriting standards of the originator, servicing collection capabilities,
      macro views of the U.S. economy and views on the relevant local economy and interest rates. Prior to
      purchase, the securities are thoroughly reviewed for underlying collateral backing each transaction as well
      as geographical concentration.

      Subprime MBS, often referred to as Home Equity, are collateralized by pools of predominantly first-lien
      mortgages made to borrowers with poor or blemished credit histories. Typically, the average loan size is
      below the conforming loan size required by the mortgage agencies; however, the loan may not meet the
      agency guidelines for reasons related to the level of documentation provided, the loan to value (“LTV”)
      ratio, or other requirements.

      RMBS exposure at December 31, 2007 was as follows:

  •     The Company’s Core Bond portfolio does not hold any securities which may be defined as subprime or
        Alt-A.
  •     All mortgage-backed securities in the portfolio are AAA rated Agency pass-through securities.
  •     Any subprime risk within the Company’s mortgage backed securities would be considered indirect
        exposure to deteriorating credit of the Agency pass-through borrowers.

  CMBS are backed by the cash flows of a static pool of mortgages on commercial properties, which are
  structured with credit enhancement in the form of subordination to protect against cashflow delays and
  shortfalls. The typical commercial mortgage loan is a balloon loan, with a 30-year amortization schedule and
  a balloon payment due after ten years. Unlike residential mortgages, most commercial mortgage loans are
  unable to prepay for many years and are required to pay a prepayment penalty for several more years.

  CMBS exposure at December 31, 2007 was as follows:

  •     The total market value of the Company’s CMBS holdings across its Core Bond portfolios is
        approximately $20.0 million and consists of high quality assets, chosen through a detailed risk selection
        and approval process.
  •     All CMBS holdings are rated AAA by at least two of the National Recognized Statistical Rating
        Organizations and contain at least 19.8% subordination.
  •     The weighted average subordination level of these securities is approximately 28.9%.
  •     Approximately 40.6% of the Company’s CMBS securities are classified as a “Super Senior” tranches.

        The following is a summary of the Company’s other investments with subprime exposure ($ in
        thousands):


                                                       D ecember 31, 2007

                                                                                                       O ther than
                                                                                                        temp orary
                                                                       Book/A djusted                  imp airment
                    Investment T y p e                  A ctual Cost   Carry ing Value   Fair Value   taken to date
        Residential M ortgage Backed Securities          $ 52,174      $       52,175    $ 53,106     $            -
        Commercial M ortgage Backed Securities              19,826             19,801      19,979                  -
        T otal securities w ith sub-p rime exp osure     $   72,000    $      71,976     $ 73,085     $            -


(3) Underwriting Risk on Mortgage Guaranty Insurance Policies Issued by the Company
    The Company’s private mortgage guaranty insurance business faces significant direct and indirect exposure
    to subprime mortgage risk. If the homeowner defaults, private mortgage insurance reduces and, in some
    instances, eliminates the loss to the insured lending institution. The Company has direct exposure in
    providing mortgage insurance coverage on subprime mortgage loans, and it has indirect exposure to the
    extent its insurance on other mortgage loans is affected by conditions in the housing and mortgage markets
    that result from the performance of subprime mortgages, whether or not insured under mortgage insurance
    coverage.

      The Company’s subprime exposure can be managed and mitigated by its underwriting guidelines that limit
      the risk factors associated with an insured loan and by higher premium rates on its coverage.




                                            14.7
               ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                         NOTES TO FINANCIAL STATEMENTS

                      (a) The Company believes that mortgage credit risk is materially affected by the following underwriting
                      factors:

                          •    the borrower’s credit strength, including the borrower’s credit history, debt-to-income ratios;
                               cash reserves; and
                          •    the loan product, which includes the ratio of the original principal balance of the loan to the
                               value of the property at origination (the “LTV”), the type of loan instrument (including whether
                               the instrument provides for fixed or variable payments and the amortization schedule), the type
                               of property, the purpose of the loan, and the borrower’s documentation for the loan.

                      Excluding other factors, claim incidence increases for loans with lower FICO credit scores compared to
                      loans with higher FICO credit scores; for reduced documentation loans compared to loans with full
                      underwriting documentation; for loans with higher LTV ratios compared to loans with lower LTV ratios;
                      for adjustable rate mortgage loans during a prolonged period of rising interest rates compared to fixed
                      rate loans in such a rate environment; for loans that permit the deferral of principal amortization
                      compared to loans that require principal amortization with each monthly payment; for loans in which the
                      original loan amount exceeds the conforming loan limit compared to loans below such limit; and for cash
                      out refinance loans compared to rate and term refinance loans.

                      There are also other types of loan characteristics relating to the individual loan or borrower which affect
                      the risk potential for a loan, including the origination practices of the lender and the condition of the
                      housing market in the area in which the property is located. The presence of a number of higher-risk
                      characteristics in a loan materially increases the likelihood of a claim on such a loan unless there are
                      other characteristics to lower the risk. From time to time the Company changes its underwriting
                      guidelines to reflect its assessment of risk on insured loans.

                      (b) The Company’s premium rates vary, not only on the basis of the level of coverage provided, but also
                      on the perceived risk of a claim on the insured loan and, thus, take into account the LTV, the loan type
                      (fixed payment versus non-fixed payment) and mortgage term, the location of the borrower’s credit score
                      within a range of credit scores, and whether the loan is a reduced documentation loan.

                      The Company charges higher premium rates to reflect the increased risk of claim incidence that it
                      perceives is associated with certain types of loans, although not all higher risk characteristics are
                      reflected in the premium rate. There can be no assurance that the Company’s premium rates adequately
                      reflect the increased risk, particularly in a period of economic recession or decline in housing values.

                      To recognize the liability for unpaid losses related to outstanding reported defaults (known as the
                      “default inventory”), the Company, similar to other private mortgage guaranty insurers, establishes loss
                      reserves, representing the estimated percentage of defaults which will ultimately result in a claim (known
                      as the “claim rate”) and the estimated severity of the claims which will arise from the defaults included in
                      the default inventory (known as the “severity rate”). In accordance with industry accounting practices,
                      the Company does not establish loss reserves for future claims on insured loans which are not currently
                      in default.

                      The Company also establishes reserves to provide for the estimated costs of settling claims, including
                      legal and other fees, and general expenses of administering the claims settlement process (“loss
                      adjustment expenses”).

                      The Company’s reserving process is based upon the assumption that past experience provides a
                      reasonable basis for estimating future events. However, estimation of loss reserves is inherently
                      judgmental. Conditions that have affected the development of the loss reserves in the past may not
                      necessarily affect development patterns in the future, in either a similar manner or degree.

                      Losses and reserves (net of reinsurance) were as follows:

                                              December 31, 2007
                                                                         Subprime as a
                                                                        percentage of the
                      ($ in thous ands )     Total         Subprime           total

                      Los s es Paid        $ 358,137       $ 127,081               35.48%
                      Los s es Incurred      955,023         269,655               28.24%
                      Cas e Res erves        135,548          39,369               29.04%
                      IBNR                   967,305         305,268               31.56%


21.   Events Subsequent – None.

22.   Reinsurance
      A. Unsecured Reinsurance Recoverables - None
      B. Reinsurance Recoverable in Dispute - None




                                                        14.8
                ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                            NOTES TO FINANCIAL STATEMENTS

      C. Reinsurance Assumed and Ceded
          (1) The maximum amount of return commission that would have been due reinsurers if they or the Company had
              cancelled the reinsurance agreement as of December 31, 2007, with the return of unearned premium reserves is as
              follows:
                                    A s s umed                      Ceded
                                   Reins urance                  Reins urance                          Net

                                  (1)         (2)              (3)          (4)                (5)              (6)
                               Premium     Commis s ion     Premium      Commis s ion       Premium          Commis s ion
                               Res erve      Equity         Res erve       Equity           Res erve           Equity

            a. A ffiliates $         -     $       -      $ 43,760,393   $        -     $   (43,760,393) $           -
            b. A ll Other         84,231           -         5,037,502            -          (4,953,271)             -

            c. TOTA L      $      84,231   $       -      $ 48,797,895   $        -     $   (48,713,664) $           -

            d. Direct Unearned Premium Res erve $285,949,999

           (2) The additional or return commission, predicted on loss experience or on any other form of profit sharing
               arrangements in this annual statement as a result of existing contractual arrangements – None

           (3) Protected Cells – None

      D.   Uncollectible Reinsurance – None
      E.   Commutation of Ceded Reinsurance - None
      F.   Retroactive Reinsurance – None
      G.   Reinsurance Accounted for as a Deposit – None

23.   Retrospectively Rated Contracts - None

24.   Change in Incurred Losses and Loss Adjustment Expenses
      Reserves for incurred losses and loss adjustment expenses attributed to insured events of prior years decreased by
      $239,023,000 from $505,965,000 in 2006 to $266,942,000 in 2007. The decrease was the result of claims closed by
      settlement and lower than anticipated claim payments. The following table presents information relating to the liability for
      unpaid losses and related expenses at 2007 ($ in thousands):
                Balance at 1/01/07                         $ 505,965
                Plus current year res erves                   835,910
                Les s prior year development                 (239,023)

                  Total unpaid los s es and
                  related expens es at 12/31/07            $ 1,102,852

      Refer to Schedule P for additional information

25.   Intercompany Pooling Agreements – None

26.   Structured Settlements – None

27.   Health Care Receivables – None

28.   Participating Policies – None

29.   Premium Deficiency Reserves – None

30.   High Deductibles – None

31.   Discounting of Liabilities for Unpaid Losses or Unpaid Loss Adjustment Expenses - None

32.   Asbestos/Environmental Reserves - None

33.   Subscriber Savings Account – None

34.   Multiple Peril Crop Insurance – None




                                                          14.9
                              ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




                                          SUMMARY INVESTMENT SCHEDULE
                                                                                                                                                    Admitted Assets as Reported
                                                                                                              Gross                                            in the
                                                                                                       Investment Holdings                               Annual Statement
                                                                                         1                                       2                    3                     4
                                 Investment Categories                                 Amount                                Percentage            Amount              Percentage
 1. Bonds:
    1.1 U.S. treasury securities                                                                               $ ! #                      $                              $ ! #           $
    1.2 U.S. government agency obligations (excluding mortgage-backed
         securities):
            1.21 Issued by U.S. government agencies                                            ! #% % $                               # %                ! #% % $                      # %"
            1.22 Issued by U.S. government sponsored agencies                                          #%" $ !                                                   #%" $ !
    1.3 Foreign government (including Canada, excluding mortgaged-backed
         securities)
    1.4 Securities issued by states, territories, and possessions and political
         subdivisions in the U.S.:
            1.41 States, territories and possessions general obligations                   $           $                 %            % $ %          $           $                 %   % $
            1.42 Political subdivisions of states, territories and possessions and
                 political subdivisions general obligations                                        "           $ !!%                  % !                    "           $ !!%         % ! !
            1.43 Revenue and assessment obligations                                                    "" #$                          # ! $                      "" #$                 # !
            1.44 Industrial development and similar obligations
    1.5 Mortgage-backed securities (includes residential and commercial
         MBS):
            1.51 Pass-through securities:
                 1.511 Issued or guaranteed by GNMA                                                $ #" "#                                    $              $ #" "#                         $
                 1.512 Issued or guaranteed by FNMA and FHLMC                                  %               " $                                       %               " $                     !
                 1.513 All other
            1.52 CMOs and REMICs:
                 1.521 Issued or guaranteed by GNMA, FNMA, FHLMC or VA
                 1.522 Issued by non-U.S. Government issuers and
                        collateralized by mortgage-backed securities issued or
                        guaranteed by agencies shown in Line 1.521
                 1.523 All other                                                                       ! " ""                             $ #                    ! " ""                  $ "
 2. Other debt and other fixed income securities (excluding short-term):
    2.1 Unaffiliated domestic securities (includes credit tenant loans rated by the
         SVO)                                                                                                  $ $ "                      "%"                            $ $ "           "$
    2.2 Unaffiliated foreign securities                                                                "             #                        $                  "             #             $
    2.3 Affiliated securities
 3. Equity interests:
    3.1 Investments in mutual funds                                                            ! $#$ "                                $ "                ! $#$ "                       $ " #
    3.2 Preferred stocks:
            3.21 Affiliated
            3.22 Unaffiliated                                                                      " #           % "                          $              " #           % "               $
    3.3 Publicly traded equity securities (excluding preferred stocks):
            3.31 Affiliated
            3.32 Unaffiliated                                                                  $% #                  %#                   !"$            $% #                  %#        !"$
    3.4 Other equity securities:
            3.41 Affiliated                                                                    #               $ #                        ! "            # "!                      !     !$
            3.42 Unaffiliated                                                                      $ !"% " %                                  !              $ !"% " %                       !
    3.5 Other equity interests including tangible personal property under lease:
            3.51 Affiliated
            3.52 Unaffiliated
 4. Mortgage loans:
    4.1 Construction and land development
    4.2 Agricultural
    4.3 Single family residential properties
    4.4 Multifamily residential properties
    4.5 Commercial loans
    4.6 Mezzanine real estate loans
 5. Real estate investments:
    5.1 Property occupied by the company
    5.2 Property held for the production of income (including
        $                           of property acquired in satisfaction of debt)
    5.3 Property held for sale (including $                               property
         acquired in satisfaction of debt)
 6. Contract loans
 7. Receivables for securities
 8. Cash, cash equivalents and short-term investments                                          "$ "$                     %                %!             "$ "$                     %     %!#
 9. Other invested assets                                                                      #           #         !                        "$         #           #         !             "
10. Total invested assets                                                              ! "!                      !$                                ! " " "!                    "




                                                                                      15
                            ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                                                     GENERAL INTERROGATORIES
                                                              PART 1 - COMMON INTERROGATORIES
                                                                                      GENERAL
1.1   Is the reporting entity a member of an Insurance Holding Company System consisting of two or more affiliated persons, one or more of which
      is an insurer?
1.2   If yes, did the reporting entity register and file with its domiciliary State Insurance Commissioner, Director or Superintendent, or with such
      regulatory official of the state of domicile of the principal insurer in the Holding Company System, a registration statement providing
      disclosure substantially similar to the standards adopted by the National Association of Insurance Commissioners (NAIC) in its Model
      Insurance Holding Company System Regulatory Act and model regulations pertaining thereto, or is the reporting entity subject to
      standards and disclosure requirements substantially similar to those required by such Act and regulations?                                                              1
1.3   State Regulating?                                                                                                                                            ''   ( '
2.1   Has any change been made during the year of this statement in the charter, by-laws, articles of incorporation, or deed of settlement of the
      reporting entity?
2.2   If yes, date of change:
3.1   State as of what date the latest financial examination of the reporting entity was made or is being made.                                                               !   !
3.2   State the as of date that the latest financial examination report became available from either the state of domicile or the reporting entity. This
      date should be the date of the examined balance sheet and not the date the report was completed or released.                                                            !   !
3.3   State as of what date the latest financial examination report became available to other states or the public from either the state of domicile or
      the reporting entity. This is the release date or completion date of the examination report and not the date of the examination (balance sheet
      date).                                                                                                                                                                      $
3.4   By what department or departments? Pennsylvania Department of Insurance
4.1   During the period covered by this statement, did any agent, broker, sales representative, non-affiliated sales/service organization or any
      combination thereof under common control (other than salaried employees of the reporting entity), receive credit or commissions for or control
      a substantial part (more than 20 percent of any major line of business measured on direct premiums) of:
                                                                                         4.11 sales of new business?
                                                                                                4.12 renewals?
4.2   During the period covered by this statement, did any sales/service organization owned in whole or in part by the reporting entity or an affiliate,
      receive credit or commissions for or control a substantial part (more than 20 percent of any major line of business measured on direct
      premiums) of:
                                                                                        4.21 sales of new business?
                                                                                                4.22 renewals?
5.1   Has the reporting entity been a party to a merger or consolidation during the period covered by this statement?
5.2   If yes, provide the name of the entity, NAIC Company Code, and state of domicile (use two letter state abbreviation) for any entity that has
      ceased to exist as a result of the merger or consolidation.


                                                                   1                                               2                           3
                                                              Name of Entity                               NAIC Company Code           State of Domicile




6.1   Has the reporting entity had any Certificates of Authority, licenses or registrations (including corporate registration, if applicable) suspended or
      revoked by any governmental entity during the reporting period?
6.2   If yes, give full information
7.1   Does any foreign (non-United States) person or entity directly or indirectly control 10% or more of the reporting entity?
7.2   If yes,
                          7.21 State the percentage of foreign control;
                          7.22 State the nationality(s) of the foreign person(s) or entity(s) or if the entity is a mutual or reciprocal, the nationality of its
                               manager or attorney in fact; and identify the type of entity(s) (e.g., individual, corporation or government, manager or
                               attorney in fact).

                                                    1                                                                      2
                                                Nationality                                                          Type of Entity




                                                                                            16
                             ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                     GENERAL INTERROGATORIES
 8.1   Is the company a subsidiary of a bank holding company regulated by the Federal Reserve Board?
 8.2   If response to 8.1 is yes, please identify the name of the bank holding company.

 8.3   Is the company affiliated with one or more banks, thrifts or securities firms?
 8.4   If response to 8.3 is yes, please provide the names and location (city and state of the main office) of any affiliates regulated by a federal
       financial regulatory services agency [i.e. the Federal Reserve Board (FRB), the Office of the Comptroller of the Currency (OCC), the Office of
       Thrift Supervision (OTS), the Federal Deposit Insurance Corporation (FDIC) and the Securities Exchange Commission (SEC) and identify
       the affiliate’s primary federal regulator.]


                                     1                                                      2                            3              4              5             6            7
                                                                                        Location
                              Affiliate Name                                          (City, State)                    FRB            OCC            OTS            FDIC      SEC




 9.  What is the name and address of the independent certified public accountant or accounting firm retained to conduct the annual audit?
       PricewaterhouseCoopers LLC
       Two Commerce Square
       2001 Market Street
       Philadelphia, PA 19103
10. What is the name, address and affiliation (officer/employee of the reporting entity or actuary/consultant associated with an actuarial consulting
     firm) of the individual providing the statement of actuarial opinion/certification?
       Marc Oberholtzer - Director
       PricewaterhouseCoopers LLC
       Two Commerce Square
       2001 Market Street
       Philadelphia, PA 19103
11.1 Does the reporting entity own any securities of a real estate holding company or otherwise hold real estate indirectly?
                                                                                         11.11 Name of real estate holding company                                ) ' 2 (    88-
                                                                                         11.12 Number of parcels involved
                                                                                         11.13 Total book/adjusted carrying value                   $                       ! ##
11.2 If yes, provide explanation

12. FOR UNITED STATES BRANCHES OF ALIEN REPORTING ENTITIES ONLY:
12.1 What changes have been made during the year in the United States Manager or the United States Trustees of the reporting entity?

12.2  Does this statement contain all business transacted for the reporting entity through its United States Branch on risks wherever located?
12.3  Have there been any changes made to any of the trust indentures during the year?
12.4  If answer to (12.3) is yes, has the domiciliary or entry state approved the changes?                                                                                    1
13.1  Are the senior officers (principal executive officer, principal financial officer, principal accounting officer or controller, or persons
      performing similar functions) of the reporting entity subject to a code of ethics, which includes the following standards?
            Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and
      a. professional relationships;
      b. Full, fair, accurate, timely and understandable disclosure in the periodic reports required to be filed by the reporting entity;
      c. Compliance with applicable governmental laws, rules and regulations;
      d. The prompt internal reporting of violations to an appropriate person or persons identified in the code; and
      e. Accountability for adherence to the code.
13.11 If the response to 13.1 is No, please explain:

13.2 Has the code of ethics for senior managers been amended?
13.21 If the response to 13.2 is Yes, provide information related to amendment(s).

13.3 Have any provisions of the code of ethics been waived for any of the specified officers?
13.31 If the response to 13.3 is Yes, provide the nature of any waiver(s).




                                                                         BOARD OF DIRECTORS

 14.   Is the purchase or sale of all investments of the reporting entity passed upon either by the board of directors or a subordinate committee
           thereof?
 15.   Does the reporting entity keep a complete permanent record of the proceedings of its board of directors and all subordinate committees
           thereof?
 16.   Has the reporting entity an established procedure for disclosure to its board of directors or trustees of any material interest or affiliation on the
           part of any of its officers, directors, trustees or responsible employees that is in conflict or likely to conflict with the official duties of such
           person?




                                                                                          16.1
                            ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                                                    GENERAL INTERROGATORIES
                                                                                   FINANCIAL

17.   Has this statement been prepared using a basis of accounting other than Statutory Accounting Principles (e.g., Generally Accepted Accounting
      Principles)?
18.1 Total amount loaned during the year (inclusive of Separate Accounts, exclusive of policy loans):             18.11 To directors or other officers     $
                                                                                                                  18.12 To stockholders not officers       $
                                                                                                                  18.13 Trustees, supreme or grand
                                                                                                                        (Fraternal only)                   $
18.2 Total amount of loans outstanding at end of year (inclusive of Separate Accounts, exclusive of policy
     loans):                                                                                               18.21 To directors or other officers            $
                                                                                                                  18.22 To stockholders not officers       $
                                                                                                                  18.23 Trustees, supreme or grand
                                                                                                                        (Fraternal only)                   $
19.1 Were any of the assets reported in this statement subject to a contractual obligation to transfer to another party without the liability for such
     obligation being reported in this statement?
19.2 If yes, state the amount thereof at December 31 of the current year:                       19.21 Rented from others                                   $
                                                                                                19.22 Borrowed from others                                 $
                                                                                                19.23 Leased from others                                   $
                                                                                                19.24 Other                                                $
20.1 Does this statement include payments for assessments as described in the Annual Statement Instructions other than guaranty fund or
     guaranty association assessments?
20.2 If answer is yes:                                                                          20.21 Amount paid as losses or risk adjustment             $
                                                                                                20.22 Amount paid as expenses                              $
                                                                                                20.23 Other amounts paid                                   $
21.1 Does the reporting entity report any amounts due from the parent, subsidiaries or affiliates on Page 2 of this statement?
21.2 If yes, indicated any amounts receivable from parent included in the Page 2 amount:                                                                   $                   % $"#

                                                                                 INVESTMENT

22.1 Were all the stocks, bonds and other securities owned December 31 of current year, over which the reporting entity has exclusive control, in
     the actual possession of the reporting entity on said date?
22.2 If no, give full and complete information relating thereto:
       The company has a custodial account with Northern Trust Company
23.1 Were any of the stocks, bonds or other assets of the reporting entity owned at December 31 of the current year not exclusively under the
     control of the reporting entity, or has the reporting entity sold or transferred any assets subject to a put option contract that is currently in force?
     (Exclude securities subject to Interrogatory 19.1)
23.2 If yes, state the amount thereof at December 31 of the current year:               23.21     Loaned to others                                         $
                                                                                        23.22     Subject to repurchase agreements                         $
                                                                                        23.23     Subject to reverse repurchase agreements                 $
                                                                                        23.24     Subject to dollar repurchase agreements                  $
                                                                                        23.25     Subject to reverse dollar repurchase agreements          $
                                                                                        23.26     Pledged as collateral                                    $
                                                                                        23.27     Placed under option agreements                           $
                                                                                        23.28     Letter stock or other securities restricted as to sale   $
                                                                                        23.29     On deposit with state or other regulatory body           $             ! #$ !
                                                                                        23.291 Other                                                       $
23.3 For category (23.28) provide the following:


                                          1                                                                         2                                             3
                                Nature of Restriction                                                           Description                                     Amount




24.1 Does the reporting entity have any hedging transactions reported on Schedule DB?

24.2 If yes, has a comprehensive description of the hedging program been made available to the domiciliary state?                                                              1
     If no, attach a description with this statement.

25.1 Were any preferred stocks or bonds owned as of December 31 of the current year mandatorily convertible into equity, or, at the option of the
     issuer, convertible into equity?
25.2 If yes, state the amount thereof at December 31 of the current year.                                                                                  $             $ #       $%#




                                                                                         16.2
                              ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                                                        GENERAL INTERROGATORIES
 26.   Excluding items in Schedule E, real estate, mortgage loans and investments held physically in the reporting entity’s offices, vaults or safety
       deposit boxes, were all stocks, bonds and other securities, owned throughout the current year held pursuant to a custodial agreement with a
       qualified bank or trust company in accordance with Section 3, III Conducting Examinations, G - Custodial or Safekeeping Agreements of the
       NAIC Financial Condition Examiners Handbook?

26.01 For agreements that comply with the requirements of the NAIC Financial Condition Examiners Handbook, complete the following:

                                                               1                                                                            2
                                                      Name of Custodian(s)                                                         Custodian’s Address
                                6               ' 6      - / '                                             -         .    7   '




26.02 For all agreements that do not comply with the requirements of the NAIC Financial Condition Examiners Handbook, provide the name,
      location and a complete explanation:


                                              1                                                     2                                                        2
                                            Name(s)                                             Location(s)                                        Complete Explanation(s)




26.03 Have there been any changes, including name changes, in the custodian(s) identified in 26.01 during the current year?
26.04 If yes, give full and complete information relating thereto:


                                        1                                                  2                                        3                                                4
                                                                                                                                  Date of
                              Old Custodian                                        New Custodian                                  Change                                        Reason




26.05 Identify all investment advisors, brokers/dealers or individuals acting on behalf of broker/dealers that have access to the investment
      accounts, handle securities and have authority to make investments on behalf of the reporting entity:

                                          1                                                          2                                                           2
                     Central Registration Depository Number(s)                                     Name                                                       Address
                                                                                                                                      " @ ) ' 2                                      -
                        !"                                            8 ) 1                  ? -                                        !
                        $"$                                           A         '. ' & ' . / ' -                     88                $ 2          2             >             ' &1                   "
                                                                                                                                      "% 2          D ) 7'                  ' :                .               :
                       % $                                            B C ( 1                             88-                         #"%$
                                                                                                                                        "" 4        ' 1( '              2 '              & '                   -1
                        %#                                            ; / '           '    < ') 1)(                  8                " %
                                                                                                                                        "" 4        ' 1( '              2 '              & '                   -1
                        "                                             ;<1 2                      7'                                   " %
                       $"$#                                           6        : '.       ) =                                           4 > *                 :                     < .            1               "%#
                                                                                                                                      !#! & )           ' 1( '          %            E                     D
                                                                      >         2         ' &             ' > '3 '.                      3                 "
                                                                                                                                      !!$ & )           ' 1( '              "        E                     D
                                                                      2 'E            &    . . < ') 8 )                                  3
                                                                                                                                        )'      < ' '                 - '            $$$ 5
                                                                                                                                      8 '          1(         2                 $        )'                         1
                                                                          D2        '. : '                77 8                         " #
                                                                      = )/ ' 2                        (         5F            '       < ' '   7'                            ' =                    ! 4 )
                                                                        $ 8                                                           2     D    3                            $




27.1 Does the reporting entity have any diversified mutual funds reported in Schedule D, Part 2 (diversified according to the Securities and
     Exchange Commission (SEC) in the Investment Company Act of 1940 [Section 5 (b) (1)])?
27.2 If yes, complete the following schedule:


                                 1                                                                 2                                                                                     3
                               CUSIP #                                                    Name of Mutual Fund                                                               Book/Adjusted Carrying Value
27.2001. !! !0$ 0"                                             ;<1 61 &1 1=5; 9 2 2&188 -1 :1895                                                                                                                         #$ $# !#
27.2002. "  % 0 0                                              :1 =91 ; 7 268 7 ;5 <;                                                                                                                                    %    % $
27.2999 TOTAL                                                                                                                                                                                                            ! $#$ "

27.3 For each mutual fund listed in the table above, complete the following schedule:

                                    1                                          2                                                   3                                                                           4
                                                                                                                       Amount of Mutual Fund’s
                     Name of Mutual Fund                      Name of Significant Holding                            Book/Adjusted Carrying Value
                      (from above table)                         Of the Mutual Fund                                   Attributable to the Holding                                         Date of Valuation
             ;<1 61 &1 1=5; 9 2 2&188 -1
             :1895                                        >4 =A1 5 7 -                                                                         # " $ $%                                                    !
             ;<1 61 &1 1=5; 9 2 2&188 -1
             :1895                                         78= 7&G2   7;5 -4                                                                   $ !            %                                            !
             ;<1 61 &1 1=5; 9 2 2&188 -1
             :1895                                        -4&&5 -718 &56182 -4                                                                 %          $                                                !
             ;<1 61 &1 1=5; 9 2 2&188 -1
             :1895                                        >58;5 7 -                                                                            ! "            $                                            !
             ;<1 61 &1 1=5; 9 2 2&188 -1
             :1895                                        A@767 = 56 4859& -4                                                                  ! ! " %                                                     !




                                                                                                      16.3
            ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                            GENERAL INTERROGATORIES




               1                              2                               3                          4
                                                                  Amount of Mutual Fund’s
      Name of Mutual Fund         Name of Significant Holding   Book/Adjusted Carrying Value
       (from above table)            Of the Mutual Fund          Attributable to the Holding   Date of Valuation
:1 =91 ; 7 268 7 ;5 <;      5 4 &4>785 -4                                          #% % $            !
:1 =91 ; 7 268 7 ;5 <;      =5 5 18 585-6 7- -4                                     # !%"            !
:1 =91 ; 7 268 7 ;5 <;      &7- 424<6 -4                                           $"    %           !
:1 =91 ; 7 268 7 ;5 <;      16?6 7 -                                               !"" %%            !
:1 =91 ; 7 268 7 ;5 <;      6@5     4-64 1 ; =1&>85 -4                                  %"           !




                                                           16.3.1
                            ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                                                      GENERAL INTERROGATORIES
28.   Provide the following information for all short-term and long-term bonds and all preferred stocks. Do not substitute amortized value or
         statement value for fair value.

                                                                            1                                  2                               3
                                                                                                                                     Excess of Statement
                                                                                                                                      over Fair Value (-)
                                                                   Statement (Admitted)                                                 or Fair Value
                                                                          Value                            Fair Value                 over Statement (+)
                        28.1   Bonds                                             # $ !# ! "                         # % !     " #               !# "!$     "
                        28.2   Preferred stocks                                    " #        % "                       " !                       +$ " % ,
                        28.3   Totals                                            #!$      #     #                   # ! !% "                    !# % $ "
28.4 Describe the sources or methods utilized in determining fair values:
      Primary Source: NAIC Valuation of Securities (VOS) publication of unit prices
      Secondary Source: FT Interactive Data
      Tertiary Source: Standard adn Poors, Lehman, and Reuters
29.1 Have all the filing requirements of the Purposes and Procedures Manual of the NAIC Securities Valuation Office been followed?
29.2 If no, list the exceptions:


                                                                                  OTHER
30.1 Amount of payments to trade associations, service organizations and statistical or rating bureaus, if any?                                      $         $ # !"#
30.2 List the name of the organization and the amount paid if any such payment represented 25% or more of the total payments to trade
     associations, service organizations and statistical or rating bureaus during the period covered by this statement.

                                                                            1                                                           2
                                                                          Name                                                      Amount Paid




31.1 Amount of payments for legal expenses, if any?                                                                                                  $             % %
31.2 List the name of the firm and the amount paid if any such payment represented 25% or more of the total payments for legal expenses during
     the period covered by this statement.

                                                                            1                                                           2
                                                                          Name                                                      Amount Paid
                               A         8        '    ' ?     C                                                                         !




32.1 Amount of payments for expenditures in connection with matters before legislative bodies, officers or departments of government, if any?        $
32.2 List the name of the firm and the amount paid if any such payment represented 25% or more of the total payment expenditures in connection
     with matters before legislative bodies, officers or departments of government during the period covered by this statement.

                                                                            1                                                           2
                                                                          Name                                                      Amount Paid




                                                                                       16.4
                              ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                   GENERAL INTERROGATORIES
                                                                (continued)
                                              PART 2 - PROPERTY & CASUALTY INTERROGATORIES
1.1    Does the reporting entity have any direct Medicare Supplement Insurance in force?
1.2    If yes, indicate premium earned on U.S. business only.                                                                                           $
1.3    What portion of Item (1.2) is not reported on the Medicare Supplement Insurance Experience Exhibit?                                              $
            1.31 Reason for excluding


1.4    Indicate amount of earned premium attributable to Canadian and/or Other Alien not included in Item (1.2) above.                                  $
1.5    Indicate total incurred claims on all Medicare Supplement insurance.                                                                             $
1.6    Individual policies:
                                                                                             Most current three years:
                                                                                                 1.61 Total premium earned                              $
                                                                                                 1.62 Total incurred claims                             $
                                                                                                 1.63 Number of covered lives
                                                                                             All years prior to most current three years:
                                                                                                 1.64 Total premium earned                              $
                                                                                                 1.65 Total incurred claims                             $
                                                                                                 1.66 Number of covered lives
1.7    Group policies:
                                                                                             Most current three years:
                                                                                                 1.71 Total premium earned                              $
                                                                                                 1.72 Total incurred claims                             $
                                                                                                 1.73 Number of covered lives
                                                                                             All years prior to most current three years:
                                                                                                 1.74 Total premium earned                              $
                                                                                                 1.75 Total incurred claims                             $
                                                                                                 1.76 Number of covered lives

2.     Health Test:

                                                                                                                    1                            2
                                                                                                               Current Year                 Prior Year
                                                            2.1    Premium Numerator                 $                              $
                                                            2.2    Premium Denominator               $               #! "       "   $                   %#   !
                                                            2.3    Premium Ratio (2.1/2.2)
                                                            2.4    Reserve Numerator                 $                              $
                                                            2.5    Reserve Denominator               $             !%"        #$$   $           $       "    $
                                                            2.6    Reserve Ratio (2.4/2.5)


3.1    Does the reporting entity issue both participating and non-participating policies?
3.2    If yes, state the amount of calendar year premiums written on:
                                                                                             3.21 Participating policies                            $
                                                                                             3.22 Non-participating policies                        $

  4.   For Mutual reporting entities and Reciprocal Exchanges only:
4.1    Does the reporting entity issue assessable policies?
4.2    Does the reporting entity issue non-assessable policies?
4.3    If assessable policies are issued, what is the extent of the contingent liability of the policyholders?                                                       %
4.4    Total amount of assessments paid or ordered to be paid during the year on deposit notes or contingent premiums.                              $

  5. For Reciprocal Exchanges Only:
5.1 Does the exchange appoint local agents?
5.2 If yes, is the commission paid:
                                                                                        5.21 Out of Attorney's-in-fact compensation                              1
                                                                                        5.22 As a direct expense of the exchange                                 1
5.3    What expenses of the Exchange are not paid out of the compensation of the Attorney-in-fact?

5.4    Has any Attorney-in-fact compensation, contingent on fulfillment of certain conditions, been deferred?
5.5    If yes, give full information




                                                                                            17
                              ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                  GENERAL INTERROGATORIES
                                             PART 2 - PROPERTY & CASUALTY INTERROGATORIES
6.1   What provision has this reporting entity made to protect itself from an excessive loss in the event of a catastrophe under a workers’
      compensation contract issued without limit of loss:
      6   - / '      '    D       /    . . .       '     '     '
6.2   Describe the method used to estimate this reporting entity’s probable maximum insurance loss, and identify the type of insured exposures
      comprising that probable maximum loss, the locations of concentrations of those exposures and the external resources (such as consulting
      firms or computer software models), if any, used in the estimation process:

6.3   What provision has this reporting entity made (such as a catastrophic reinsurance program) to protect itself from an excessive loss arising
      from the types and concentrations of insured exposures comprising its probable maximum property insurance loss?

6.4   Does the reporting entity carry catastrophe reinsurance protection for at least one reinstatement, in an amount sufficient to cover its
      estimated probable maximum loss attributable to a single loss event or occurrence?
6.5   If no, describe any arrangements or mechanisms employed by the reporting entity to supplement its catastrophe reinsurance program or to
      hedge its exposure to unreinsured catastrophic loss.
      6   - / '      '    D       /    . . .       '     '     '

7.1   Has the reporting entity reinsured any risk with any other entity under a quota share reinsurance contract that includes a provision that would
                           s
      limit the reinsurer' losses below the stated quota share percentage (e.g., a deductible, a loss ratio corridor, a loss cap, an aggregate limit or
      any similar provisions)?
7.2   If yes, indicate the number of reinsurance contracts containing such provisions.
7.3   If yes, does the amount of reinsurance credit taken reflect the reduction in quota share coverage caused by any applicable limiting
      provision(s)?
8.1   Has this reporting entity reinsured any risk with any other entity and agreed to release such entity from liability, in whole or in part, from any
      loss that may occur on the risk, or portion thereof, reinsured?
8.2   If yes, give full information


9.1   Has the reporting entity ceded any risk under any reinsurance contract (or under multiple contracts with the same reinsurer or its affiliates)
      for which during the period covered by the statement: (i) it recorded a positive or negative underwriting result greater than 5% of prior year-
      end surplus as regards policyholders or it reported calendar year written premium ceded or year-end loss and loss expense reserves ceded
      greater than 5% of prior year-end surplus as regards policyholders; (ii) it accounted for that contract as reinsurance and not as a deposit; and
      (iii) the contract(s) contain one or more of the following features or other features that would have similar results:
         (a) A contract term longer than two years and the contract is noncancellable by the reporting entity during the contract term;
         (b) A limited or conditional cancellation provision under which cancellation triggers an obligation by the reporting entity, or an affiliate of
         the reporting entity, to enter into a new reinsurance contract with the reinsurer, or an affiliate of the reinsurer;
         (c) Aggregate stop loss reinsurance coverage;
         (d) A unilateral right by either party (or both parties) to commute the reinsurance contract, whether conditional or not, except for such
         provisions which are only triggered by a decline in the credit status of the other party;
         (e) A provision permitting reporting of losses, or payment of losses, less frequently than on a quarterly basis (unless there is no activity
         during the period); or
         (f) Payment schedule, accumulating retentions from multiple years or any features inherently designed to delay timing of the
         reimbursement to the ceding entity.
9.2   Has the reporting entity during the period covered by the statement ceded any risk under any reinsurance contract (or under multiple
      contracts with the same reinsurer or its affiliates), for which, during the period covered by the statement, it recorded a positive or negative
      underwriting result greater than 5% of prior year-end surplus as regards policyholders or it reported calendar year written premium ceded or
      year-end loss and loss expense reserves ceded greater than 5% of prior year-end surplus as regards policyholders; excluding cessions to
      approved pooling agreements or to captive insurance companies that are directly or indirectly controlling, controlled by, or under common
      control with (i) one or more unaffiliated policyholders of the reporting entity, or (ii) an association of which one or more unaffiliated
      policyholders of the reporting entity is a member, where:
          (a) The written premium ceded to the reinsurer by the reporting entity or its affiliates represents fifty percent (50%) or more of the entire
          direct and assumed premium written by the reinsurer based on its most recently available financial statement; or
          (b) Twenty–five percent (25%) or more of the written premium ceded to the reinsurer has been retroceded back to the reporting entity or
          its affiliates in a separate reinsurance contract.
9.3   If yes to 9.1 or 9.2, please provide the following information in the Reinsurance Summary Supplemental Filing for General Interrogatory 9:
         (a) The aggregate financial statement impact gross of all such ceded reinsurance contracts on the balance sheet and statement of
         income;
         (b) A summary of the reinsurance contract terms and indicate whether it applies to the contracts meeting the criteria in 9.1 or 9.2; and
                                               s
         (c) A brief discussion of management' principle objectives in entering into the reinsurance contract including the economic purpose to be
         achieved.
9.4   Except for transactions meeting the requirements of paragraph 30 of SSAP No. 62, Property and Casualty Reinsurance, has the reporting
      entity ceded any risk under any reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) during the period covered
      by the financial statement, and either:
          (a) Accounted for that contract as reinsurance (either prospective or retroactive) under statutory accounting principles (“SAP”) and as a
          deposit under generally accepted accounting principles (“GAAP”); or
          (b) Accounted for that contract as reinsurance under GAAP and as a deposit under SAP?
9.5   If yes to 9.4, explain in the Reinsurance Summary Supplemental Filing for General Interrogatory 9 (Section D) why the contract(s) is treated
      differently for GAAP and SAP.

9.6   The reporting entity is exempt from the Reinsurance Attestation Supplement under one or more of the following criteria:
          (a) The entity does not utilize reinsurance; or,
          (b) The entity only engages in a 100% quota share contract with an affiliate and the affiliated or lead company has filed an attestation
          supplement; or
          (c) The entity has no external cessions and only participates in an intercompany pool and the affiliated or lead company has file
          attestation supplement.
10.   If the reporting entity has assumed risks from another entity, there should be charged on account of such reinsurances a reserve equal to
      that which the original entity would have been required to charge had it retained the risks. Has this been done?                                     1




                                                                                        17.1
                            ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                  GENERAL INTERROGATORIES
                                               PART 2 - PROPERTY & CASUALTY INTERROGATORIES
11.1 Has the reporting entity guaranteed policies issued by any other entity and now in force:
11.2 If yes, give full information


12.1 If the reporting entity recorded accrued retrospective premiums on insurance contracts on Line 13.3 of the asset schedule, Page 2, state the
     amount of corresponding liabilities recorded for:
                12.11 Unpaid losses                                                                                                                  $
                12.12 Unpaid underwriting expenses (including loss adjustment expenses)                                                              $
12.2 Of the amount on Line 13.3, Page 2, state the amount that is secured by letters of credit, collateral and other funds?                          $
12.3 If the reporting entity underwrites commercial insurance risks, such as workers’ compensation, are premium notes or promissory notes                                  1
     accepted from its insureds covering unpaid premiums and/or unpaid losses?
12.4 If yes, provide the range of interest rates charged under such notes during the period covered by this statement:
                12.41 From                                                                                                                                                         %
                12.42 To                                                                                                                                                           %
12.5 Are letters of credit or collateral and other funds received from insureds being utilized by the reporting entity to secure premium notes or
     promissory notes taken by the reporting entity, or to secure any of the reporting entity’s reported direct unpaid loss reserves, including unpaid
     losses under loss deductible features of commercial policies?
12.6 If yes, state the amount thereof at December 31 of the current year:
                12.61 Letters of Credit                                                                                                              $
                12.62 Collateral and other funds                                                                                                     $

13.1 Largest net aggregate amount insured in any one risk (excluding workers’ compensation):                                                        $                 "%       #
13.2 Does any reinsurance contract considered in the calculation of this amount include an aggregate limit of recovery without also including a
     reinstatement provision?
13.3 State the number of reinsurance contracts (excluding individual facultative risk certificates, but including facultative programs, automatic                      " #"
     facilities or facultative obligatory contracts) considered in the calculation of the amount.

14.1 Is the company a cedant in a multiple cedant reinsurance contract?
14.2 If yes, please describe the method of allocating and recording reinsurance among the cedants:


14.3 If the answer to 14.1 is yes, are the methods described in item 14.2 entirely contained in the respective multiple cedant reinsurance
     contracts?
14.4 If the answer to 14.3 is no, are all the methods described in 14.2 entirely contained in written agreements?
14.5 If answer to 14.4 is no, please explain:


15.1 Has the reporting entity guaranteed any financed premium accounts?
15.2 If yes, give full information



16.1 Does the reporting entity write any warranty business?
      If yes, disclose the following information for each of the following types of warranty coverage:

                                                         1                           2                          3                          4                        5
                                                   Direct Losses               Direct Losses              Direct Written            Direct Premium           Direct Premium
                                                      Incurred                    Unpaid                    Premium                    Unearned                  Earned
16.11 Home                                 $                           $                           $                          $                          $
16.12 Products                             $                           $                           $                          $                          $
16.13 Automobile                           $                           $                           $                          $                          $
16.14 Other*                               $                           $                           $                          $                          $
      * Disclose type of coverage:




                                                                                       17.2
                          ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                               GENERAL INTERROGATORIES
                                           PART 2 - PROPERTY & CASUALTY INTERROGATORIES

17.1 Does the reporting entity include amounts recoverable on unauthorized reinsurance in Schedule F – Part 3 that it excludes from Schedule F –
     Part 5.


      Incurred but not reported losses on contracts not in force prior to July 1, 1984, and not subsequently renewed are exempt from inclusion in
      Schedule F – Part 5. Provide the following information for this exemption:
                                                             17.11   Gross amount of unauthorized reinsurance in Schedule F – Part 3           $
                                                                     excluded from Schedule F – Part 5
                                                             17.12   Unfunded portion of Interrogatory 17.11                                   $
                                                             17.13   Paid losses and loss adjustment expenses portion of Interrogatory 17.11   $
                                                             17.14   Case reserves portion of Interrogatory 17.11                              $
                                                             17.15   Incurred but not reported portion of Interrogatory 17.11                  $
                                                             17.16   Unearned premium portion of Interrogatory 17.11                           $
                                                             17.17   Contingent commission portion of Interrogatory 17.11                      $


      Provide the following information for all other amounts included in Schedule F – Part 3 and excluded from Schedule F – Part 5, not included
      above.
                                                             17.18   Gross amount of unauthorized reinsurance in Schedule F – Part 3           $
                                                                     excluded from Schedule F – Part 5
                                                             17.19   Unfunded portion of Interrogatory 17.18                                   $
                                                             17.20   Paid losses and loss adjustment expenses portion of Interrogatory 17.18   $
                                                             17.21   Case reserves portion of Interrogatory 17.18                              $
                                                             17.22   Incurred but not reported portion of Interrogatory 17.18                  $
                                                             17.23   Unearned premium portion of Interrogatory 17.18                           $
                                                             17.24   Contingent commission portion of Interrogatory 17.18                      $




                                                                                  17.3
                           ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                   FIVE-YEAR HISTORICAL DATA
                                     Show amounts in whole dollars only, no cents; show percentages to one decimal place, i.e. 17.6.
                                                                   1                    2                    3                       4                               5
                                                                 2007                  2006                 2005                   2004                             2003
   Gross Premiums Written
   (Page 8, Part 1B, Cols. 1, 2 & 3)
 1. Liability lines (Lines 11.1, 11.2, 16, 17.1, 17.2, 18.1,
       18.2, 19.1, 19.2 & 19.3, 19.4)
 2. Property lines (Lines 1, 2, 9, 12, 21 & 26)
 3. Property and liability combined lines (Lines 3, 4, 5, 8,
       22 & 27)
 4. All other lines (Lines 6, 10, 13, 14, 15, 23, 24, 28, 29
       & 33)                                                         "                 "$        #!          " %!            #!"         !!     #!% #       $"$                          !
 5. Nonproportional reinsurance lines (Lines 30, 31 &
       32)
 6. Total (Line 34)                                                  "                 "$        #!          " %!            #!"         !!     #!% #       $"$                          !
   Net Premiums Written (Page 8, Part 1B, Col. 6)
 7. Liability lines (Lines 11.1, 11.2, 16, 17.1, 17.2, 18.1,
       18.2, 19.1, 19.2 & 19.3, 19.4)
 8. Property lines (Lines 1, 2, 9, 12, 21 & 26)
 9. Property and liability combined lines
       (Lines 3, 4, 5, 8, 22 & 27)
10. All other lines
       (Lines 6, 10, 13, 14, 15, 23, 24, 28, 29 & 33)                    # %"# " !                      # %            %           "%! #               !#            !      ! !"$
11. Nonproportional reinsurance lines
       (Lines 30, 31 & 32)
12. Total (Line 34)                                                      # %"# " !                      # %            %           "%! #               !#            !      ! !"$
      Statement of Income (Page 4)
13.   Net underwriting gain (loss) (Line 8)                         +%        "$ !! ,             " %$             #%            # %## %            "   % "          "$ % !#
14.   Net investment gain (loss) (Line 11)                           $       % % #""                "                            ! !%% !            !# #! $          ## !$
15.   Total other income (Line 15)                                           + ! ",                          % !%                      "                " % $           # !!
16.   Dividends to policyholders (Line 17)
17.   Federal and foreign income taxes incurred
        (Line 19)                                                     #       "" #                                           +%! #    ,              % "                    ! "#"
18. Net income (Line 20)                                            + %       $    #,            !#      $                   %   #" !           !! %! # "                     "!
   Balance Sheet Lines (Pages 2 and 3)
19. Total admitted assets excluding protected cell
      business (Page 2, Line 24, Col. 3)                        %                  $ $       ! "$ %" "                     ! $     ##          ! %# %                !$ !!#
20. Premiums and considerations (Page 2, Col. 3)
    20.1 In course of collection (Line 13.1)                             #    ##        #               "% #                     ! $$% $                # !#$         # !
    20.2 Deferred and not yet due (Line 13.2)                                                            !# "!                   % %   "$           !$ #$" "$        %% " $
    20.3 Accrued retrospective premiums (Line 13.3)
21. Total liabilities excluding protected cell
      business (Page 3, Line 24)                                ! ##! !                      ! %$        $ #%              ! $% %% !##          # " $        %#     $       "!       #
22. Losses (Page 3, Line 1)                                           #$ ! "                   $ $      " $                  %# # ! ! !         %$ %$       " $     % %   !""    #
23. Loss adjustment expenses (Page 3, Line 3)                       "                             !      #     !               ! #    !           % #"       !        !   !      $
24. Unearned premiums (Page 3, Line 9)                             ! ! !!$                      %        %% !#                 " # !             " #         "        !     %%       %
25. Capital paid up (Page 3, Lines 28 & 29)
26. Surplus as regards policyholders (Page 3, Line 35)                   #% !"" %"!              %" %%$                %     % ! %!% # %        %      # $ " %           $ %% #"
   Cash Flow (Page 5)
27. Net cash from operations (Line 11)                                   %" !"" %$%              $ $               "
   Risk-Based Capital Analysis
28. Total adjusted capital                                               #% !"" %"!              %" %%$                %     % ! %!% # %        %      # $ " %           $ %% #"
29. Authorized control level risk-based capital                           % % !                   #! !!#                      # ! "%                #% $     !       "      "
   Percentage Distribution of Cash, Cash
   Equivalents and Invested Assets
    (Page 2, Col. 3)(Item divided by Page 2, Line 10,
      Col. 3) x 100.0
30. Bonds (Line 1)                                                                      !                      !                        $ #
31. Stocks (Lines 2.1 & 2.2)                                                       $                          !% !                        #                     !                # #
32. Mortgage loans on real estate (Lines 3.1 and 3.2)
33. Real estate (Lines 4.1, 4.2 & 4.3)
34. Cash, cash equivalents and short-term investments
      (Line 5)                                                                          %                                                  !                $
35. Contract loans (Line 6)
36. Other invested assets (Line 7)
37. Receivables for securities (Line 8)
38. Aggregate write-ins for invested assets (Line 9)
39. Cash, cash equivalents and invested assets (Line
       10)                                                          100.0                        100.0                      100.0               100.0               100.0
   Investments in Parent, Subsidiaries and Affiliates
40. Affiliated bonds, (Sch. D, Summary, Line 25, Col. 1)
41. Affiliated preferred stocks
       (Sch. D, Summary, Line 39, Col. 1)                                                             % #$$ %%
42. Affiliated common stocks
       (Sch. D, Summary, Line 53, Col. 1)                                #     $ #
43. Affiliated short-term investments (subtotals included
       in Schedule DA, Part 2, Col. 5, Line 7)
44. Affiliated mortgage loans on real estate
45. All other affiliated
46. Total of above Lines 40 to 45                                        #     $ #                    % #$$ %%
47. Percentage of investments in parent, subsidiaries
      and affiliates to surplus as regards policyholders
      (Line 46 above divided by Page 3, Col. 1, Line 35 x
      100.0)                                                                   !                               $




                                                                                            18
                           ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                   FIVE-YEAR HISTORICAL DATA
                                                                                (Continued)
                                                                1                          2                           3                              4                                    5
                                                               2007                      2006                         2005                           2004                                 2003
   Capital and Surplus Accounts (Page 4)


48. Net unrealized capital gains (losses) (Line 24)            + % $ " %,               + $# $! "",                   + "       !                ,   +       $                        ,
49. Dividends to stockholders (Line 35)                        +! %   ! ",              + $# $! "",                   + "       !                ,   +       $                        ,
50. Change in surplus as regards policyholders for the
      year (Line 38)                                           +!       %$ !!,            #!                 $          +# !"            $ ,                     #            !                   #       #!

   Gross Losses Paid (Page 9, Part 2, Cols. 1 & 2)


51. Liability lines (Lines 11.1, 11.2, 16, 17.1, 17.2, 18.1,
      18.2, 19.1, 19.2 & 19.3, 19.4)
52. Property lines (Lines 1, 2, 9, 12, 21 & 26)
53. Property and liability combined lines
      (Lines 3, 4, 5, 8, 22 & 27)
54. All other lines
       (Lines 6, 10, 13, 14, 15, 23, 24, 28, 29 & 33)           % " %% !                        "# !$                   #"              $#           ! ! #!% $ $                           $ % # # #
55. Nonproportional reinsurance lines
      (Lines 30, 31 & 32)
56. Total (Line 34)                                             % " %% !                        "# !$                   #"              $#           ! ! #!% $ $                           $ % # # #

   Net Losses Paid (Page 9, Part 2, Col. 4)


57. Liability lines (Lines 11.1, 11.2, 16, 17.1, 17.2, 18.1,
      18.2, 19.1, 19.2 & 19.3, 19.4)
58. Property lines (Lines 1, 2, 9, 12, 21 & 26)
59. Property and liability combined lines
      (Lines 3, 4, 5, 8, 22 & 27)
60. All other lines
       (Lines 6, 10, 13, 14, 15, 23, 24, 28, 29 & 33)           !$# ! $                   !$             # %            $       ! "                      %           $ $ $                    #% $%!
61. Nonproportional reinsurance lines
      (Lines 30, 31 & 32)
62. Total (Line 34)                                             !$# ! $                   !$             # %            $       ! "                      %           $ $ $                    #% $%!

   Operating Percentages (Page 4)
   (Item divided by Page 4, Line 1) x 100.0


63. Premiums earned (Line 1)                                   100.0                    100.0                         100.0                          100.0                                100.0
64. Losses incurred (Line 2)                                             !"                             !" %                        %                                    %% #                         %
65. Loss expenses incurred (Line 3)                                         #                              !                                 !                           + ,                               !
66. Other underwriting expenses incurred (Line 4)                           #                           ! $                         !                                       "                              %
67. Net underwriting gain (loss) (Line 8)                               + # !,                           # #                                                              # !                         !

   Other Percentages


68. Other underwriting expenses to net premiums written
      (Page 4, Lines 4 + 5 - 15 divided by
      Page 8, Part 1B, Col. 6, Line 34 x 100.0)                           ! $                           ! "                             " !                                       $
69. Losses and loss expenses incurred to premiums
      earned (Page 4, Lines 2 + 3 divided by
      Page 4, Line 1 x 100.0)                                            % %                            !"                          % "                                  %! #                         % "
70. Net premiums written to policyholders'  surplus
      (Page 8, Part 1B, Col. 6, Line 34 divided by Page
      3, Line 35, Col. 1 x 100.0)                                       % ! !                           !$ !                                                              # %                         "! !

   One Year Loss Development (000 omitted)


71. Development in estimated losses and loss
      expenses incurred prior to current year
      (Schedule P, Part 2 - Summary, Line 12, Col. 11)                  " #$                   +#            %",             +$" ! ,                                                                  + # ,
72. Percent of development of losses and loss expenses
      incurred to policyholders'surplus of prior year end
      (Line 71 above divided by Page 4,
      Line 21, Col. 1 x 100.0)                                            $ "                       + " %,                      + % ,                                     #                           +        ,

   Two Year Loss Development (000 omitted)


73. Development in estimated losses and loss expenses
      incurred 2 years before the current year and prior
      year (Schedule P, Part 2 - Summary, Line 12, Col.
      12)                                                           +     " !,                 +## ! ,                       +! %#",                         + % " !,                        + $ #%",
74. Percent of development of losses and loss expenses
      incurred to reported policyholders'surplus of
      second prior year end (Line 73 above divided by
      Page 4, Line 21, Col. 2 x 100.0)                                  + $ ,                       +            ",             + % ,                                +            #,                  +$ ",




                                                                                   19
                                                                                                 ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.
                                                                                                           EXHIBIT OF PREMIUMS AND LOSSES (Statutory Page 14)
               NAIC Group Code                    0766                            BUSINESS IN THE STATE OF Consolidated                                   DURING THE YEAR 2007                                                                                 NAIC Company Code 33790
                                                                               Gross Premiums, Including Policy and           3                 4                 5                  6                  7                8                9               10               11             12
                                                                                        Membership Fees
                                                                                    Less Return Premiums and                                                                                                       Direct Defense   Direct Defense   Direct Defense
                                                                                 Premiums on Policies not Taken        Dividends Paid      Direct           Direct Losses                                             and Cost         and Cost         and Cost
                                                                                      1                   2             or Credited to    Unearned               Paid                                               Containment      Containment      Containment     Commissions        Taxes,
                                                                              Direct Premiums     Direct Premiums      Policyholders on   Premium            (deducting        Direct Losses       Direct Losses      Expense          Expense          Expense       and Brokerage   Licenses and
                                     Line of Business                              Written             Earned          Direct Business    Reserves             salvage)           Incurred            Unpaid            Paid           Incurred          Unpaid         Expenses          Fees
         1.    Fire
         2.1   Allied lines
         2.2   Multiple peril crop
         2.3   Federal flood
         3.    Farmowners multiple peril
         4.    Homeowners multiple peril
         5.1   Commercial multiple peril (non-liability portion)
         5.2   Commercial multiple peril (liability portion)
         6.    Mortgage guaranty                                                  "      ! %#$        #           %#                       #%        "#        % " %% !           %! $ #       !       % ! $ "                                                              %!% !         ! % # #"%
         8.    Ocean marine
         9.    Inland marine
        10.    Financial guaranty
        11.    Medical malpractice
        12.    Earthquake
        13.    Group accident and health (b)
        14.    Credit A & H (group and individual)
        15.1   Collectively renewable A & H (b)
        15.2   Non-cancelable A & H (b)
20.GT




        15.3   Guaranteed renewable A & H (b)
        15.4   Non-renewable for stated reasons only (b)
        15.5   Other accident only
        15.6   Medicare Title XVIII exempt from state taxes or fees
        15.7   All other A & H (b)
        15.8   Federal employees health benefits program premium (b)
        16.    Workers'   compensation
        17.    Other liability
        18.    Products liability
        19.1   Private passenger auto no-fault (personal injury protection)
        19.2   Other private passenger auto liability
        19.3   Commercial auto no-fault (personal injury protection)
        19.4   Other commercial auto liability
        21.1   Private passenger auto physical damage
        21.2   Commercial auto physical damage
        22.    Aircraft (all perils)
        23.    Fidelity
        24.    Surety
        26.    Burglary and theft
        27.    Boiler and machinery
        28.    Credit
        33.    Aggregate write-ins for other lines of business
        34.    TOTALS (a)                                                         "      ! %#$        #           %#                       #%        "#        % " %% !           %! $ #       !       % ! $ "                                                              %!% !         ! % # #"%
               DETAILS OF WRITE-INS
        3301. 6       ;          ' E A      0 ' 8 ' E > '            H
        3302. 6       ;          ' E A      0 ' 8 ' E > '            H
        3303. 6       ;          ' E A      0 ' 8 ' E > '            H!
        3398. Summary of remaining write-ins for Line 33 from overflow page
        3399. Totals (Lines 3301 through 3303 plus 3398) (Line 33 above)
         (a) Finance and service charges not included in Lines 1 to 34 $                       .
         (b) For health business on indicated lines report: Number of persons insured under PPO managed care products                               and number of persons insured under indemnity only products
                                  ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                          SCHEDULE A - VERIFICATION BETWEEN YEARS
                                                                               Real Estate


 1. Book/adjusted carrying value, December 31, prior year
 2. Increase (decrease) by adjustment:
    2.1 Totals, Part 1, Column 11
    2.2 Totals, Part 3, Column 8
 3. Cost of acquired, (Totals, Part 2, Column 6, net of encumbrances (Column 7) and net of additions and permanent improvements (Column 9)          " %!              #
 4. Cost of additions and permanent improvements:
    4.1 Totals, Part 1, Column 14
    4.2 Totals, Part 3, Column 10
 5. Total profit (loss) on sales, Part 3, Column 15
 6. Increase (decrease) by foreign exchange adjustment:
    6.1 Totals, Part 1, Column 12
    6.2 Totals, Part 3, Column 9
 7. Amounts received on sales, Part 3, Column 12 and Part 1, Column 13                                                                              " %!              #
 8. Book/adjusted carrying value at end of current period
 9. Total valuation allowance
10. Subtotal (Lines 8 plus 9)
11. Total nonadmitted amounts
12. Statement value, current period (Page 2, real estate lines, Net Admitted Assets column)




                          SCHEDULE B - VERIFICATION BETWEEN YEARS
                                                                             Mortgage Loans




                                                             NONE
 1. Book value/recorded investment excluding accrued interest of mortgages owned, December 31 of prior year
 2. Amount loaned during year:
    2.1 Actual cost at time of acquisitions
    2.2 Additional investment made after acquisitions
 3. Accrual of discount and mortgage interest points and commitment fees
 4. Increase (decrease) by adjustment
 5. Total profit (loss) on sale
 6. Amounts paid on account or in full during the year
 7. Amortization of premium
 8. Increase (decrease) by foreign exchange adjustment
 9. Book value/recorded investment excluding accrued interest on mortgages owned at end of current period
10. Total valuation allowance
11. Subtotal (Lines 9 plus 10)
12. Total nonadmitted amounts
13. Statement value of mortgages owned at end of current period (Page 2, mortgage lines, Net Admitted Assets column)




                        SCHEDULE BA - VERIFICATION BETWEEN YEARS
                                                                       Long-Term Invested Assets


 1. Book/adjusted carrying value of long-term invested assets owned, December 31 of prior year                                                          " !
 2. Cost of acquisitions during year:
    2.1 Actual cost at time of acquisitions                                                                                            $$$ "%
    2.2 Additional investment made after acquisitions                                                                                % %            $         %
 3. Accrual of discount
 4. Increase (decrease) by adjustment                                                                                                           +! #                  %,
 5. Total profit (loss) on sale
 6. Amounts paid on account or in full during the year                                                                                                        !
 7. Amortization of premium                                                                                                                                       #"
 8. Increase (decrease) by foreign exchange adjustment
 9. Book/adjusted carrying value of long-term invested assets at end of current period                                                          #        #        !
10. Total valuation allowance
11. Subtotal (Lines 9 plus 10)                                                                                                                  #        #        !
12. Total nonadmitted amounts
13. Statement value of long-term invested assets at end of current period (Page 2, Line 7, Column 3)                                            #        #        !




                                                                                    21
                                  ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                        SCHEDULE D - SUMMARY BY COUNTRY
                                                    Long-Term Bonds and Stocks OWNED December 31 of Current Year
                                                                                        1                  2                                                      3                                     4
                                                                                 Book/Adjusted
                                      Description                                Carrying Value       Fair Value                                           Actual Cost                       Par Value of Bonds
                      BONDS                          1.   United States                          #               !! #%"          # ! % #%                     #             !" !#"                  #       !$! %
Governments                                          2.   Canada
(Including all obligations guaranteed                3.   Other Countries
by governments)                                      4.   Totals                                 #               !! #%"          # ! % #%                     #            !" !#"                   #       !$! %
States, Territories and Possessions                  5.   United States                          $           $        %          $# # %"                      $           $#    %                           #"$
    (Direct and guaranteed)                          6.   Canada
                                                     7.   Other Countries
                                                     8.   Totals                                 $           $           %       $#            # %"           $           $#             %                #"$
Political Subdivisions of States,                    9.   United States                                  "           $ !!!                     ##                                $                      " #!$
    Territories and Possessions                     10.   Canada
       (Direct and guaranteed)                      11.   Other Countries
                                                    12.   Totals                                         "           $ !!!                     ##                                $                      " #!$
Special revenue and special assessment
   obligations and all non-guaranteed               13.   United States                                      "" #$                                 ! !!               #        ! %                      $% "
   obligations of agencies and authorities of       14.   Canada
   governments and their political subdivisions     15.   Other Countries

                                                    16.   Totals                                             "" #$                                 ! !!               #        ! %                      $% "
Public Utilities (unaffiliated)                     17.   United States
                                                    18.   Canada
                                                    19.   Other Countries
                                                    20.   Totals
Industrial and Miscellaneous and Credit Tenant      21.   United States                              " ""$             $ $                 $ " %                  " !    " "                            " ! # $%#
    Loans (unaffiliated)                            22.   Canada                                           !           "                       ! !                     ! #"#                                 $
                                                    23.   Other Countries                               ##             ! $                 #"" !                     #" !                                  %
                                                    24.   Totals                                     "# "$             #                 ! %"$ %                  "" !%% !                              "" ! $%#
Parent, Subsidiaries and Affiliates                 25.   Totals
                                                    26.   Total Bonds                                    ! "# $ %                #             !% !                       #"! $ "                   #$ %" " %
              PREFERRED STOCKS                      27.   United States
Public Utilities (unaffiliated)                     28.   Canada
                                                    29.   Other Countries
                                                    30.   Totals
Banks, Trust and Insurance Companies                31.   United States
   (unaffiliated)                                   32.   Canada
                                                    33.   Other Countries
                                                    34.   Totals
Industrial and Miscellaneous (unaffiliated)         35.   United States                                  " ! $ %                         # $"         "               " !            !
                                                    36.   Canada
                                                    37.   Other Countries                                  %$                                                           %$
                                                    38.   Totals                                         " # %                           " !                          " # % %
Parent, Subsidiaries and Affiliates                 39.   Totals
                                                    40.   Total Preferred Stocks                         " #           %                 " !                          " # % %
                COMMON STOCKS                       41.   United States
Public Utilities (unaffiliated)                     42.   Canada
                                                    43.   Other Countries
                                                    44.   Totals
 Banks, Trust and Insurance Companies               45.   United States
   (unaffiliated)                                   46.   Canada
                                                    47.   Other Countries
                                                    48.   Totals
Industrial and Miscellaneous (unaffiliated)         49.   United States                              #$ " % #$$                      #$ " % #$$                   !              %"%
                                                    50.   Canada                                                                                                % #$"            %%
                                                    51.   Other Countries                                    #             $               #          $           " %            "
                                                    52.   Totals                                     "           "                   "         "               !# % $            #$
Parent, Subsidiaries and Affiliates                 53.   Totals                                    $ #
                                                                                                     #                               # $             #         $" %#
                                                    54.   Total Common Stocks                 " $ $ ! %##                        " $ $ !             %##     #" "%$              "!%
                                                    55.   Total Stocks                        "#$ ! $ #""                        "#% #                 $     "                   !%
                                                    56.   Total Bonds and Stocks            ! %# % % !                         ! # $                 !#     ! # !                "



                                  SCHEDULE D - VERIFICATION BETWEEN YEARS
                                                                                 Bonds and Stocks

  1. Book/adjusted carrying value of bonds and stocks, prior
     year                                                                ! #       !   $        7.       Amortization of premium                                                                               " #$#
  2. Cost of bonds and stocks acquired, Column 7, Part 3                       " !    $"        8.       Foreign Exchange Adjustment:
  3. Accrual of discount                                                       $ # $ %""                 8.1 Column 15, Part 1
  4. Increase (decrease) by adjustment:                                                                  8.2 Column 19, Part 2, Sec. 1
     4.1 Columns 12 - 14, Part 1                   +    " #,                                             8.3 Column 16, Part 2, Sec. 2                    $! %
     4.2 Columns 15 - 17, Part 2, Sec. 1               + "" ,                                            8.4 Column 15, Part 4                               " #                                             $%
     4.3 Column 15, Part 2, Sec. 2              + $ #        #,                              9.          Book/adjusted carrying value at end of current period                                     ! %#           % % $
     4.4 Columns 11 - 13, Part 4                  +# # $#,                + # "% " ,        10.          Total valuation allowance
  5. Total gain (loss), Column 19, Part 4                                  % !    !#        11.          Subtotal (Lines 9 plus 10)                                                                ! %#  % % $
  6. Deduct consideration for bonds and stocks disposed of                                  12.          Total nonadmitted amounts                                                                       " $%
     Column 7, Part 4                                                       ### $    %%"    13.          Statement value of bonds and stocks, current period                                       ! % #$%




                                                                                           22
                                                                                      ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                   SCHEDULE D - PART 1A - SECTION 1
                                                                   Quality and Maturity Distribution of All Bonds Owned December 31, at Book/Adjusted Carrying Values by Major Types of Issues and NAIC Designations
                                                     1                    2                      3                    4                   5                    6                    7                      8                 9                    10                           11
                                                                 Over 1 Year Through Over 5 Years Through       Over 10 Years                                                  Col. 6 as a        Total from Col. 6    % From Col. 7        Total Publicly           Total Privately Placed
     Quality Rating per the NAIC Designation      1 Year or Less       5 Years               10 Years          Through 20 Years    Over 20 Years       Total Current Year    % of Line 10.7          Prior Year         Prior Year             Traded                          (a)
      1. U.S. Governments, Schedules D & DA (Group 1)
       1.1 Class 1                                              # "         ## !! $ %           $          #$                           !$ #      %"        # ! $# #                     # #              $%       %              ! $           # ! $# #
       1.2 Class 2
       1.3 Class 3
       1.4 Class 4
       1.5 Class 5
       1.6 Class 6
       1.7 Totals                                               # "         ## !! $ %           $          #$                           !$ #      %"        # ! $# #                     # #              $%       %              ! $           # ! $# #
      2. All Other Governments, Schedules D & DA (Group 2)
       2.1 Class 1
       2.2 Class 2
       2.3 Class 3
       2.4 Class 4
       2.5 Class 5
       2.6 Class 6
       2.7 Totals
      3. States, Territories and Possessions etc., Guaranteed, Schedules D & DA (Group 3)
       3.1 Class 1                                       % !!" $            # % % #               $    # # #       $# $!           !     # % ! $            $            " !!                !        %        ! "$$                  "         $            " !$
       3.2 Class 2
       3.3 Class 3
       3.4 Class 4
23




       3.5 Class 5
       3.6 Class 6
       3.7 Totals                                        % !!" $            # % % #               $    # # #       $# $!           !     # % ! $            $            " !!                !        %        ! "$$                  "         $            " !$
      4. Political Subdivisions of States, Territories and Possessions, Guaranteed, Schedules D & DA (Group 4)
       4.1 Class 1                                               $#         "! # !#               %% #!# %              $"!        $           %! #!            "        $ !!!                                   $ %                  # !           "        $ !!!
       4.2 Class 2
       4.3 Class 3
       4.4 Class 4
       4.5 Class 5
       4.6 Class 6
       4.7 Totals                                                $#         "! # !#               %% #!# %              $"!        $           %! #!            "        $ !!!                                   $ %                  # !           "        $ !!!
      5. Special Revenue & Special Assessment Obligations etc., Non-Guaranteed, Schedules D & DA (Group 5)
       5.1 Class 1                                       ! " " #           ! $ #!               !# #" %            !     ## %           $ "" %                  $ $ # %%!               ! !           "! %" %                     ! "               $ $ # %%!
       5.2 Class 2                                                               " #%                                  % $ # "          % #$# "%                 # #!$ %%                 %            $ $ !                                         # #!$ %$
       5.3 Class 3                                                                                                                                                                                       !    "
       5.4 Class 4                                                                                                      !      !                                    !          !                                                                        !       !
       5.5 Class 5
       5.6 Class 6
       5.7 Totals                                        ! " " #           ! ! "                !# #" %            $        % " $       "" $           #                $% #            !"            "## "%"                     %                         $% # #
                                                                                         ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                         SCHEDULE D - PART 1A - SECTION 1 (continued)
                                                                    Quality and Maturity Distribution of All Bonds Owned December 31, at Book/Adjusted Carrying Values by Major Types of Issues and NAIC Designations
                                                     1                     2                      3                    4                   5                    6                    7                      8                    9                   10                         11
                                                                  Over 1 Year Through Over 5 Years Through       Over 10 Years                                                  Col. 6 as a        Total from Col. 6       % From Col. 7       Total Publicly         Total Privately Placed
     Quality Rating per the NAIC Designation      1 Year or Less        5 Years               10 Years          Through 20 Years    Over 20 Years       Total Current Year    % of Line 10.7          Prior Year            Prior Year            Traded                        (a)
      6. Public Utilities (Unaffiliated), Schedules D & DA (Group 6)
       6.1 Class 1
       6.2 Class 2
       6.3 Class 3
       6.4 Class 4
       6.5 Class 5
       6.6 Class 6
       6.7 Totals
      7. Industrial & Miscellaneous (Unaffiliated), Schedules D & DA (Group 7)
       7.1 Class 1                                      $ !# #              # % $                    #%                 "#                  $! $#                 $ !%%         %"        %                       %# $$%                              "$#       %"$                  !#$ $$%
       7.2 Class 2                                           "! % #              # "%%          % "% # "               "!" "              # !## " "           !         %       %                           ! !       #!                   "        ! %%%       % !                     " !
       7.3 Class 3                                                             "                                       #! # !                                       "           !%                                                                    #!        # !                   "
       7.4 Class 4                                                                                 ! "                                                                !     "                                                                          !        "
       7.5 Class 5
       7.6 Class 6
       7.7 Totals                                       $!       #$         $ ! " # $              %     #             % # #$"           ! "    $ "           %# $ # %                    $ !           $          $ #!                             %$ !         "#              !       %%#
      8. Credit Tenant Loans, Schedules D & DA (Group 8)
       8.1 Class 1
       8.2 Class 2
       8.3 Class 3
       8.4 Class 4
24




       8.5 Class 5
       8.6 Class 6
       8.7 Totals
      9. Parent, Subsidiaries and Affiliates, Schedules D & DA (Group 9)
       9.1 Class 1
       9.2 Class 2
       9.3 Class 3
       9.4 Class 4
       9.5 Class 5
       9.6 Class 6
       9.7 Totals
                                                                                               ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                              SCHEDULE D - PART 1A - SECTION 1 (continued)
                                                                         Quality and Maturity Distribution of All Bonds Owned December 31, at Book/Adjusted Carrying Values by Major Types of Issues and NAIC Designations
                                                          1                     2                      3                    4                   5                    6                    7                      8                                     9                       10                     11
                                                                       Over 1 Year Through Over 5 Years Through       Over 10 Years                                                  Col. 6 as a        Total from Col. 6                        % From Col. 7           Total Publicly     Total Privately Placed
     Quality Rating per the NAIC Designation            1 Year or Less       5 Years               10 Years          Through 20 Years    Over 20 Years       Total Current Year    % of Line 10.7          Prior Year                             Prior Year                Traded                    (a)
        10. Total Bonds Current Year
       10.1 Class 1                                            $" $                       ## !        "               #"                   #% !%! $          # #"! %                 ! $ #!#                      " %                                                                 ! #                  !#$ $$%
       10.2 Class 2                                                 "! % #                   # # #$                % "% # "                 $ " !$          $ %        !                   " #"                     !                                                                 #     #                  " !
       10.3 Class 3                                                                            "                                              #! # !                                   "      !%                                                                                    #! # !                   "
       10.4 Class 4                                                                                                    ! "                    !     !                                  %!! $%                                                                                       %!! $%
                                                                                                                                                                         (c)
       10.5 Class 5
                                                                                                                                                                         (c)
       10.6 Class 6
       10.7 Totals                                                                                                                                                       (b)
                                                                  #$% !"                #      $      $               " ##               !          %#     !!$ %                   # $ !# ! "                                                                                   #       % # %            !      %%#
       10.8 Line 10.7 as a % of Col. 6                                 $                          # %                    %!                                            "                                                                                                                 "" "
        11. Total Bonds Prior Year
       11.1 Class 1                                            "     ! ##               $ !" %"                       #! %%                 " %$ %%              " "                                                               !" " " $#                      " "           !"% $ $                    ! " #
       11.2 Class 2                                                 $ %!$                  ! $$! !                 $ !" $ %                 ! !$" "         %!        %!                                                             $ % " "                       !              % " !                    $     %"
       11.3 Class 3                                                                                                                           !       "                                                                                !       "                                    !       "
       11.4 Class 4
                                                                                                                                                                                                                         (c)
       11.5 Class 5
                                                                                                                                                                                                                         (c)
       11.6 Class 6
       11.7 Totals                                                                                                                                                                                                       (b)
                                                               " %$" !                  $# "%                      #        %#           ! !                 %      "!!                                                            %     %" %#                                  % " " ! !                  #! $
       11.8 Line 11.7 as a % of Col. 8                                 ! "                        ! $                    $                            !             #                                                                                                                    "" "
        12. Total Publicly Traded Bonds
       12.1 Class 1                                            $" !#$ !%                  # ! # !                     #% %#                #% !%! $          # ## "                      ! #                      " !              !"% $ $                        " #                 ! #
       12.2 Class 2                                                 "! % #                   %# !!                 % "% # "                 $ " !$          $$ # $ "$!                   #      #                   ! $              % " !                         !                  #     #
       12.3 Class 3                                                                                                                           #! # !                                   #! # !                                          !       "                                    #! # !
       12.4 Class 4                                                                                                    ! "                    !     !                                  %!! $%                                                                                       %!! $%
       12.5 Class 5
25




       12.6 Class 6
       12.7 Totals                                                   # # $                "" #$ "!                 $ " #                 !          %"     !!% $$% #               #       % # %                  "" "             % " " ! "                      "" "          #       % # %
       12.8 Line 12.7 as a % of Col. 6                                 $                          # !                    %!                                            "
       12.9 Line 12.7 as a % of Line 10.7,
                 Col. 6, Section 10                                    $                          # !                    %!                                            #                    "" "                                                                                         "" "
        13. Total Privately Placed Bonds
       13.1 Class 1                                                  $ % %                   "$ %                      %# $                                       $ #                  !#$ $$%                                         ! " #                                                               !#$ $$%
       13.2 Class 2                                                                          !%# $!                                                            !#                          " !                                         $     %"                                                                " !
       13.3 Class 3                                                                            "                                                                                         "                                                                                                                   "
       13.4 Class 4
       13.5 Class 5
       13.6 Class 6
       13.7 Totals                                                   $ % %                   %      !                  %# $                                    $# ##                 !       %%#                                       #! $                                                              !      %%#
       13.8 Line 13.7 as a % of Col. 6                                 $ $                       %!                      !                                          # !
       13.9 Line 13.7 as a % of Line 10.7,
                 Col. 6, Section 10
     (a) Includes $                  ! "        freely tradable under SEC Rule 144 or qualified for resale under SEC Rule 144A.
     (b) Includes $                             current year, $                                prior year of bonds with Z designations and $                     , current year, $                       prior year of bonds with Z* designations. The letter “Z” means the NAIC designation was not assigned by the
          Securities Valuation Office (SVO) at the date of the statement. “Z*” means the SVO could not evaluate the obligation because valuation procedures for the security class is under regulatory review.
     (c) Includes $                             current year, $                                prior year of bonds with 5* designations and $                    , current year, $                       prior year of bonds with 6* designations. “5*” means the NAIC designation was assigned by the SVO in
     reliance on the insurer’s certification that the issuer is current in all principal and interest payments. “6*” means the NAIC designation was assigned by the SVO due to inadequate certification of principal and interest payments.
                                                                                                 ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                SCHEDULE D - PART 1A - SECTION 2
                                                                                           Maturity Distribution of All Bonds Owned December 31, at Book/Adjusted Carrying Values by Major Type and Subtype of Issues
                                                                                                1                    2                 3                  4                 5                  6                 7                  8                   9                  10                  11
                                                                                                                Over 1 Year       Over 5 Years      Over 10 Years                                         Col. 6 as a %     Total from Col 6       % From Col. 7     Total Publicly      Total Privately
                                 Distribution by Type                                     1 Year or Less      Through 5 Years   Through 10 Years Through 20 Years     Over 20 Years    Total Current Year  of Line 10.7        Prior Year           Prior Year          Traded              Placed
     1. U.S. Governments, Schedules D & DA (Group 1)
      1.1 Issuer Obligations                                                                     $ %% !"         # $$              $       % #         %# # # !!                                  #                   "             $%         %           ! $              #
      1.2 Single Class Mortgage-Backed/Asset-Backed Securities                                       % % #           #$ %                   $" $ "        #" #!%           !$ #      %"        $ " $ %                #                                                  $ " $ %
      1.7 Totals                                                                                       # "       ## !! $ %         $            #$                         !$ #      %"       # ! $# #              # #             $%         %           ! $          # ! $# #
     2. All Other Governments, Schedules D & DA (Group 2)
      2.1 Issuer Obligations
      2.2 Single Class Mortgage-Backed/Asset-Backed Securities
          MULTI-CLASS RESIDENTIAL MORTGAGE-BACKED SECURITIES
      2.3 Defined
      2.4 Other
          MULTI-CLASS COMMERCIAL MORTGAGE-BACKED/ASSET-
          BACKED SECURITIES
      2.5 Defined
      2.6 Other
      2.7 Totals
     3. States, Territories, and Possessions Guaranteed, Schedules D & DA (Group 3)
      3.1 Issuer Obligations                                                                     % !!" $         # % % #               $     # # #     $# $!      !         # % ! $           $        " !!             !       %        ! "$$                 "        $        " !$
      3.2 Single Class Mortgage-Backed/Asset-Backed Securities
          MULTI-CLASS RESIDENTIAL MORTGAGE-BACKED SECURITIES
      3.3 Defined
      3.4 Other
          MULTI-CLASS COMMERCIAL MORTGAGE-BACKED/ASSET-
          BACKED SECURITIES
      3.5 Defined
      3.6 Other
26




      3.7 Totals                                                                                 % !!" $         # % % #               $     # # #     $# $!      !         # % ! $           $        " !!             !       %        ! "$$                 "        $        " !$
     4. Political Subdivisions of States, Territories and Possessions, Guaranteed, Schedules D & DA (Group 4)
      4.1 Issuer Obligations                                                                               $#    "!      # !#          %% #!# %            $"!    $               %! #!           "    $ !!!                               $ %                 # !          "    $ !!!
      4.2 Single Class Mortgage-Backed/Asset-Backed Securities
          MULTI-CLASS RESIDENTIAL MORTGAGE-BACKED SECURITIES
      4.3 Defined
      4.4 Other
          MULTI-CLASS COMMERCIAL MORTGAGE-BACKED/ASSET-
          BACKED SECURITIES
      4.5 Defined
      4.6 Other
      4.7 Totals                                                                                           $#    "!      # !#          %% #!# %            $"!    $               %! #!           "    $ !!!                               $ %                 # !          "    $ !!!
     5. Special Revenue & Special Assessment Obligations etc., Non-Guaranteed, Schedules D & DA (Group 5)
      5.1 Issuer Obligations                                                                     ! " " #         ! ! "             !#       #" %       $    % "            "" $           "           $% # "       !"           "## "%"                    %                    $% # #
      5.2 Single Class Mortgage-Backed/Asset-Backed Securities
          MULTI-CLASS RESIDENTIAL MORTGAGE-BACKED SECURITIES
      5.3 Defined
      5.4 Other
          MULTI-CLASS COMMERCIAL MORTGAGE-BACKED/ASSET-
          BACKED SECURITIES
      5.5 Defined
      5.6 Other
      5.7 Totals                                                                                 ! " " #         ! ! "             !#       #" %       $    % "            "" $           "           $% # "       !"           "## "%"                    %                    $% # #
                                                                                            ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                           SCHEDULE D - PART 1A - SECTION 2 (continued)
                                                                                     Maturity Distribution of All Bonds Owned December 31, at Book/Adjusted Carrying Values by Major Type and Subtype of Issues
                                                                      1                      2                      3                  4                    5                    6                  7                  8               9                10                    11
                                                                                    Over 1 Year Through        Over 5 Years      Over 10 Years                                                 Col. 6 as a    Total from Col. 6   % From Col. 7   Total Publicly        Total Privately
                       Distribution by Type                    1 Year or Less             5 Years           Through 10 Years    Through 20 Years      Over 20 Years      Total Current Year  % of Line 10.7      Prior Year        Prior Year        Traded                Placed
     6. Public Utilities (Unaffiliated), Schedules D & DA (Group 6)
        6.1 Issuer Obligations
        6.2 Single Class Mortgage-Backed/Asset-Based
            Securities
            MULTI-CLASS RESIDENTIAL MORTGAGE-
            BACKED SECURITIES
        6.3 Defined
        6.4 Other
            MULTI-CLASS COMMERCIAL MORTGAGE-
            BACKED/ASSET-BACKED SECURITIES
        6.5 Defined
        6.6 Other
        6.7 Totals
     7. Industrial & Miscellaneous (Unaffiliated), Schedules D & DA (Group 7)
        7.1 Issuer Obligations                                       $      % % %              %# %$"                ##                   % # #$#                 # !#%            $       ! !!         % %           $    $ #!                               $    "               !$     %
        7.2 Single Class Mortgage-Backed/Asset-Based
            Securities                                                    !     #                  ! %                $ " "                                  $ " ! #"                  !     $ #          %                                                " " %$                  !#
            MULTI-CLASS RESIDENTIAL MORTGAGE-
            BACKED SECURITIES
        7.3 Defined
        7.4 Other
            MULTI-CLASS COMMERCIAL MORTGAGE-
27




            BACKED/ASSET-BACKED SECURITIES
        7.5 Defined                                                                          $ #         %                # % #                              ! !## !!                      $% #           %                                                   #    %!              % ! !
        7.6 Other
        7.7 Totals                                                   $!        #%            $ ! " # $                %       #           % # #$#           ! "     $ "           %# $ # %%             $ !           $    $ #!                        %$ !        "           !        %%
     8. Credit Tenant Loans, Schedules D & DA (Group 8)
        8.1 Issuer Obligations
        8.7 Totals
     9. Parents, Subsidiaries and Affiliates, Schedules D & DA (Group 9)
        9.1 Issuer Obligations
        9.2 Single Class Mortgage-Backed/Asset-Based
            Securities
            MULTI-CLASS RESIDENTIAL MORTGAGE-
            BACKED SECURITIES
        9.3 Defined
        9.4 Other
            MULTI-CLASS COMMERCIAL MORTGAGE-
            BACKED/ASSET-BACKED SECURITIES
        9.5 Defined
        9.6 Other
        9.7 Totals
                                                                      ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                      SCHEDULE D - PART 1A - SECTION 2 (continued)
                                                               Maturity Distribution of All Bonds Owned December 31, at Book/Adjusted Carrying Values by Major Type and Subtype of Issues
                                                                                       1                2              3                4                5               6                 7              8              9                              10                   11
                                                                                                   Over 1 Year   Over 5 Years     Over 10 Years                        Total        Col. 6 as a % Total From Col. 6 % From Col. 7                 Total Publicly       Total Privately
                                         Distribution by Type                   1 Year or Less Through 5 Years Through 10 Years Through 20 Years Over 20 Years      Current Year     of Line 10.7    Prior Year      Prior Year                      Traded               Placed
     10. Total Bonds Current Year
      10.1 Issuer Obligations                                                     $    # "$            " $ $                        "%$ "                    "" # " %    #" "$          $           %" "%! "#         " !                               % $# #%"                !$    %
      10.2 Single Class Mortgage-Backed/Asset-Backed Securities                       !"$ #             % !## !#"                 ! # %%#                       #" #!%   % #            #$           % ## %             !                                ! " "                  !#
            MULTI-CLASS RESIDENTIAL MORTGAGE-BACKED SECURITIES
      10.3 Defined
      10.4 Other
            MULTI-CLASS COMMERCIAL MORTGAGE-BACKED/ASSET-BACKED SECURITIES
      10.5 Defined                                                                                         $ #                %            # % #                          ! !## !!                        $% #            %                                #      %!            % ! !
      10.6 Other
      10.7 Totals                                                                     #$% !#       #             $      $             "         ##       !          %#   !!$ %                  # $ !# ! "                                          #          % # !        !        %%
      10.8 Line 10.7 as a % of Col. 6                                                     $                           # %                      %!                                           "                                                                   "" "
     11. Total Bonds Prior Year
      11.1 Issuer Obligations                                                     " %$"        %   $# "%                          #                 %#   ! !              %            "!                                     %    %" %#            % " " !        "            #!    $
      11.2 Single Class Mortgage-Backed/Asset-Backed Securities
            MULTI-CLASS RESIDENTIAL MORTGAGE-BACKED SECURITIES
      11.3 Defined
      11.4 Other
            MULTI-CLASS COMMERCIAL MORTGAGE-BACKED/ASSET-BACKED SECURITIES
      11.5 Defined
      11.6 Other
      11.7 Totals                                                                 " %$"     %      $# "%                          #                 %#   ! !              %            "!                                     %    %" %#            % " " !        "            #!    $
      11.8 Line 11.7 as a % of Col. 8                                                     ! "                         ! $                      $                     !                 #                                                                        "" "
     12. Total Publicly Traded Bonds
      12.1 Issuer Obligations                                                     $       $!           "      %" $                  #" !%                    "" # " %    #" % $!                    % $# #%"          "       % " " ! !    "" "         % $# #%"
28




      12.2 Single Class Mortgage-Backed/Asset-Backed Securities                       !"$ #                % !## !#"              ! # %%#                       #" #!%   % % " %                     ! " "                !                              ! " "
            MULTI-CLASS RESIDENTIAL MORTGAGE-BACKED SECURITIES
      12.3 Defined
      12.4 Other
            MULTI-CLASS COMMERCIAL MORTGAGE-BACKED/ASSET-BACKED SECURITIES
      12.5 Defined                                                                                         % # !                           # % #                          ! !## !!                        #      %!       %                                #      %!
      12.6 Other
      12.7 Totals                                                                       # # $          "" #$ "!                   $ " #                  !          %#   !!% $$% #              #             % # !   "" "    % " " ! !    "" "     #          % # !
      12.8 Line 12.7 as a % of Col. 6                                                     $                  # !                               %!                                           "
      12.9 Line 12.7 as a % of Line 10.7, Col. 6, Section 10                              $                  # !                               %!                                           #                  "" "                                             "" "
     13. Total Privately Placed Bonds
      13.1 Issuer Obligations                                                           $ % %                "        ""!                 %#         $                             $        #            !$      %                #!   $                                        !$    %
      13.2 Single Class Mortgage-Backed/Asset-Backed Securities                                                                                                               !#                         !#                                                                     !#
            MULTI-CLASS RESIDENTIAL MORTGAGE-BACKED SECURITIES
      13.3 Defined
      13.4 Other
            MULTI-CLASS COMMERCIAL MORTGAGE-BACKED/ASSET-BACKED SECURITIES
      13.5 Defined                                                                                           % ! !                                                                                       % ! !                                                                  % ! !
      13.6 Other
      13.7 Totals                                                                       $ % %                %            !               %#         $                        $#        ##           !          %%                #!   $                                    !        %%
      13.8 Line 13.7 as a % of Col. 6                                                     $ $                        %!                        !                                       # !
      13.9 Line 13.7 as a % of Line 10.7, Col. 6, Section 10
                                                                                                 ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.



                                                                                   SCHEDULE DA - PART 2 - VERIFICATION BETWEEN YEARS
                                                                                                                         Short-Term Investments
                                                                                                                                                   1                                    2                                      3                   4                         5

                                                                                                                                                                                                                                            Other Short-term      Investments in Parent,
                                                                                                                                                  Total                                Bonds                             Mortgage Loans   Investment Assets(a)   Subsidiaries and Affiliates

         1. Book/adjusted carrying value, prior year                                                                                                      "           # $ !                 "           # $ !

         2. Cost of short-term investments acquired                                                                                                 $ $                   !              $ $                !

         3. Increase (decrease) by adjustment                                                                                                                 +                   #,            +                   #,

         4. Increase (decrease) by foreign exchange adjustment

         5. Total profit (loss) on disposal of short-term investments                                                                                         !""                               !""

         6. Consideration received on disposal of short-term investments                                                                            % ! % ! "                            % ! % ! "

         7. Book/adjusted carrying value, current year                                                                                                            #           "$                    #           "$

         8. Total valuation allowance
29




         9. Subtotal (Lines 7 plus 8)                                                                                                                             #           "$                    #           "$

        10. Total nonadmitted amounts

        11. Statement value (Lines 9 minus 10)                                                                                                                    #           "$                    #           "$

        12. Income collected during year                                                                                                                  ! !%                #             ! !%                #

        13. Income earned during year                                                                                                                     !           %                     !           %

     (a) Indicate the category of such assets, for example, joint ventures, transportation equipment:
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




                Schedule DB - Part A - VBY

                        NONE
                Schedule DB - Part B - VBY

                        NONE
                Schedule DB - Part C - VBY

                        NONE
                Schedule DB - Part D - VBY

                        NONE
                Schedule DB - Part E - VBY

                        NONE
              Schedule DB - Part F - Section 1

                        NONE
              Schedule DB - Part F - Section 2

                        NONE




                         30, 31, 32, 33
                                                                             ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                        SCHEDULE F - PART 1
                                                                                                  Assumed Reinsurance as of December 31, Current Year (000 Omitted)
        1             2                        3                   4              5                          Reinsurance On                           9               10             11                  12                 13                14               15
                                                                                                    6               7                                                                                                                   Amount of Assets
                                                                                                                                    8                                                                                                     Pledged or     Amount of Assets
                                                                                                                                                                                                   Funds Held By or                      Compensating      Pledged or
     Federal         NAIC                                                                     Paid Losses and                                     Contingent       Assumed                          Deposited With                        Balances to       Collateral
       ID           Company                                   Domiciliary      Assumed        Loss Adjustment    Known Case                      Commissions      Premiums         Unearned           Reinsured       Letters of Credit  Secure Letters      Held in
     Number          Code                Name of Reinsured    Jurisdiction     Premium           Expenses       Losses and LAE   Cols. 6 +7        Payable        Receivable       Premium           Companies             Posted          of Credit          Trust
                              2    E    & . . 7'     ' 1. '                              "%                                                                                    "              #%
     $""""#   0 4     9 2 9' EE 7'        0    ' - # I
     $"""""   0 6     0 4    9 2 9' EE      ) 7'                                         "%                                                                                    "              #%
      """"#   0        ') 1       ' 0     ' - # I
      """"#   0        ') 1       ' 0     ' - # I
     """""#   0 4       '09 2 7'      0    ' - # I
34




     9999999 Totals                                                                      "%                                                                                    "              #%
                    ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                       SCHEDULE F - PART 2
                              Premium Portfolio Reinsurance Effected or (Canceled) during Current Year
   1         2                                3                                             4                   5               6
Federal    NAIC
  ID      Company                                                                                                           Reinsurance
Number     Code                       Name of Company                                Date of Contract    Original Premium    Premium




                                            NONE




                                                                35
                                                                                                  ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                   SCHEDULE F - PART 3
                                                                                                                       Ceded Reinsurance as of December 31, Current Year (000 Omitted)
          1               2                                    3                             4              5          6                                               Reinsurance Recoverable On                                                  Reinsurance Payable             18           19
                                                                                                       Reinsurance                7            8          9           10           11          12             13           14           15           16          17
                                                                                                        Contracts                                                                                                                                                             Net Amount
                                                                                                       Ceding 75%                                                                                                                                                             Recoverable Funds Held
                                                                                                        or More of                                                                                                                                                   Other        From      By Company
       Federal         NAIC                                                                               Direct   Reinsurance                           Known Case Known Case                                          Contingent     Cols.        Ceded           Amounts    Reinsurers      Under
          ID          Company                                                           Domiciliary     Premiums    Premiums         Paid         Paid      Loss       LAE     IBNR Loss       IBNR LAE    Unearned      Commis-     7 thru 14     Balances          Due to    Cols. 15 - Reinsurance
       Number          Code                             Name of Reinsurer               Jurisdiction     Written     Ceded          Losses        LAE     Reserves   Reserves   Reserves        Reserves   Premiums       sions       Totals       Payable         Reinsurers   [16 + 17]     Treaties
     "!0 "$             !!"%%        ) ' & . . 7'              ' 7'                          1B                          %                %%                                        " %##                       " !                        # "!"           "                         # %
      !0     #           $" "     -&1- E 6 *                                                 6                          % $ $            ! #                                                                    $ %                        %            ! #                               "
      !0 !%                          ) ' 7'        ' 7'                                       1                          % $#             %%                                         ! !!                       " !                        ! #!            "                           ""
     ! 0!""                #$     1/ '        -             '                                78                              "            %"                                          %$"                                                      %                                       $"#
         """"" 0   1      C ) 0 1EE            0 9 2       '0                                                           $% #              $$                                        " !%                      %!                          %             %                           %! $$
        !""""" 0   1      C ) 0 1EE            0 4        + '09 2 ,
        %""""" 0   6     0 1        C ) 0 1EE                                                                           $% #                 $$                                     " !%                      %!                         %              %                          %! $$
     $ 0 %% !!          ! #       1 =        '          7'                                   &;                                                                                                                                                             +% ,                       %
     "%0 #                 $       &7 & . . 7'             ' - / '                           -1                                              !                                             !                                                 "!                                        "!
        $""""# 0   4     9 2 9' EE 7'                +9') J              ,
        $""""" 0   1      C ) 0 4       9 2 9' EE             ) 7'                                                                           !                                             !                                                 "!             +% ,                         !%
        #""""# 0   1      C ) 0 4          '09 2 7'              +9') J        ,
        """""" 0   6     0 1        C )                                                                                 $% ###               #                                      " %                       %!                         % #$$          %    $                     %! "
         """"" 0   9'        C ) 0 1EE            0 9 2 7'           / '      '.
      !0 ! !                         ) '      '       '                                      :6                              $#              $                                                                     !                         $                                         #
         """"" 0   9'        C ) 0 1EE            0 9 2       '0                                                             $#              $                                                                     !                         $                                         #
        !""""" 0   6     0 9'         C ) 0 1EE                                                                              $#              $                                                                     !                         $                                         #
     ! 0% $$%                     11&>=      '      ' 7'                                     :6                          %     "                                                                                                                            !!                       +! $,
     $ 0 "! %                     1     / 7'       ' -                                                                       "%                                                                                    $                          $             !!"                      +! %,
     $"0!$! %!                    >>?6 -      (        '     '                               :6                               "                                                                                                                               %                       + ,
      !0 !% #%                    > '3 E 1/                                                  :6                          !    !                                                                                                                              $"                    + %",
36




      !0 # #$!                    -         E : / ' 7'                                       :6                          !   #%!                                                                                   !                          !             " #                      +# $,
     $#0 !%!!$                    -     3        '      ' -                                  :6                              %%"                                                                                                                            % !                      +% ,
      !0 !$ !$                    -      - '        7'      ' - / '                          :6                          "    %                                                                                    $                         $               $"                    +    ",
      !0 !$"!#!                   < E 6 ) & . . 7'                      ' - /                :6                          %   !                                                                                                                                                       +$"%,
     !#0 !%"#%                    < .        - )        7'                                   &7                              #                                                                                                                               "                        + ,
      !0 !$$ "                    <6 & . .            '     ' - / '                          2-                              $ %                                                                                                                            %                        +%%",
      !0 ! %#$                    @&-     '      ' - / '                                     :6                               $!                                                                                   !                          !                                      + "",
       0 $ ! !                    @2>-      '      '                                         @7                                                                                                                                                                                       + ,
      !0 !$"$ $                   7 D '      '      ' -                '                     :6                              %                                                                                                                               %                        +% ,
     % 0 ! !                      8 < ' '                                                    2-                                                                                        %"                          %                          !              $                         "#
     $ 0 $# #                     &=     '      '                                            :6                              !                                                         $#                                                    $#                                        %
      !0 ! !"                     &?6 -      (        '     '                                :6                             %                                                                                                                                $"                       +$",
       0 "                              ' -                                                  @7                          % !%#                                                                                                                              !!                       + ,
      %0!! % "                           2      =      '        ' - /                        :6                          ! !                                                                                       !%                        !%                                    + ! ,
       0! ## #$                   &@8     '      '      8 )                                  :6                             %                                                                                                                                                         + ,
      %0!! $$%                    42     '      '                                            @7                            ! %                                                                                     !                          !             !$                       +!%",
      !0 ! ! !                        '       & . .            '      '                      :6                            % !                                                                                                                               #                        + ,
      #0 %    "                       ( ) '                  7' ' 5* '.                      :6                                                                                                                                                             !!"                      +!!#,
      !0 !$ " "                   >           '       '                                      :6                         $     %                                                                                ! %                        ! %               !$                     + " ",
     ""0 !% $ %                   A& & . .            '     ' - / ' 7'                       @7                              !%                                                      ! "%                        "$                       % $                !                      ! $ "
        %""""# 0   9'        C ) 0 4       9 2 9' EE             ) 7'      +9') J   ,
        %""""" 0   9'        C ) 0 4       9 2 9' EE             ) 7'                                                        "                                                       ! %                       % #!!                      # !%              %"                     +#     !,
     "#0 ! $ #                    - ? 6      '      ' - / ' 8 )                              6-                                                                                                                                                               $                          +$,
     $ 0 "# %                     5). D            '     '                                   6-                              !!                                                                                                                              #"                         +##,
     %#0     !                    - K '      '      ' 86;                                    6-                              !$!                                                                                                                             ##                         +##,
     "#0 % %                      -       - 3          '     '                               6-                                #                                                                                                                              $                          +$,
     !%0 ## #                     -          ( &        . .        '                         6-                              !"!                                                                                   #                          #
     $ 0 ! %!                     - 7     '      '                                           6-                              $ "                                                                                                                            %$!                         +%% ,
     "#0 #                        <      & '                                                 >;                               %"                                                                                                                              %
     "#0 ""%%$                    @6 7'( / '            '      '      86;                    6-                                "                                                                                                                                                         + ,
     "#0 ""#                      70         '      ' 86;                                    6-                                #                                                                                                                            !$                          +!$,
     $ 0 "                        &17     '      '      8 )                                  6-                                "                                                                                                                            $#                          +$ ,
     $ 0 %$ #                     &7     3      '      ' -            8 )                    6-                                $                                                                                                                            !!                          +!!,
     $ 0 "                        &5-6                                                       6-                                #             $                                             !                                                  #
     $ 0 $ !!$                    &      '      '      ' 86;                                 6-                               "$                                                                                                                                                        + ,
                                                                                                    ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                       SCHEDULE F - PART 3
                                                                                                                             Ceded Reinsurance as of December 31, Current Year (000 Omitted)
             1               2                                3                                4              5              6                                               Reinsurance Recoverable On                                                Reinsurance Payable            18          19
                                                                                                         Reinsurance                    7            8          9           10           11          12            13          14           15           16          17
                                                                                                          Contracts                                                                                                                                                              Net Amount
                                                                                                         Ceding 75%                                                                                                                                                              Recoverable Funds Held
                                                                                                          or More of                                                                                                                                                    Other        From      By Company
         Federal            NAIC                                                                            Direct   Reinsurance                                 Known Case Known Case                                      Contingent     Cols.        Ceded          Amounts    Reinsurers      Under
            ID             Company                                                        Domiciliary     Premiums    Premiums           Paid          Paid         Loss       LAE     IBNR Loss    IBNR LAE    Unearned     Commis-     7 thru 14     Balances         Due to    Cols. 15 - Reinsurance
         Number             Code                        Name of Reinsurer                 Jurisdiction     Written     Ceded            Losses         LAE        Reserves   Reserves   Reserves     Reserves   Premiums      sions       Totals       Payable        Reinsurers   [16 + 17]     Treaties
       # 0 $# %"                          &       3    '    '                                  6-                             $$                                                                                                                                  "                        +",
                                     < > 1       ' 86;                                                                        !!                 !%                                                                                              !                                           %
       $ 0 % #"                      = ) '       '    '                                        6-                             $!                 + ,                                          !                         #                         !%                                       !
       $ 0 % ##                      2     )      '    '                                       6-                             $%                                                              %#                                                   $              !
       "#0 ! %!%                     2&-     '     ' 86;                                       6-                                                                                                                                                                                         + ,
                                     2/     @ /      '    '                                    >;                                "                                                          " #!!                                             " #!!                                    " #!!
       $ 0   $!"                     9' ' @ /       ' 1     ' 8 )                              >;                                 #%                                                                                                                          %                          +% ,
          """"# 0     9'        C ) 0 4         '09 2 7'      +9') J        ,
          """"" 0     9'        C ) 0 4         '09 2 7'                                                                      $ %                %%                                           !%!                                               $$%          " !                       " $#
         #""""" 0     6      0 9'        C )                                                                                 ! #                 %"                                         ! # $                   $ !                       # "%$          $%                          !"#
         """""" 0     6      0 1       C ) ') 9'         C )                                                                 "   #                                                             #$                  %# "#                        #                                     %$ ##
          """"" 0     6      0          ) -
36.1




        9999999 Totals                                                                                                       "    #                                                           #$                   %# "#                         #                                    %$ ##

       NOTE:          Report the five largest provisional commission rates included in the cedant’s reinsurance treaties. The commission rate to be reported is by
                 A.   contract with ceded premium in excess of $50,000:
                                                                    1                                                           2                      3
                                                            Name of Reinsurer                                           Commission Rate        Ceded Premium
                 1.   A& & . .        '    ' - / ' 7'                                                                                                           !%
                 2.   -     - '      7'    ' - / '                                                                                                           " %
                 3.   11&>=    '     ' 7'                                                                                                                    % "
                 4.             =     '      '    ' - / '                                                                           $                        ! !
                 5    >         '     '                                                                                             $                       $    %
                      Report the five largest reinsurance recoverables reported in Column 15, due from any one reinsurer (based on the total recoverables, Line 9999999, Column 15), the
                 B.   amount of ceded premium, and indicate whether the recoverables are due from an affiliated insurer.
                                                                    1                                                         2                      3                        4
                                                            Name of Reinsurer                                       Total Recoverables        Ceded Premiums             Affiliated
                 1.   - // 'D       & . 1         ' -    E 6                                                                            "                  % $ $
                 2.     ) ' 7'      ' 7'                                                                                              ""                    % $#
                 3.     ) ' & . . 7'         ' 7'                                                                                   # %                     %
                 4.   1/ '      '     ' -           '                                                                                 $"#                       "
                 5    2/    @ /      '    '                                                                                         " #!!                     "
                                                                                  ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                         SCHEDULE F - PART 4
                                                                                             Aging of Ceded Reinsurance as of December 31, Current Year (000 Omitted)
          1           2                                3                     4                                      Reinsurance Recoverable on Paid Losses and Paid Loss Adjustment Expenses                                             12                13
                                                                                           5                                                        Overdue                                                       11

                                                                                                               6                   7                   8                    9                   10
                                                                                                                                                                                                                                                     Percentage more
        Federal     NAIC                                                                                                                                                                                                            Percentage        Than 120 Days
          ID       Company                                              Domiciliary                                                                                                      Total Overdue         Total Due              Overdue        Overdue Col. 9 /
       Number       Code                         Name of Reinsurer      Jurisdiction     Current          1 to 29 Days        30 - 90 Days        91 - 120 Days       Over 120 Days     Cols. 6 + 7 + 8 + 9   Cols. 5 + 10         Col. 10/Col. 11       Col. 11
         """"" 01      C ) 0 1EE          0 9 2 7'       / '     '.
     "!0 "$          !!"%%       ) ' & . . 7'          ' 7'                  1B                     %%                                                                                                                        %%
      !0     #        $" "     -&1- E 6 *                                    6                     ! #                                                                                                                       ! #
      !0 !%                      ) ' 7'       ' 7'                            1                     %%                                                                                                                        %%
     ! 0!""             #$     1/ '       -          '                       78                     %"                                                                                                                        %"
         """"" 01      C ) 0 1EE          0 9 2     '0                                              $$                                                                                                                        $$
        !""""" 01      C ) 0 1EE          0 4      + '09 2 ,
        %""""" 06     0 1       C ) 0 1EE                                                          $$                                                                                                                        $$
     "%0 #              $       &7 & . . 7'         ' - / '                  -1                     !                                                                                                                         !
        $""""" 01      C ) 0 4      9 2 9' EE         ) 7'                                          !                                                                                                                         !
         """"" 01      C ) 0        0 & ')
         """"" 01      C ) 0        0 : '
        #""""" 01      C ) 0 4         '09 2 7'
        """""" 06     0 1       C )                                                                 #                                                                                                                         #
         """"" 09'       C ) 0 1EE          0 9 2 7'       / '     '.
      !0 ! !                     ) '      '     '                            :6                     $                                                                                                                         $
         """"" 09'       C ) 0 1EE          0 9 2     '0                                            $                                                                                                                         $
         """"" 09'       C ) 0 1EE          0 4      + '09 2 ,
        !""""" 06     0 9'        C ) 0 1EE                                                         $                                                                                                                         $
     $ 0 "                     &5-6                                          6-                     $                                                                                                                         $
37




     $ 0 % #"                  = ) '      '     '                            6-                    + ,                                                                                                                       + ,
     $ 0 % ##                  2     )     '     '                           6-
                               < > 1      ' 86;                                                    !%                                                                                                                        !%
       %""""" 0 9'       C ) 0 4       9 2 9' EE        ) 7'                                       %%                                                                                                                        %%
       $""""" 0 9'       C ) 0         0 & ')
        """"" 0 9'       C ) 0         0 : '
        """"" 0 9'       C ) 0 4         '09 2 7'
       #""""" 0 6     0 9'        C )                                                              %"                                                                                                                        %"
       """""" 0 6     0 1       C ) ') 9'          C )
        """"" 0 6     0          ) -
      9999999 Totals
                                                                                            ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                            SCHEDULE F - PART 5
                                                                                                             Provision for Unauthorized Reinsurance as of December 31, Current Year (000 Omitted)
          1            2                             3                                 4                5               6             7             8            9              10             11                     12             13            14          15              16              17
                                                                                                                                                                                                                                                                                         Total Provision
                                                                                                                                                                                                                                 Recoverable                                                   for
                                                                                                   Reinsurance                                                                                                                   Paid Losses                             Smaller of Col. Unauthorized
                                                                                                   Recoverable      Funds Held                                                                                                      & LAE                                 11 or 20% of Reinsurance
                                                                                                    all Items       By Company                                                                    Sum of Cols.                    Expenses                                 Amount in       Smaller of
        Federal      NAIC                                                                          Schedule F          Under                        Ceded                             Other       6 thru 10 but    Subtotal      Over 90 Days    20% of     Smaller of       Dispute        Col.5 or
           ID       Company                                                          Domiciliary     Part 3,        Reinsurance   Letters of       Balances        Miscellaneous     Allowed      not in excess   Col. 5 minus   Past Due not   Amount in   Col. 11 or     Included in        Cols.
       Number        Code                       Name of Reinsurer                   Jurisdiction     Col. 15          Treaties     Credit          Payable           Balances      Offset Items     of Col. 5       Col. 11       in Dispute     Col. 13     Col. 14          Col. 5      12 +15 + 16
      !0 ! !                     ) '      '    '                                         :6                   $                                                                                               $
         """"" 0 1EE       0 9 2     '0                                                                       $                                                                                               $
        %""""" 0 6    0 1EE                                                                                   $                                                                                               $
     ! 0% $$%                 11&>=      '    ' 7'                                       :6                                                   !           !!
     $ 0 "! %                 1     / 7'     ' -                                                               $                               $          !!"                                                 $
     $"0!$! %!                >>?6 -      (      '    '                                  :6                                                  %$             %
      !0 !% #%                > '3 E 1/                                                  :6                                                  #$            $"
      !0 # #$!                -         E : / ' 7'                                       :6                    !                        !                 " #                                                 !
     $#0 !%!!$                -     3       '     ' -                                    :6                                               #"              % !
      !0 !$ !$                -      - '      7'     ' - / '                             :6                   $                         ! #%               $"                                                $
      !0 !$"!#!               < E 6 ) & . . 7'               ' - /                       :6                                              % !
     !#0 !%"#%                < .        - )      7'                                     &7                                              # %               "
      !0 !$$ "                <6 & . .         '     ' - / '                             2-                                              # !#             %
      !0 ! %#$                @&-     '     ' - / '                                      :6                    !                          " %                                                                 !
       0 $ ! !                @2>-      '    '                                           @7                                                 !
      !0 !$"$ $               7 D '      '    ' -           '                            :6                                                "                  %
     % 0 ! !                  8 < ' '                                                    2-                    !                          ! #                 $                                               !
     $ 0 $# #                 &=     '     '                                             :6                   $#                                                                                             $#
      !0 ! !"                 &?6 -      (     '     '                                   :6                                                  "             $"
       0 "                          ' -                                                  @7                                              % !              !!
      %0!! % "                       2     =     '      ' - /                            :6                   !%                        $" $$                                                                !%
38




       0! ## #$               &@8     '     '     8 )                                    :6                                                  #
      %0!! $$%                42     '     '                                             @7                    !                         % #              !$                                                  !
      !0 ! ! !                    '       & . .        '   '                             :6                                              !                 #
      #0 %     "                  ( ) '               7' ' 5* '.                         :6                                              ! !%             !!"
      !0 !$ " "               >           '    '                                         :6                 ! %                            ! #            !%"                                             ! %
     ""0 !% $ %               A& & . .         '     ' - / 7'                            @7                 % $                         % !"               !!                                             % $
        $""""" 0 4    9 2 9' EE        ) 7'                                                                 # !%                       %$# #              %"                                              # !%
     "#0 ! $ #                - ? 6      '    ' - / ' 8 )                                6-                                                 "               $
     $ 0 "# %                 5). D          '     '                                     6-                                                #$!             #"
     %#0      !               - K '      '    ' 86;                                      6-                                                # !             ##
     "#0 % %                  -       - 3        '    '                                  6-                                                  !              $
     !%0 ## #                 -          ( &      . .    '    '                          6-                    #                           ##"                                                                #
     $ 0 ! %!                 - 7     '     '                                            6-                                              !                %$!
     "#0 #                    <      & '                                                 >;                                                                 %
     "#0 ""%%$                @6 7'( / '          '    '   86;                           6-                                                  %"
     "#0 ""#                  70         '    ' 86;                                      6-                                                  "                !$
     $ 0 "                    &17     '     '     8 )                                    6-                                                   #               $"
     $ 0 %$ #                 &7     3     '     ' -          ' 8 )                      6-                                                  #"               !!
     $ 0 "                    &5-6                                                       6-                    #                              $                                                               #
     $ 0 $ !!$                &      '     '     ' 86;                                   6-                                                    $
     # 0 $# %"                       &     3     '    '                                  6-                                                                   "
                              < > 1       ' 86;                                          -7                  !                            #!$                                                               !
     $ 0 % #"                 = ) '       '    '                                         6-                   !%                          !"                                                                 !%
     $ 0 % ##                 2     )      '     '                                       6-                                                 #                 !
     "#0 ! %!%                2&-     '     ' 86;                                        6-                                                !
                              2/     @ /      '     '                                    >;                 " #!!                         %%                                                              " #!!
     $ 0     $!"              9' ' @ /       ' 1      ' 8 )                              >;                                                $               %
        #""""" 0 4      '09 2 7'                                                                              $$$                        % "#             " %                                               $$$
        """""" 0 6    0 1EE          ') 4                                                                   # "%                        #$ $              $%                                              # "%
         """"" 0 6    0         ) -
       9999999 Totals                                                                                       # "%                        #$     $          $%                                              # "%
         1. Amounts in dispute totaling $                           are included in Column 5.
         2. Amounts in dispute totaling $                           are excluded from Column 13.
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




                     Schedule F - Part 6

                        NONE
                     Schedule F - Part 7

                        NONE




                            39, 40
                                 ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                                                                SCHEDULE F - PART 8
                                                       Restatement of Balance Sheet to Identify Net Credit for Reinsurance
                                                                                                                      1                             2                            3
                                                                                                                As Reported                    Restatement                   Restated
                                                                                                               (Net of Ceded)                  Adjustments               (Gross of Ceded)

         ASSETS (Page 2, Col. 3)



     1. Cash and invested assets (Line 10)                                                                          ! " " "!           "#                                   ! " " "!            "#


     2. Premiums and considerations (Line 13)                                                                           #     ##           #                                     #        ##     #


     3. Reinsurance recoverable on loss and loss adjustment expense payments (Line 14.1)                                               #                 +         # ,


     4   Funds held by or deposited with reinsured companies (Line 14.2)



     5. Other assets                                                                                                    %!     !           $                                     %!        !     $


     6. Net amount recoverable from reinsurers                                                                                                   + $          # $$!,            + $        # $$!,


     7. Protected cell assets (Line 25)



     8. Totals (Line 26)                                                                                            %              $             + #         "$ !",         ! ##$ " $ # #


         LIABILITIES (Page 3)



     9. Losses and loss adjustment expenses (Lines 1 through 3)                                                              " % $               +           #$      ,                    #"


    10. Taxes, expenses, and other obligations (Lines 4 through 8)                                                      #     # $                                                #        # $


    11. Unearned premiums (Line 9)                                                                                      !     ! !!$                  +%# " #"$,                  ## %!# %%


    12. Advance Premiums (Line 10)



    13. Dividends declared and unpaid (Line 11.1 and 11.2)



    14. Ceded reinsurance premiums payable (net of ceded commissions) (Line 12)                                                    %#%               +            %#%,


    15. Funds held by company under reinsurance treaties (Line 13)



    16. Amounts withheld or retained by company for account of others (Line 14)                                                %           $                                               %     $


    17. Provision for reinsurance (Line 16)



    18. Other liabilities                                                                                               ! % # %$                                                ! % # %$


    19. Total liabilities excluding protected cell business (Line 24)                                               ! ##! !                      + #         "$ !",         !         $        !#!


    20. Protected cell liabilities (Line 25)



    21. Surplus as regards policyholders (Line 35)                                                                      #% !"" %"!                XXX                            #% !"" %"!


    22. Totals (Line 36)                                                                                            %              $ $           + #         "$ !",         ! ##$ " $ #
NOTE: Is the restatement of this exhibit the result of grossing up balances ceded to affiliates under 100 percent reinsurance or pooling arrangements?

If yes, give full explanation:




                                                                                        41
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




                     Schedule H - Part 1

                        NONE
                     Schedule H - Part 2

                        NONE
                     Schedule H - Part 3

                        NONE
                     Schedule H - Part 4

                        NONE
                     Schedule H - Part 5

                        NONE




                           42, 43, 44
                                       ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

               SCHEDULE P - ANALYSIS OF LOSSES AND LOSS EXPENSES
                         SCHEDULE P - PART 1 - SUMMARY
                                                                                                                                         ($000 Omitted)
                                  Premiums Earned                                                                                                  Loss and Loss Expense Payments                                                                       12
  Years in              1                2                             3                                                                      Defense and Cost       Adjusting and Other                           10          11
   Which                                                                                        Loss Payments                               Containment Payments          Payments                                                                   Number of
 Premiums                                                                                       4          5                                    6           7          8            9                          Salvage     Total Net                  Claims
Were Earned                                                                                                                                                                                                      and      Paid (Cols.                Reported -
 and Losses       Direct and                                        Net                Direct and                                          Direct and                    Direct and                           Subrogation 4 - 5 + 6 -                Direct and
Were Incurred     Assumed                   Ceded               (Cols. 1 - 2)          Assumed                         Ceded               Assumed            Ceded      Assumed                     Ceded     Received    7 + 8 - 9)                Assumed
    1. Prior         XXX                    XXX                        XXX                               "                                                                                                                                              XXX
    2. 1998         !        #               % !                           % $                     $         %                 " $ %                                                 #                                                                  XXX
    3. 1999         !$ $                     %$ #%                 ! $ %                                                       $ "#                                              "!#                                                    %$              XXX
    4. 2000         %            ##          $ #$!                 !         #!$               #" "%                           $ #$!                                                 $                                         #        %%              XXX
    5. 2001         $%$ "!!                      # $ %             %         % #                         $#                    ! % "                                                     %                                     " %$!                    XXX
    6. 2002             # ! %                #         "                         #%                          $                 $ "                                                   #                                         $! "$                    XXX
    7. 2003             !"        #                                    !         $#            "! # $                      ! ! "                                                     ##                                            ! !%                 XXX
    8. 2004             #                        $         "           # $ !                   " "                         $ $$$                                                 #                                             %" %#                    XXX
    9. 2005             " " "                          !                   $ !                 ## "%"                      %         "                                                   #                                     %% $!$                   XXX
   10. 2006         # ! !                            ##!                         %#            $ !                         !         %                                         ! # #                                                "!#                 XXX
   11. 2007         # ! ! %                      " %                   #! "                    $! ##                             "                                               " $                                           %        "               XXX
   12. Totals        XXX                    XXX                        XXX                     " % $!                      !! !                                                  #$$                                           " #                      XXX




                                                                                                                                                                                Adjusting and Other                     23          24                   25
                               Losses Unpaid                                                                         Defense and Cost Containment Unpaid                              Unpaid
                      Case Basis           Bulk + IBNR                                                                Case Basis            Bulk + IBNR                           21          22                                Total  Number of
                     13        14        15          16                                                              17         18         19         20                                                           Salvage       Net    Claims
                                                                                                                                                                                                                      and      Losses  Outstand-
                                                                                                                                                                                                                   Subrog-       and      ing -
                 Direct and                                    Direct and                                 Direct and                                Direct and                 Direct and                            ation    Expenses Direct and
                 Assumed                   Ceded               Assumed                Ceded               Assumed                        Ceded      Assumed           Ceded    Assumed                   Ceded    Anticipated Unpaid   Assumed
    1.                        !                                            !$                                                                                                                                                                    $      XXX
    2.                                                                      #                                                                                                                                                                    #      XXX
    3.                        %                                                                                                                                                                                                              $          XXX
    4.                                                                 % $                         !%                                                                                                !                                   ! !            XXX
    5.                        !                                                                    !#                                                                                                                                            "      XXX
    6.                       %%                                    % $                             $                                                                                             !                                  % % #               XXX
    7.                       "$!                                   " !                         !                                                                                                     %                                   #%             XXX
    8.                       !$                                    ! !"#                       ##                                                                                                #"                                 ! $$                XXX
    9.                  " #                                       % !                          $!%                                                                                           %$                                    $$                   XXX
   10.              $!            $                               %!                       % "!                                                                                              $                                     #! #%                XXX
   11.                  #         %                             #%" %!%                #" %$                                                                                                 #$                                 #!$ "                   XXX
   12. Totals       !$ $%#                                         # $"                            #$                                                                                    "                                               " $            XXX




                                  Total                                                                 Loss and Loss Expense Percentage                                                                          34       Net Balance Sheet Reserves
                    Losses and Loss Expenses Incurred                                                      (Incurred/Premiums Earned)                                   Nontabular Discount                     Inter-            After Discount
                      26           27           28                                                        29            30          31                                   32            33                     Company           35             36
                                                                                                                                                                                                               Pooling                        Loss
                  Direct and                                                                       Direct and                                                                                 Loss           Participation    Losses        Expenses
                  Assumed                    Ceded                          Net                    Assumed                       Ceded                  Net             Loss                 Expense         Percentage       Unpaid         Unpaid
    1.                  XXX                      XXX                        XXX                          XXX                             XXX            XXX                                                      XXX                         $
    2.                            !$!                 " $ %                                "                         % #                                      $                                                                              #
    3.                                "%              $ "#                            %"                                                                          #                                                                      %#
    4.                      " % $                     $ ##                      # $ #                                  "                                      ! !                                                                    !                                !
    5.                       $ !#                     ! $                       "      !                         !                             "          %                                                                                  "
    6.                      #! #!"                                              $                                % !                       !              % %                                                                      % %%                           !
    7.                  !                            !%                               %#                         % %                       !%             %                                                                              #                            %
    8.                  ! $ %                        $! %!                                 !                     % %                       $              !" "                                                                       #                            #"
    9.                  !%# !                        %#                         ""                               %%                        !#             %$                                                                   $%            %                %$
   10.                  %$# $#                       $ %!                   %                                    $$                        !                                                                                   #                              $
   11.                  " " %"                       "$ "%                  ##!                                      ! $                   $! $               "                                                               # " $!                          #$
   12. Totals           XXX                      XXX                        XXX                          XXX                             XXX            XXX                                                      XXX                 #$                   "
Note: Parts 2 and 4 are gross of all discounting, including tabular discounting. Part 1 is gross of only nontabular discounting, which is reported in Columns 32 and 33 of Part 1.
The tabular discount, if any, is reported in the Notes to Financial Statements which will reconcile Part 1 with Parts 2 and 4.




                                                                                                                                                   45
                            ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                    SCHEDULE P - PART 2 - SUMMARY
                           INCURRED NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END
                                                              ($000 OMITTED)                                                                                                                                                   DEVELOPMENT
Years in Which     1             2         3         4         5          6       7         8         9                                                                                                 10                     11       12
 Losses Were
   Incurred       1998           1999                   2000                2001             2002                 2003            2004                2005                      2006                2007                  One Year            Two Year

    1. Prior           !         $ "#                   %% "                   !" %              !$ $              !% " $             !% #"           !! #"                     !!                      !! $ %                          + ,             +! ,
    2. 1998        $ % #         "        "#            #          "               ! $ !             #        #          " "                 "!           $ #                       $     "                 $ "#                        + ,              +##,
    3. 1999       XXX            %#        $                       %           #! $%                 # "!                #$#              $ $ #           % # $                     % $%%                   % $$                                        + $",
    4. 2000       XXX            XXX                          $%               !!                "$           $    #" %"%             # !             #% "#                     #%                      #% % %                      + % ,               +!!$,
    5. 2001       XXX            XXX                    XXX                    %%                        " #       "" %#              "$ %            " #                       #" %$                   #" !$#                      +!# ,          + %%",
    6. 2002       XXX            XXX                    XXX                 XXX                  $$           "          "%%                     $    $" !$                     $$ %%                   $$ $$$                            %        +% # ,
    7. 2003       XXX            XXX                    XXX                 XXX                  XXX                   % %        !         $ %               %"                    # $%%                   " ! #                        #%        +#        $,
    8. 2004       XXX            XXX                    XXX                 XXX                  XXX               XXX                ## $ $              # !#%                     % "%                             !             $ $             +#         ,
    9. 2005       XXX            XXX                    XXX                 XXX                  XXX               XXX            XXX                 !! !!                     #% " #                  " !                             % !    +!# "$",
  10. 2006        XXX            XXX                    XXX                 XXX                  XXX               XXX            XXX                 XXX                       !% %##              %            %                       $"     XXX

  11. 2007        XXX            XXX                    XXX                 XXX                  XXX               XXX            XXX                 XXX                       XXX                 # $ "!"                    XXX              XXX

                                                                                                                                                                                               12. Totals                          " #$        +        " !,




                                                    SCHEDULE P - PART 3 - SUMMARY
                 CUMULATIVE PAID NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000                                                                                                               11        12
                                                             OMITTED)                                                                                                                                                                Number of
                   1         2          3         4        5          6        7        8         9         10                                                                                                            Number of    Claims
                                                                                                                                                                                                                            Claims     Closed
Years in Which                                                                                                                                                                                                           Closed With  Without
 Losses Were                                                                                                                                                                                                                 Loss       Loss
   Incurred       1998           1999                   2000                2001             2002                 2003            2004                2005                      2006                2007                   Payment    Payment

    1. Prior      000                 !                     # % "              !      $          !           "$    !! $               !!              !!           !            !! %!%                  !! $ "                 XXX              XXX

    2. 1998                      %         %            $# "!%                                       % !$              $ !$               $ %$#           $ %"                      $ !                     $ !                XXX              XXX

    3. 1999       XXX                $ #"               %          !           $      %#                      %          "%"              ! #%            %        %                %                       % ! #              XXX              XXX

    4. 2000       XXX            XXX                          $!               % $!!                     "%        #      %           # #             #! $ $                    #! # "                  #% "!                  XXX              XXX

    5. 2001       XXX            XXX                    XXX                        ! !##                 #!            ! $$           # %#            #$ $$%                    #                       ## #"                  XXX              XXX

    6. 2002       XXX            XXX                    XXX                 XXX                          $         $          #             !!        % " %                     %# !                    $            %         XXX              XXX

    7. 2003       XXX            XXX                    XXX                 XXX                  XXX                      %!          #               %            %            $$ %                            $%             XXX              XXX

    8. 2004       XXX            XXX                    XXX                 XXX                  XXX               XXX                                    # "                           ! "             % !%#                  XXX              XXX

    9. 2005       XXX            XXX                    XXX                 XXX                  XXX               XXX            XXX                     $ "%#                     ! # #               %        $             XXX              XXX

  10. 2006        XXX            XXX                    XXX                 XXX                  XXX               XXX            XXX                 XXX                           # !                     "                  XXX              XXX

  11. 2007        XXX            XXX                    XXX                 XXX                  XXX               XXX            XXX                 XXX                       XXX                     % ##                   XXX              XXX




                                                    SCHEDULE P - PART 4 - SUMMARY
Years in Which   BULK AND IBNR RESERVES ON NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED)
 Losses Were        1            2          3           4          5           6          7          8           9            10
   Incurred        1998        1999        2000        2001       2002       2003        2004       2005        2006         2007

    1. Prior           $ #%                $        "                   %                    $ $                                                 !!                    %!                           !"                             %!                   !$
    2. 1998                 !$            %% % "                        #      "                     !                  $ !                      #                     %"                            #                              "                    #
    3. 1999        XXX                         $$                      $% !"                         #             $ %"!                                                #!                          !#                         !%$
    4. 2000        XXX                XXX                              % $%                 $ $ #                  $ %%#                     !                  ! % !                                                               #               !
    5. 2001        XXX                XXX                          XXX                      $# %$                  %      "                ! ###                        "                     % %#                                  %                   !"
    6. 2002        XXX                XXX                          XXX                     XXX                                            #% !                 !! ! %                         % $#!                            $!$              ! ""!
    7. 2003        XXX                XXX                          XXX                     XXX                    XXX                      " # "               "!           !                 ! #                              %                    # "
    8. 2004        XXX                XXX                          XXX                     XXX                    XXX                 XXX                              $ #                    # $ #                       !                         $ $
    9. 2005        XXX                XXX                          XXX                     XXX                    XXX                 XXX                     XXX                             # !#                        # $                  %% "!
  10. 2006         XXX                XXX                          XXX                     XXX                    XXX                 XXX                     XXX                        XXX                              # #"                  "
  11. 2007         XXX                XXX                          XXX                     XXX                    XXX                 XXX                     XXX                        XXX                             XXX                        !#"




                                                                                                                  46
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




             Schedule P - Part 1A - Home/Farm

                          NONE
         Schedule P - Part 1B - Private Passenger

                          NONE
         Schedule P - Part 1C - Comm Auto/Truck

                          NONE
           Schedule P - Part 1D - Workers'Comp

                          NONE
          Schedule P - Part 1E - Comm Multi Peril

                          NONE
         Schedule P - Part 1F - Medical Mal Occur

                          NONE
         Schedule P - Part 1F - Medical Mal Claim

                          NONE
           Schedule P - Part 1G - Special Liability

                          NONE
          Schedule P - Part 1H - Other Liab Occur

                          NONE
         Schedule P - Part 1H - Other Liab Claims

                          NONE
           Schedule P - Part 1I - Special Property

                          NONE




             47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




            Schedule P - Part 1J - Auto Physical

                         NONE
           Schedule P - Part 1K - Fidelity/Surety

                         NONE
                Schedule P - Part 1L - Other

                         NONE
            Schedule P - Part 1M - International

                         NONE
           Schedule P - Part 1N - Reinsurance A

                         NONE
           Schedule P - Part 1O - Reinsurance B

                         NONE
           Schedule P - Part 1P - Reinsurance C

                         NONE
          Schedule P - Part 1R - Prod Liab Occur

                         NONE
          Schedule P - Part 1R - Prod Liab Claims

                         NONE




                58, 59, 60, 61, 62, 63, 64, 65, 66
                                        ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.



SCHEDULE P - PART 1S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
                                                                                                           ($000 Omitted)
 Years in                      Premiums Earned                                                                       Loss and Loss Expense Payments                                                             12
  Which                 1             2                      3                                                  Defense and Cost        Adjusting and Other                   10             11
Premiums                                                                       Loss Payments                 Containment Payments           Payments
   Were                                                                        4           5                     6           7            8             9                                 Total             Number of
  Earned                                                                                                                                                                 Salvage        Net Paid             Claims
and Losses                                                                                                                                                                 and         (Cols. 4 - 5         Reported -
   Were          Direct and                             Net               Direct and                          Direct and                    Direct and                  Subrogation      +6-7               Direct and
 Incurred        Assumed             Ceded          (Cols. 1 - 2)         Assumed           Ceded             Assumed          Ceded        Assumed            Ceded     Received        + 8 - 9)           Assumed



 1. Prior              XXX              XXX                XXX                 ! ! !               %%$                                                %                                          !             XXX


 2. 2006               # ! !                ##!                     %#         $ !           !         %                                         ! # #                                               "!#       XXX


 3. 2007               # ! ! %           " %                 #! "              $! ##               "                                               " $                                       %        "        XXX



 4. Totals             XXX              XXX                XXX                %% % !             $ $#"                                             " $                                    !#! #"               XXX




                                                                                                                                                Adjusting and Other           23              24                25
                               Losses Unpaid                                          Defense and Cost Containment Unpaid                             Unpaid
              Case Basis                        Bulk + IBNR                           Case Basis              Bulk + IBNR                        21            22                                           Number of
            13           14                    15          16                       17           18          19          20                                                            Total                  Claims
                                                                                                                                                                          Salvage    Net Losses              Outstand-
                                                                                                                                                                             and        and                 ing - Direct
      Direct and                         Direct and                            Direct and                       Direct and                    Direct and                 Subrogation Expenses                   and
      Assumed               Ceded        Assumed                 Ceded         Assumed           Ceded          Assumed         Ceded         Assumed           Ceded    Anticipated  Unpaid                 Assumed



 1.          !     "                           #$ #"                # %                                                                                   $#                                  " !#


 2.         $!     $                           %!                   % "!                                                                              $                                       #! #%


 3.          #     %                          #%" %!%             #" %$                                                                               #$                                     #!$ "


 4.         !$ $%#                              # $"                     #$                                                                       "                                                   " $




                           Total                                              Loss and Loss Expense Percentage                                                          34              Net Balance Sheet
             Losses and Loss Expenses Incurred                                   (Incurred/Premiums Earned)                            Nontabular Discount            Inter-          Reserves After Discount
             26             27             28                                 29              30            31                          32             33           Company             35              36
                                                                                                                                                                     Pooling                           Loss
       Direct and                                                        Direct and                                                                    Loss        Participation      Losses         Expenses
       Assumed                   Ceded                 Net               Assumed            Ceded                   Net            Loss               Expense      Percentage         Unpaid          Unpaid



 1.          XXX                  XXX                  XXX                    XXX             XXX                   XXX                                                 XXX              "                               $#


 2.          %$# $#                 $ %!               %                         $$                    !                                                                                 #                           $


 3.          " " %"                 "$ "%              ##!                          ! $                $! $                "                                                            # " $!                       #$


 4.          XXX                  XXX                  XXX                    XXX             XXX                   XXX                                                 XXX                      #$              "




                                                                                                                  67
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




                    Schedule P - Part 2A

                        NONE
                    Schedule P - Part 2B

                        NONE
                    Schedule P - Part 2C

                        NONE
                    Schedule P - Part 2D

                        NONE
                    Schedule P - Part 2E

                        NONE
         Schedule P - Part 2F - Medical Mal Occur

                        NONE
         Schedule P - Part 2F - Medical Mal Claim

                        NONE
                    Schedule P - Part 2G

                        NONE
          Schedule P - Part 2H - Other Liab Occur

                        NONE
          Schedule P - Part 2H - Other Liab Claim

                        NONE
                    Schedule P - Part 2I

                        NONE




                           68, 69, 70
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




                    Schedule P - Part 2J

                        NONE
                    Schedule P - Part 2K

                        NONE
                    Schedule P - Part 2L

                        NONE
                    Schedule P - Part 2M

                        NONE
                    Schedule P - Part 2N

                        NONE
                    Schedule P - Part 2O

                        NONE
                    Schedule P - Part 2P

                        NONE




                            70, 71
                          ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

    SCHEDULE P - PART 2R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
                 INCURRED NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED)          DEVELOPMENT
Years in Which       1         2        3         4         5        6         7        8         9          10             11       12
 Losses Were
   Incurred        1998      1999      2000      2001     2002      2003      2004      2005      2006         2007       One Year      Two Year

    1. Prior




                                                    NONE
    2. 1998

    3. 1999        XXX

    4. 2000        XXX       XXX

    5. 2001        XXX       XXX       XXX

    6. 2002        XXX       XXX       XXX       XXX

    7. 2003        XXX       XXX       XXX       XXX       XXX

    8. 2004        XXX       XXX       XXX       XXX       XXX       XXX

    9. 2005        XXX       XXX       XXX       XXX       XXX       XXX       XXX

  10. 2006         XXX       XXX       XXX       XXX       XXX       XXX       XXX      XXX                                               XXX

  11. 2007         XXX       XXX       XXX       XXX       XXX       XXX       XXX      XXX       XXX                       XXX           XXX

                                                                                                            12. Totals




    SCHEDULE P - PART 2R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS-MADE
    1. Prior

    2. 1998




                                                    NONE
    3. 1999        XXX

    4. 2000        XXX       XXX

    5. 2001        XXX       XXX       XXX

    6. 2002        XXX       XXX       XXX       XXX

    7. 2003        XXX       XXX       XXX       XXX       XXX

    8. 2004        XXX       XXX       XXX       XXX       XXX       XXX

    9. 2005        XXX       XXX       XXX       XXX       XXX       XXX       XXX

  10. 2006         XXX       XXX       XXX       XXX       XXX       XXX       XXX      XXX                                               XXX

  11. 2007         XXX       XXX       XXX       XXX       XXX       XXX       XXX      XXX       XXX                       XXX           XXX

                                                                                                            12. Totals




       SCHEDULE P - PART 2S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
    1. Prior       XXX       XXX       XXX       XXX       XXX       XXX       XXX      %# # !    %   $$$      % # ##        # !         +   " !,

    2. 2006        XXX       XXX       XXX       XXX       XXX       XXX       XXX      XXX       !% %##       %      %            $"     XXX

    3. 2007        XXX       XXX       XXX       XXX       XXX       XXX       XXX      XXX       XXX          # $ "!"      XXX           XXX

                                                                                                             4. Totals       " #$        +   " !,




                                                                    72
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




                    Schedule P - Part 3A

                        NONE
                    Schedule P - Part 3B

                        NONE
                    Schedule P - Part 3C

                        NONE
                    Schedule P - Part 3D

                        NONE
                    Schedule P - Part 3E

                        NONE
         Schedule P - Part 3F - Medical Mal Occur

                        NONE
         Schedule P - Part 3F - Medical Mal Claim

                        NONE
                    Schedule P - Part 3G

                        NONE
          Schedule P - Part 3H - Other Liab Occur

                        NONE
         Schedule P - Part 3H - Other Liab Claims

                        NONE
                    Schedule P - Part 3I

                        NONE




                           73, 74, 75
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




                    Schedule P - Part 3J

                        NONE
                    Schedule P - Part 3K

                        NONE
                    Schedule P - Part 3L

                        NONE
                    Schedule P - Part 3M

                        NONE
                    Schedule P - Part 3N

                        NONE
                    Schedule P - Part 3O

                        NONE
                    Schedule P - Part 3P

                        NONE




                            75, 76
                        ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

    SCHEDULE P - PART 3R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
                  CUMULATIVE PAID NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END               11          12
                                                         ($000 OMITTED)                                                           Number of
                  1        2           3        4         5          6       7         8        9         10           Number of    Claims
                                                                                                                         Claims     Closed
Years in Which                                                                                                        Closed With Without
 Losses Were                                                                                                              Loss       Loss
   Incurred      1998     1999      2000      2001      2002     2003      2004      2005      2006      2007           Payment    Payment




                                                 NONE
    1. Prior     000

    2. 1998

    3. 1999      XXX

    4. 2000      XXX      XXX

    5. 2001      XXX      XXX       XXX

    6. 2002      XXX      XXX       XXX       XXX

    7. 2003      XXX      XXX       XXX       XXX       XXX

    8. 2004      XXX      XXX       XXX       XXX       XXX       XXX

    9. 2005      XXX      XXX       XXX       XXX       XXX       XXX       XXX

  10. 2006       XXX      XXX       XXX       XXX       XXX       XXX       XXX      XXX

  11. 2007       XXX      XXX       XXX       XXX       XXX       XXX       XXX      XXX       XXX




   SCHEDULE P - PART 3R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS-MADE
    1. Prior     000




                                                 NONE
    2. 1998

    3. 1999      XXX

    4. 2000      XXX      XXX

    5. 2001      XXX      XXX       XXX

    6. 2002      XXX      XXX       XXX       XXX

    7. 2003      XXX      XXX       XXX       XXX       XXX

    8. 2004      XXX      XXX       XXX       XXX       XXX       XXX

    9. 2005      XXX      XXX       XXX       XXX       XXX       XXX       XXX

  10. 2006       XXX      XXX       XXX       XXX       XXX       XXX       XXX      XXX

  11. 2007       XXX      XXX       XXX       XXX       XXX       XXX       XXX      XXX       XXX




       SCHEDULE P - PART 3S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
    1. Prior     XXX      XXX       XXX       XXX       XXX       XXX       XXX       000         !%     !       $#      XXX        XXX

    2. 2006      XXX      XXX       XXX       XXX       XXX       XXX       XXX      XXX         # !         "           XXX        XXX

    3. 2007      XXX      XXX       XXX       XXX       XXX       XXX       XXX      XXX       XXX           % ##        XXX        XXX




                                                                 77
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




                    Schedule P - Part 4A

                        NONE
                    Schedule P - Part 4B

                        NONE
                    Schedule P - Part 4C

                        NONE
                    Schedule P - Part 4D

                        NONE
                    Schedule P - Part 4E

                        NONE
         Schedule P - Part 4F - Medical Mal Occur

                        NONE
         Schedule P - Part 4F - Medical Mal Claim

                        NONE
                    Schedule P - Part 4G

                        NONE
          Schedule P - Part 4H - Other Liab Occur

                        NONE
         Schedule P - Part 4H - Other Liab Claims

                        NONE
           Schedule P - Part 4I - Special Property

                        NONE




                           78, 79, 80
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




                    Schedule P - Part 4J

                        NONE
                    Schedule P - Part 4K

                        NONE
                    Schedule P - Part 4L

                        NONE
                    Schedule P - Part 4M

                        NONE
                    Schedule P - Part 4N

                        NONE
                    Schedule P - Part 4O

                        NONE
                    Schedule P - Part 4P

                        NONE




                            80, 81
                         ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

    SCHEDULE P - PART 4R - SECTION 1 - PRODUCTS LIABILITY - OCCURRENCE
                 BULK AND IBNR RESERVES ON NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED)
Years in Which      1            2          3           4          5           6          7          8           9            10
 Losses Were
   Incurred       1998        1999        2000        2001        2002        2003       2004        2005        2006        2007

    1. Prior




                                                  NONE
    2. 1998

    3. 1999        XXX

    4. 2000        XXX         XXX

    5. 2001        XXX         XXX         XXX

    6. 2002        XXX         XXX         XXX        XXX

    7. 2003        XXX         XXX         XXX        XXX         XXX

    8. 2004        XXX         XXX         XXX        XXX         XXX         XXX

    9. 2005        XXX         XXX         XXX        XXX         XXX         XXX         XXX

  10. 2006         XXX         XXX         XXX        XXX         XXX         XXX         XXX         XXX

  11. 2007         XXX         XXX         XXX        XXX         XXX         XXX         XXX         XXX         XXX




    SCHEDULE P - PART 4R - SECTION 2 - PRODUCTS LIABILITY - CLAIMS-MADE
    1. Prior

    2. 1998

    3. 1999

    4. 2000

    5. 2001
                   XXX

                   XXX

                   XXX
                               XXX

                               XXX         XXX
                                                  NONE
    6. 2002        XXX         XXX         XXX        XXX

    7. 2003        XXX         XXX         XXX        XXX         XXX

    8. 2004        XXX         XXX         XXX        XXX         XXX         XXX

    9. 2005        XXX         XXX         XXX        XXX         XXX         XXX         XXX

  10. 2006         XXX         XXX         XXX        XXX         XXX         XXX         XXX         XXX

  11. 2007         XXX         XXX         XXX        XXX         XXX         XXX         XXX         XXX         XXX




       SCHEDULE P - PART 4S - FINANCIAL GUARANTY/MORTGAGE GUARANTY
    1. Prior       XXX         XXX         XXX        XXX         XXX         XXX         XXX         %     $      !" $$            #%!

    2. 2006        XXX         XXX         XXX        XXX         XXX         XXX         XXX         XXX          # #"         "

    3. 2007        XXX         XXX         XXX        XXX         XXX         XXX         XXX         XXX         XXX               !#"




                                                                   82
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




                 Schedule P - Part 5A- SN1

                        NONE
                 Schedule P - Part 5A- SN2

                        NONE
                 Schedule P - Part 5A- SN3

                        NONE
                 Schedule P - Part 5B- SN1

                        NONE
                 Schedule P - Part 5B- SN2

                        NONE
                 Schedule P - Part 5B- SN3

                        NONE
                 Schedule P - Part 5C- SN1

                        NONE
                 Schedule P - Part 5C- SN2

                        NONE
                 Schedule P - Part 5C- SN3

                        NONE
                 Schedule P - Part 5D- SN1

                        NONE
                 Schedule P - Part 5D- SN2

                        NONE




                         83, 84, 85, 86
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




                 Schedule P - Part 5D- SN3

                        NONE
                 Schedule P - Part 5E- SN1

                        NONE
                 Schedule P - Part 5E- SN2

                        NONE
                 Schedule P - Part 5E- SN3

                        NONE
                Schedule P - Part 5F- SN1A

                        NONE
                Schedule P - Part 5F- SN2A

                        NONE
                Schedule P - Part 5F- SN3A

                        NONE
                Schedule P - Part 5F- SN1B

                        NONE
                Schedule P - Part 5F- SN2B

                        NONE
                Schedule P - Part 5F- SN3B

                        NONE
                Schedule P - Part 5H- SN1A

                        NONE




                       86, 87, 88, 89, 90
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




                Schedule P - Part 5H- SN2A

                        NONE
                Schedule P - Part 5H- SN3A

                        NONE
                Schedule P - Part 5H- SN1B

                        NONE
                Schedule P - Part 5H- SN2B

                        NONE
                Schedule P - Part 5H- SN3B

                        NONE
                Schedule P - Part 5R- SN1A

                        NONE
                Schedule P - Part 5R- SN2A

                        NONE
                Schedule P - Part 5R- SN3A

                        NONE
                Schedule P - Part 5R- SN1B

                        NONE
                Schedule P - Part 5R- SN2B

                        NONE
                Schedule P - Part 5R- SN3B

                        NONE




                         90, 91, 92, 93
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




                 Schedule P - Part 6C - SN1

                        NONE
                 Schedule P - Part 6C - SN2

                        NONE
                 Schedule P - Part 6D - SN1

                        NONE
                 Schedule P - Part 6D - SN2

                        NONE
                 Schedule P - Part 6E - SN1

                        NONE
                 Schedule P - Part 6E - SN2

                        NONE
                Schedule P - Part 6H - SN1A

                        NONE
                Schedule P - Part 6H - SN2A

                        NONE
                Schedule P - Part 6H - SN1B

                        NONE
                Schedule P - Part 6H - SN2B

                        NONE
                Schedule P - Part 6M - SN1

                        NONE




                           94, 95, 96
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




                Schedule P - Part 6M - SN2

                        NONE
                 Schedule P - Part 6N - SN1

                        NONE
                 Schedule P - Part 6N - SN2

                        NONE
                Schedule P - Part 6O - SN1

                        NONE
                Schedule P - Part 6O - SN2

                        NONE
                Schedule P - Part 6R - SN1A

                        NONE
                Schedule P - Part 6R - SN2A

                        NONE
                Schedule P - Part 6R - SN1B

                        NONE
                Schedule P - Part 6R - SN2B

                        NONE
              Schedule P - Part 7A - Section 1

                        NONE
              Schedule P - Part 7A - Section 2

                        NONE




                         96, 97, 98, 99
ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.




              Schedule P - Part 7A - Section 3

                        NONE
              Schedule P - Part 7A - Section 4

                        NONE
              Schedule P - Part 7A - Section 5

                        NONE
              Schedule P - Part 7B - Section 1

                        NONE
              Schedule P - Part 7B - Section 2

                        NONE
              Schedule P - Part 7B - Section 3

                        NONE
              Schedule P - Part 7B - Section 4

                        NONE
              Schedule P - Part 7B - Section 5

                        NONE
              Schedule P - Part 7B - Section 6

                        NONE
              Schedule P - Part 7B - Section 7

                        NONE




                       99, 100, 101, 102
                            ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                              SCHEDULE P INTERROGATORIES
  1. What is the extended loss and expense reserve - direct and assumed - for the following classes? An example of an extended loss and expense reserve is the actuarial
     reserve for the free-tail coverage arising upon death, disability or retirement in most medical malpractice policies. Such a liability is to be reported here even if it was not
     reported elsewhere in Schedule P, but otherwise reported as a liability item on Page 3. Show the full reserve amount, not just the change during the current year.

                                  Years in which premiums were earned                                                    1                        2                       3
                                        and losses were incurred                                                Medical Malpractice         Other Liability        Products Liability
1.01   Prior
1.02   1998
1.03   1999
1.04   2000
1.05   2001
1.06   2002
1.07   2003
1.08   2004
1.09   2005
1.10   2006
1.11   2007
1.12   Totals

  2. The definition of allocated loss adjustment expenses (ALAE) and, therefore, unallocated loss adjustment expenses (ULAE) was changed
     effective January 1, 1998. This change in definition applies to both paid and unpaid expenses. Are these expenses (now reported as
     “Defense and Cost Containment” and “Adjusting and Other”) reported in compliance with these definitions in this statement?

  3. The Adjusting and Other expense payments and reserves should be allocated to the years in which the losses were incurred based on the
     number of claims reported, closed and outstanding in those years. When allocating Adjusting and Other expense between companies in a
     group or a pool, the Adjusting and Other expense should be allocated in the same percentage used for the loss amounts and the claim
     counts. For reinsurers, Adjusting and Other expense assumed should be reported according to the reinsurance contract. For Adjusting and
     Other expense incurred by reinsurers, or in those situations where suitable claim count information is not available, Adjusting and Other
     expense should be allocated by a reasonable method determined by the company and described in Interrogatory 7, below. Are they so
     reported in this Statement? Answer:

  4. Do any lines in Schedule P include reserves that are reported gross of any discount to present value of future payments, and that are
     reported net of such discounts on Page 10?

       If Yes, proper disclosure must be made in the Notes to Financial Statements, as specified in the Instructions. Also, the discounts must be
       reported in Schedule P - Part 1, Columns 32 and 33.

       Schedule P must be completed gross of non-tabular discounting. Work papers relating to discount calculations must be available for
       examination upon request.

       Discounting is allowed only if expressly permitted by the state insurance department to which this Annual Statement is being filed.

  5. What were the net premiums in force at the end of the year for:
     (in thousands of dollars)
                                                                                                                                        5.1 Fidelity

                                                                                                                                        5.2 Surety

  6. Claim count information is reported per claim or per claimant (Indicate which)                                                                                               -817&
     If not the same in all years, explain in Interrogatory 7.

7.1    The information provided in Schedule P will be used by many persons to estimate the adequacy of the current loss and expense reserves,
       among other things. Are there any especially significant events, coverage, retention or accounting changes that have occurred that must be
       considered when making such analyses?

7.2    An extended statement may be attached.




                                                                                        103
                              ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                              SCHEDULE T - EXHIBIT OF PREMIUMS WRITTEN
                                                                      Allocated by States and Territories
                                             1      Gross Premiums, Including               4              5                  6                       7                    8               9
                                                   Policy and Membership Fees                                                                                                            Direct
                                                    Less Return Premiums and                                                                                                           Premium
                                                     Premiums on Policies Not          Dividends                                                                                      Written for
                                                                Taken                     Paid                                                                        Finance and       Federal
                                             Is           2               3          or Credited to Direct Losses                                                        Service     Purchasing
                                          Insurer       Direct          Direct       Policyholders       Paid                                                         Charges Not       Groups
                                        Licensed?   Premiums         Premiums          on Direct     (Deducting        Direct Losses       Direct Losses               Included in   (Included in
                 States, etc.          (Yes or No)    Written          Earned          Business       Salvage)            Incurred            Unpaid                   Premiums         Col. 2)
     1.   Alabama                 AL        Yes        $ % #           ! $ $ %                         $ #"" $                $ " !           % !                #
     2.   Alaska                  AK        Yes        $ ! " !         % $       $                          %" "#             $     !!          !#!           %!!
     3.   Arizona                 AZ        Yes        " %% %"$          $ %                           % ! ! !            !     # #"          % %             %$$
     4.   Arkansas                AR        Yes        $ ! $           %       $                            $ $#          %      #            % "#              !#
     5.   California              CA        Yes      "" % "           # $!! %                               $ !$         !%   %#! #          %% ""            $"$
     6.   Colorado                CO        Yes        " "#" "           " $ !$"                       ! $%% $!"          "      ! % $          %!%           " $
     7.   Connecticut             CT        Yes        " "      #      # #! %#                         ! !% !                 "%                  !%          #
     8.   Delaware                DE        Yes        ! ! !!#         ! " #"$                            !# $                     $ "        %                  $
     9.   District of Columbia    DC        Yes          % ! ##            % !"$                                !"%                             #%            !$
    10.   Florida                 FL        Yes      "         "#     #! ! %"                          % !               ! !%# #$            $% " $           $
    11.   Georgia                 GA        Yes      %$ $! %          !" "#% ""                       ! ! % !            $ #                 $# "!            $
    12.   Hawaii                  HI        Yes        %          !    % $# " %                               $ $                  $%           "             #$%
    13.   Idaho                   ID        Yes        $ "$ $"         $ #         "                      %!$              ! "%               !               #"
    14.   Illinois                IL        Yes      % " #            ! $"$ !!%                             % ##         %       ! #         $" #
    15.   Indiana                 IN        Yes            #" !%!      #         %                        #       "!       $         %          !#            $!
    16.   Iowa                    IA        Yes          #% #            !         "                   %        !              %       #      # $$              "
    17.   Kansas                  KS        Yes              # # !         " %                         % % ###             $ ##"              $ "             " %
    18.   Kentucky                KY        Yes        # ! $ !%          %%" % #                       $ !         $       #       %"         " %!"           %
    19.   Louisiana               LA        Yes        ! $# #!%            "                              $# #               !%# %            % %"#
    20.   Maine                   ME        Yes        ! ##! ##        ! %         "                        # $%%          $ ! "                !"              %
    21.   Maryland                MD        Yes        # % # " %         $$# !                            $ ! !%%          % $ %              " " $           % !
    22.   Massachusetts           MA        Yes        $        %      ! #       %                        ! $ ! "            ""                   $"          ##!
    23.   Michigan                MI        Yes      !% ! %           ! " " !$"                       %" # $ $ "           " !# $$#           % %!            %%$
    24.   Minnesota               MN        Yes        " #!            # %% "                          % #         "     !       ! "!!       ! "!
    25.   Mississippi             MS        Yes        " $% !#%        "           #                   ! % ! $!              !!"              " "%%           %
    26.   Missouri                MO        Yes          $ $ !"        % ## !#                                # $ #          $!$ !%           $ " !           #!#
    27.   Montana                 MT        Yes            # % !           "$ !#                          ! #!               $       $             %
    28.   Nebraska                NE        Yes        ! !      !#     ! $ #%                                 $ $            "#% $ $          ! !               $#
    29.   Nevada                  NV        Yes        $ # $%          % % #                           $ !# $$             %         %        %                   #
    30.   New Hampshire           NH        Yes        $       $""     % $ # $ $                          #"! $            %       $!%        $ %%"             $$
    31.   New Jersey              NJ        Yes      ! %        %      " $% %!                         ! ! #               # $!        #     %$                   $
    32.   New Mexico              NM        Yes        # $ "             #! "                                 " !##        ! %         "      % %                 "
    33.   New York                NY        Yes      %          %     % " % #!                            #"" !          !" $ !$              ! !$$           !!
    34.   North Carolina          NC        Yes      ! " $             % $ "                           ! % ! %!                  # "            % "           !$$
    35.   North Dakota            ND        Yes            $      !                $                        $      %         $%" %!               "$          %#$
    36.   Ohio                    OH        Yes      % ! %            !$ #% %!#                       % #" #$                    % $$!        $ !!$           !"
    37.   Oklahoma                OK        Yes              ! #!!               $                     $ ! ##              # $" "                             ##
    38.   Oregon                  OR        Yes                   "    " !!" %                            $"" %$           !         !                    $     "%
    39.   Pennsylvania            PA        Yes      ! %          !    " %! "%                         " #! $#             $ ! "             %            "   % "
    40.   Rhode Island            RI        Yes        ! # !           ! " %"                                 # !$         $ $ !                 $        #   %
    41.   South Carolina          SC        Yes        $ $$ !$!          % "$%                         # ! % !                 !$ $#"            $            #
    42.   South Dakota            SD        Yes            %% " $          $       !                      % #                    " " #                "!      !
    43.   Tennessee               TN        Yes            !      "    # " $ $"                               #                !# #$                  $"      !!
    44.   Texas                   TX        Yes        $ !$       #   $ " "                           !% " $             $ #$                $"               %"
    45.   Utah                    UT        Yes        " " !!          " $! %                             $ " $              #       $             %          # $
    46.   Vermont                 VT        Yes            "% %$"            !                            ! % $!                   %%              !$           #
    47.   Virginia                VA        Yes            $# %          "                             $ % !%                %!                    $            !#
    48.   Washington              WA        Yes          ##! "#$         #"# %                            $ "#               % # $                %%          $ "
    49.   West Virginia           WV        Yes          %$       "              !                          $" "#                      "           %            %
    50.   Wisconsin               WI        Yes        " ! "           # "#% !""                       $ $ " !               % # %               $ !          #"$
    51.   Wyoming                 WY        Yes        % #%%           % #       !"                       "# ! !             #" !!$                           "#
    52.   American Samoa          AS        No
    53.   Guam                    GU        Yes            !! !            % %$                                               + $ $ ,                 !# "
    54.   Puerto Rico             PR        No                           + #%$,
    55.   U.S. Virgin Islands     VI        No                                 +$ ,
    56.   Northern Mariana
          Islands                 MP
    57.   Canada                  CN
    58.   Aggregate other alien   OT         XXX
    59.   Totals                       + ,       $     "      ! %#$     #       %#                      % " %% !           %! $ #     !              % ! $ "

       DETAILS OF WRITE-INS
 5801.                                       XXX
 5802.                                       XXX
 5803.                                       XXX
 5898. Summary of remaining
       write-ins for Line 58 from
       overflow page                         XXX
 5899. Totals (Lines 5801 through
       5803 + 5898) (Line 58 above)          XXX
(a) Insert the number of yes responses except for Canada and Other Alien.

                                                           Explanation of basis of allocation of premiums by states, etc.

>




                                                                                        104
                          ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                              SCHEDULE T – PART 2
                                INTERSTATE COMPACT – EXHIBIT OF PREMIUMS WRITTEN
                                                      Allocated by States and Territories
                                                                                                Direct Business Only
                                                  1                    2                      3                      4             5           6
                                                                                          Disability
                                                 Life                                      Income            Long-Term Care
                                             (Group and         Annuities (Group        (Group and             (Group and     Deposit-Type
                      States, Etc.            Individual)        and Individual)         Individual)            Individual)    Contracts     Totals
 1. Alabama                             AL
 2. Alaska                              AK
 3. Arizona                             AZ
 4. Arkansas                            AR
 5. California                          CA
 6. Colorado                            CO
 7. Connecticut                         CT
 8. Delaware                            DE
 9. District of Columbia                DC
10. Florida                             FL
11. Georgia                             GA
12. Hawaii                              HI
13. Idaho                               ID
14. Illinois                            IL
15. Indiana                             IN
16. Iowa                                IA
17. Kansas                              KS
18. Kentucky                            KY
19. Louisiana                           LA
20. Maine                               ME




                                             NONE
21. Maryland                            MD
22. Massachusetts                       MA
23. Michigan                            MI
24. Minnesota                           MN
25. Mississippi                         MS
26. Missouri                            MO
27. Montana                             MT
28. Nebraska                            NE
29. Nevada                              NV
30. New Hampshire                       NH
31. New Jersey                          NJ
32. New Mexico                          NM
33. New York                            NY
34. North Carolina                      NC
35. North Dakota                        ND
36. Ohio                                OH
37. Oklahoma                            OK
38. Oregon                              OR
39. Pennsylvania                        PA
40. Rhode Island                        RI
41. South Carolina                      SC
42. South Dakota                        SD
43. Tennessee                           TN
44. Texas                               TX
45. Utah                                UT
46. Vermont                             VT
47. Virginia                            VA
48. Washington                          WA
49. West Virginia                       WV
50. Wisconsin                           WI
51. Wyoming                             WY
52. American Samoa                      AS
53. Guam                                GU
54. Puerto Rico                         PR
55. U.S. Virgin Islands                 VI
56. Northern Mariana Islands            MP
57. Canada                              CN
58. Aggregate Other Alien               OT
59. Totals




                                                                     105
                                                                                      ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

       SCHEDULE Y - INFORMATION CONCERNING ACTIVITIES OF INSURER MEMBERS OF A HOLDING COMPANY GROUP
                                                                                                      PART 1 - ORGANIZATIONAL CHART
                                                                                                                                       Radian Group Inc.
                                                                                                                                          (Delaware)
                                                                                                                                            (“RDN”)
                                                                                                                                        EIN#23-2691170
                                                                                                                                       NAIC Group #0766

       Radian International Holdings Inc                                                                                                                                                    Radian Asset Securities      Enhance Financial
                                                  Radian Mortgage             Radian Guaranty Inc.          Amerin Guaranty Corp.       Amerin Re Corporation            Radian Title                                                            Radian Asset Management Inc.
                    (RIHI)                                                                                                                                                                           Inc.               Services Group Inc.
                                                  Reinsurance Co.                    (“RGI”)                     (Illinois Ins )             (Illinois Ins .)        Insurance Inc. (New           ("RASI")                                                (“RAMI”)
                  (Delaware)                       (Vermont Ins.)              (Pennsylvania Ins .)                                                                         York)                                       (EFSG) (New York)
            100% Owned by RDN                                                                                100%Owned by RDN           100% Owned by RDN                                         (Delaware)                                      (Delaware) 100% owned by
                                                100% owned by RDN             100% owned by RDN               EIN #23-1922977             EIN #36-3996062            100% owned by RDN                                   89.51% owned by
              EIN #23-2814697                     EIN #03-0360032               EIN #23-2018130                                                                                              100% owned by RDN                 RDN                  RDN EIN #26-1144126
                                                                                                                NAIC #30872                 NAIC #10185               EIN #03-0460114
                                                                                                                                                                                               EIN #20-0138969         10.49% owned by RGI
                                                    NAIC #11472                   NAIC #33790
                                                                                                                                                                                                                         EIN #13-3333448

                              Radian Insurance        Radian Services                      Radian Mortgage                      Radian Mortgage              Radian Mortgage                                                                      Sherman Financial Group LLC
                                                                                        Insurance Inc. (Arizona                                                                    Radian Capital LLC
                                Inc. (“RIINC”)              LLC                                                               Services (Hong Kong)             Services Ltd.                                                                       (Delaware Limited Liability
                                                                                                 Ins.)                                                                               (Pennsylvania )
                             (Pennslyvania Ins .)        (Delaware)                                                                    Ltd.                  (UK Corporation)                                                                              Company)
                            100% owned by RGI                                            100% owned by RGI                         (Hong Kong                                        100% owned by
                                                           100%                                                                                               100% owned by                                                                          21.8% owned by RAMI
                              EIN #23-2734276                                              EIN #93-0952702                     Corporation) 100%                                          RGI                                                           EIN 13-4040776
                                                       Owned by RGI                                                                                                RGI              EIN #20-4394039
                                NAIC #20720           EIN #23-1936987                        NAIC #33944                         owned by RGI                   #5333491


                                                                                             Credit Derivitives            Radian             Singer Asset Finance          Commonwealth Mortgage
                                                         Radian Asset Assurance                                                                                                                            Radian Reinsurance
                                  Radian Mauritius                                                Limited              Representatives          Company, L.L.C.           Assurance Company of Texas                                Guaranty Risk              SBF Participações
                                                               Inc. (“RAA”)                                                                                                                                 (Bermuda) Limited
106




       Radian Mortgage            Holdings Limited                                                                                             (Delaware Limited                 ("CMACTX")
       Services Australia                                    (New York Ins.)                      ("CDL")                   Ltd.                                                                            (Bermuda Exempt         Services, Inc.                     Ltda.
                                     (“RMHL”)                                                                          (UK Corporation)            Liability Co .)                (Texas Ins.)                                                                     (“SBFPL”)
          Pty Limited                                     100% owned by EFSG                  (Bermuda SPV)                                                                                                   Insurance Co.)         (New York
                                   (Mauritius Co.)                                                                     100% owned by             100% owned by               100% Owned by EFSG                                                              (Brazilian corporation)
          (RMSAPL)                                          EIN 22-2712977                 100% owned by EFSG                                                                                                100% owned by         Business Corp .)
                                  100% owned by                                              EIN #98-0440186               EFSG                       EFSG                     EIN #23-2726782                                  100% owned by EFSG              45.0% owned by
          (Australia )                                         NAIC 36250                                                                                                                                         EFSG
                                       RIINC                                                                                                     EIN 22-3399978                  NAIC #15909                                      EIN 13-3562558                      EFSG
      100% owned by RIHI                                                                                                                                                                                     EIN 13-3941759
         Aus Company                                                                                                                                                                                            AA-3194193
         #122 674 891                                                                                                               Radian Asset Assurance
                                                                                                  Radian Financial Products                                                                                                                     R. B Garantias S.A. (“RBG”)
                                                                 Van-American Insurance                                                Limited ("RAAL")                    Enhance C-BASS Residual
                                                                                                      Limited ("RFPL")                                                                                                                        (Brazilian Insurance Corp) 100%
                                                                       Agency, Inc.                  (UK Securities and               (UK Insurance Co.)                  Finance Corporation (“ERFC”)
                                                                  (South Carolina Corp.)                                             100% owned by RAA                       (Delaware Corporation)                                                    owned by SBFPL
                                                                                                        Futures Co.)
       Radian Australia                                            100% owned by RAA                                                   EIN #98-0416610                      100% owned by CMACTX
                                                                                                   100% owned by RAA                                                                                                                              UBF Garantias & Seguros S.A.
       Limited (Australia                                           EIN # 20-3759337                                                     AA-1124125                             EIN 13-4053333
          Insurance)                                                                                                                                                                                                                                          (“UBF”)
        100% owned by                                                                                                                                                                                                                              (Brazilian Insurance Corp.)
           RMSAPL                                                                                                                               Residual Interest Investments LP                                                                     91.9% owned by RBG
         Aus Company                                 Asset Recovery Solutions                                                                       (“RII”) (Delaware limited                                                                              AA-2230004
         #122 675 674                                  Group Inc. ("ARSG")                                                                                 partnership)
                                                            (Delaware)                                                                            0.8% owned by ERFC (GP)                                                                            Seguradora Brasileira
                                                       100% owned by RAA                                                                        99.2% owned by CMACTX (LP)                                                                                 Rural S.A.
                                                         EIN 03-0463207                                                                                 EIN 75-2511700                                                                                (Brazilian Insurance
                                                                                                                                                                                                                                                              Corp.)
                                                                                                                                                                                                                                                     99.5% owned by UBF

                                                      Windsor Management                                                                         Credit-Based Asset Servicing
                                                        Inc. (d/b/a Windsor                                                                         and Securitization LLC
                                                           Holdings Inc.)                                                                                 (“C-BASS”)
                                                            (Delaware)                                                                          (Delaware Limited Liability Co.)
                                                      100% owned by ARSG                                                                             45.8% owned by RII
                                                          EIN 03-0463201                                                                                EIN 13-3897606
                                                                                            ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                                                                                  SCHEDULE Y
                                                         PART 2 - SUMMARY OF INSURER’S TRANSACTIONS WITH ANY AFFILIATES
             1            2                                         3                                    4                 5                        6                    7                 8                          9              10           11               12                           13
                                                                                                                                                                    Income/
                                                                                                                                            Purchases, Sales or (Disbursements)
                                                                                                                                               Exchanges of        Incurred in                                                                                                           Reinsurance
                                                                                                                                             Loans, Securities, Connection with                                  Income/                  Any Other Material                             Recoverable/
                                                                                                                                                   Real          Guarantees or                               (Disbursements)              Activity Not in the                         (Payable) on Losses
        NAIC                                                                                                                                 Estate, Mortgage Undertakings for the   Management               Incurred Under              Ordinary Course of                            and/or Reserve
       Company        Federal ID                                                                     Shareholder        Capital               Loans or Other     Benefit of any    Agreements and              Reinsurance                   the Insurer’s                                  Credit
        Code           Number            Names of Insurers and Parent, Subsidiaries or Affiliates     Dividends       Contributions            Investments         Affiliate(s)    Service Contracts            Agreements           *         Business          Totals                 Taken/(Liability)
      ! #          !0 " "          1/ ' =      ' -             '                                                                                                                         +$ !$       "%%,                                                         +$ !$      "%%,
         #$       ! 0!""           1/ '     -            '                                                                                                                                 + #        $",               $                                             +%      % ,            +    %         ,
       $" "        !0      #       -&1- E 6 *                                                                             "" $                                                             + #        $",        +$ $ $ # #,                                      %      $   ! !           + !$ "           ,
                   !0!!!!%%#       5' ' < ' '         2 (        = 7'                                                               #                                                     % %        " !                                                            $ !%"
      ! $           0    "           ) ' 1      1      ' 7'                                                                    "! #$!                                                   +% $         #!#,                 " % %!                                       "$    %$             +     %!# " ,
                  110 % $            ) ' 1      1      ' 8 )                                                                                                                             +# #            ,       +         "# !$ ,                               + # "            ,             ! "! $
                                     ) ' < ' '           )     8 / )
                   !0 "              ) ' =      7'                                                     ! %     ! "      + ! %           ,                                                "" !# !                                                                  $ # ""#
      !! "         !0 # !            ) ' =     ' 7'                                                   +! %     ! ",                                 ! ##    "                           +%"       ,                  %" %#    "#                                +! $ ! $"#,                     # "#!
                   !0 !%             ) ' 7'     ' 7'                                                                                                                                    + ! !! # #,                     +!    ! %,                               + !        !,                          %
      !!"%%       "!0 "$             ) ' & . . 7'          ' 7'                                                                                                                             + # $",                     $"%   %!                                     %#$ !                  + # "!"         ,
                   !0 ! !            ) ' & . .         '    ' - / '                                                                                                                                                     +     " ,                                    + " ,                     + $          ,
                  110! "% "!         ) '    '       ' +> / ) , 8 )                                                                                                                           +           ,                     ##                                          ##
                                     ) '          '    ( 8 )                                                                                                                                 !#        %                                                              !# %
                      !0 "! "#       ) ' 2 (                                                                                                       +! ##    ",                            % $!!        $                                                              %% %#!
                                     ) ' 5        8 )                                                                                                                                    +% ! !      #!!,                                                         +% ! ! #!!,
107




                    0 !#" "          ) ' 1      2           7'                                                                                                                            ! #        %                                                             ! # %
                    0! $"!!        : '01/     ' 7'     ' 1. ' 7'                                                                                                                                     $ $                                                                  $ $
                  "#0 %% #         - ) ; ( ( 8 )                                                                                                                                                 %                                                                      %
                   !0!#"           - ) 0> ) 1          2 (. ? 2 88-                                                            $                                                                                                                                      $




        """"""" - '       6
                             ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

        SUPPLEMENTAL EXHIBITS AND SCHEDULES INTERROGATORIES

        The following supplemental reports are required to be filed as part of your statement filing unless specifically waived by the domiciliary state.
        However, in the event that your domiciliary state waives the filing requirement, your response of WAIVED to the specific interrogatory will be
        accepted in lieu of filing a "NONE" report and a bar code will be printed below. If the supplement is required of your company but is not being
        filed for whatever reason enter SEE EXPLANATION and provide an explanation following the interrogatory questions.




                                                                          MARCH FILING                                                                         RESPONSES
  1.    Will an actuarial opinion be filed by March 1?                                                                                                             52


  2.    Will the confidential Supplemental Compensation Exhibit be filed with the state of domicile by March 1?                                                    52


  3.    Will the confidential Risk-based Capital Report be filed with the NAIC by March 1?                                                                       A17:5;


  4.    Will the Risk-based Capital Report be filed with the state of domicile, if required, by March 1?                                                         A17:5;


                                                                          APRIL FILING
  5.    Will the Insurance Expense Exhibit be filed with the state of domicile and the NAIC by April 1?                                                            52


  6.    Will Management’s Discussion and Analysis be filed by April 1?                                                                                             52


  7.    Will the Supplemental Investment Risk Interrogatories be filed by April 1?                                                                                 52


                                                                           MAY FILING
  8.    Will this company be included in a combined annual statement which is filed with the NAIC by May 1?                                                        52


                                                                          JUNE FILING
  9.    Will an audited financial report be filed by June 1?                                                                                                       52

        The following supplemental reports are required to be filed as part of your statement filing. However, in the event that your company does not
        transact the type of business for which the special report must be filed, your response of NO to the specific interrogatory will be accepted in lieu
        of filing a "NONE" report and a bar code will be printed below. If the supplement is required of your company but is not being filed for whatever
        reason enter SEE EXPLANATION and provide an explanation following the interrogatory questions.




                                                                          MARCH FILING
  10.   Will Schedule SIS (Stockholder Information Supplement) be filed with the state of domicile by March 1?                                                      4


  11.   Will the Financial Guaranty Insurance Exhibit be filed March 1?                                                                                             4


  12.   Will the Medicare Supplement Insurance Experience Exhibit be filed with the state of domicile and the NAIC by March 1?                                      4


  13.   Will Supplement A to Schedule T (Medical Malpractice Supplement) be filed by March 1?                                                                       4


  14.   Will the Trusteed Surplus Statement be filed with the state of domicile and the NAIC by March 1?                                                            4


  15.   Will the Premiums Attributed to Protected Cells Exhibit be filed by March 1?                                                                                4


  16.   Will the Reinsurance Summary Supplemental Filing for General Interrogatory 9 be filed with the state of domicile and the NAIC by March 1?                   4


  17.   Will the Medicare Part D Coverage Supplement be filed with the state of domicile and the NAIC by March 1?                                                   4


  18.   Will the Actuarial Opinion Summary be filed with the state of domicile, if required by March 15 (or the date otherwise specified)?                         52


  19.   Will the Reinsurance Attestation Supplement be filed with the state of domicile and the NAIC by March 1?                                                   52


  20.   Will the Exceptions to the Reinsurance Attestation Supplement be filed with the state of domicile by March 1?                                               4


                                                                          APRIL FILING
  21.   Will the Credit Insurance Experience Exhibit be filed with the state of domicile and the NAIC by April 1?                                                   4


  22.   Will the Long-term Care Experience Reporting Forms be filed with the state of domicile and the NAIC by April 1?                                             4


  23.   Will the Accident and Health Policy Experience Exhibit be filed by April 1?                                                                                 4



Explanation:




                                                                                         108
                 ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

          SUPPLEMENTAL EXHIBITS AND SCHEDULES INTERROGATORIES
!


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!



Bar Code:




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    4.



    10.



    11.



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    16.



    17.



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    23.




                                              108.1
                            ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                                             OVERFLOW PAGE FOR WRITE-INS

P012 Additional Aggregate Lines for Page 12 Line 9.
* EXCAPGLOSS - Exhibit of Capital Gains (Losses)
                                                                     1              2                    3                  4                     5
                                                                 Realized                         Total Realized                             Change in
                                                                Gain (Loss)        Other           Capital Gain        Change in            Unrealized
                                                                On Sales or      Realized             (Loss)        Unrealized Capital   Foreign Exchange
                                                                 Maturity       Adjustments      (Columns 1 + 2)       Gain (Loss)       Capital Gain (Loss)
 0904. 7 65 -4& 1 ;5<5 18                                                            $   ! " "          $   ! " "
 0997. Summary of remaining write-ins for Line 9 from page 12                        $   ! " "          $   ! " "




                                                                              109
                                                                       ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.


                                                                                                  SCHEDULE A - PART 1
                                                                                              Showing All Real Estate OWNED December 31 of Current Year
                       1               2            Location              5          6            7                8             9                10             11              12             13              14              15             16
                                              3                 4                                                                                                                                           Expended for
                                                                                                                                                                                                             Additions,
                                                                                                                                                                              Increase                       Permanent
                                                                                                                            Book/Adjusted                                   (Decrease) by                  Improvements    Gross Income
                                                                                   Date of                                  Carrying Value     Fair Value     Increase         Foreign       Amounts      and Changes in   Earned Less   Taxes, Repairs
                                                                        Date        Last         Actual       Amount of          Less            Less       (Decrease) by     Exchange       Received     Encumbrances Interest Incurred and Expenses
            Description of Property   Code   City              State   Acquired   Appraisal       Cost      Encumbrances    Encumbrances     Encumbrances    Adjustment      Adjustment     During Year     During Year  on Encumbrances    Incurred
E01




      9999999 Totals
                                                                                ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                     SCHEDULE A - PART 2
                                                                                                     Showing All Real Estate ACQUIRED During the Year
                                    1                                                            4                                5                         6                              7                        8                           9

                                                                       Location                                                                                                                                                       Expended for Additions
                                                               2                     3       Date                                                                                                        Book/Adjusted Carrying          and Permanent
                          Description of Property             City                 State    Acquired                          Name of Vendor            Actual Cost              Amount of Encumbrances Value Less Encumbrances          Improvements
       % 587B1>56@ ;                                 5A @1 6<4 ;           -6                          4 674 4 5 &4 6=1=5                                              " $                                                " $
       " &58 425 65 1-5                             5126 26 49;2>9 =        1                  %       19 4 1 841 25 :7-52 7 -                                         $ $                                                $ $
        % ;1 6&44 -7 -85                            &4 5 4 :1885           -1                !         @4&5L 25 :7-7 = -4 4 1674                                      !"                                                 !"
         0    @1 724 26 $<                          @4>4 5                                   ! "       -49 6 A7;5 @4&5 841 2                                          %    $                                             %    $
       % 2 462A44; 6 178                            >1 >49 2:7885          :1                !         A5882 <1 =4 @4&5 &4 6=1=5                                       % $ %                                              % $ %
      # # 17 A165 -7 -85                            &1 12212               :1                !         A5882 <1 =4 @4&5 &4 6=1=5                                      !!    !                                            !!     !
       !% = 55 A44; &1 4                            - 522                  6                           4-A5 841 25 :7-7 = 88-                                              $                                                  $
      % " 5>5 @1 6 26 556                           81 1&75                A                 % $       A-;1                                                            !                                                  !
       # A165 A44; ; 7:5                            1 87 =64               6                 $         <1 75 &15                                                        % " !                                              % " !
       %! 29&&76 9 -7 -85                           A526 18& >51-@         <8                          @4&5-4&7 =2 <7 1 -718 56A4                                       $ # !                                              $ # !
      ! !% -@9 -@:75A A1                            @95 64A                18                          <1 75 &15
      ! ! A58; -49 6 ;                               4==5                  -4                %         <5;5 18 @4&5 841 &4 6=1=5 -4 4 1674                             $    $                                               $    $
      % % ;9 24 ; 7:5                               @5 @B7>1@              =1                          <1 75 &15                                                      !     $                                              !     $
      %$# 5 1:5 0                                    18&;185               -1                    #     4 674 4 5 &4 6=1=5                                              !   " $                                              !   " $
        ! = 516 >127 A1                              5A&1                  -1                    #     1&5 7-1 25 :7-7 = -4& 1                                        #%    $                                              #%    $
        % -81    41;                                A7 -@5265               @                          @4&5 841 25 :7-52 7 -                                          "      $                                             "      $
          # !6@ 26 556                              @1A1771 =1 ;5          -1                $         -49 6 A7;5 @4&5 841 2                                          "    $                                               "    $
      ! $ @7=@81 ; 1:5 9 776 ! $                    1681 61                =1                $         @4&5 841 25 :7-52 7 -                                           #   #!                                               #   #!
       !    5A-4&> 41;                              A78&7 =64              ;5                $         <5;5 18 @4&5 841 &4 6=1=5 -4 4 1674                             $    $                                               $    $
      ! $ " <81&7 =4 26 556 A                       261 -@<758;            &                   #       1&5 7-1 25 :7-7 = -4& 1                                         %    $                                               %    $
       #" &- 5 ; 55 81 52                           81A 5 -5:7885          =1                $         A782@7 5 - 5;76
          5126    ; 1:5 95                          =98< 2@4 52            18                % !       <1 75 &15                                                       %# ! !                                              %# ! !
      ### -4 41 81 5                                81A 5 -5:7885          =1                $ !       <5;5 18 @4&5 841 &4 6=1=5 -4 4 1674                              $ $                                                 $ $
        !# &4 61=95 81-5 -6                         81A 5 -5:7885          =1                  #       <1 75 &15                                                            $                                                   $
       "%     -5 6 18 1:5 95                        -@7-1=4                78                  #       -49 6 A7;5 @4&5 841 2                                          !%% $                                               !%% $
E02




       % =5 5 <76B=5 18; ;                          -489&>71               6                           <1 75 &15                                                       "    "                                              "    "
           - 4& 4 ; ; 9 76 1$ %                      55 2 788                                    #     5&- &4 6=1=5
      $! A44;> 58 ; 7:5                             =1 5                    -                          <1 75 &15                                                      $$                                                   $$
        $ % A4 8; -9 81 5                           A5887 =64              <8                $ %       -49 6 A7;5 @4&5 841 2                                          ""    !                                              ""    !
       "         6@ 26 556 H "                      2-4662;185             1B                          -49 6 A7;5 @4&5 841 2                                           #                                                    #
       #% A165 - 526 26 556                         2 7 =;185              1B                  #       <1 75 &15                                                      " $                                                    " $
      $    85 4 1 ; 7:5                             29&&5 :7885            2-                % $       9 7:5 218 1&5 7-1 &4 6=1=5 -4                                  $ $                                                    $ $
       ! $ 46@85 1:5                                1>7 =64                 1                # #       <1 75 &15                                                      $                                                      $
      !# 2@1; 81 5                                  1 :7885                 1                #         <1 75 &15                                                      % $                                                    % $
         # 5;=5A44; 26 2A                           ;5-169                 18                  "       <5;5 18 @4&5 841 &4 6=1=5 -4 4 1674                         #" "##                                                 #" "##
        $! 5 A7 ;4A 7;=5 81 5                       69-24                  1B                          <1 75 &15                                                        $                                                      $
       " 5 =85A44; 1:5                              A165 >9                -6                    "     -49 6 A7;5 @4&5 841 2                                            %                                                      %
         $ 1&>85A44; ; 7:5                          ;726 7-6 @57=@62       &;                    #     @4&5 841 25 :7-52 7 -                                       !                                                      !
      $ %" 2@588 81 5                               29=1 @788              =1                    #     A5882 <1 =4 @4&5 &4 6=1=5                                    ! $                                                    ! $
      #!$" > 44 7 =64 ;                             2@ 5:5 4 6             81                    "     A5882 <1 =4 @4&5 &4 6=1=5                                      #                                                      #
         ## ;4&7 74 ; 7:5                           @1& 64                 =1                #   #     =&1- &4 6=1=5 -4 4 1674                                     !$ " $                                                 !$ " $
       $ 29 256 ; 7:5                               @4A1 ;                  1                #   #     <1 75 &15                                                   #$                                                     #$
             # 41 - 55 ; 7:5                        -5;1 @788              6                 #   #     <1 75 &15                                                   "$ $                                                   "$ $
      !"!" 7 5@1 6 ;                                A526&7 265             &;                    #     <1 75 &15                                                    # "#                                                   # "#
           47 65 ; 7:5                              =4425 - 55             2-                #   #     1&5 7-1 25 :7-7 = -4& 1                                     !$ " $                                                 !$ " $
        " 2185& 26 556                              <72@ 788                                           <1 75 &15                                                   %#                                                     %#
        ! &1 5267- -7 -85                           -489&>71               2-                    %     <1 75 &15                                                   ! #                                                    ! #
            """"" 0 1 F    )                                                                                                                                     " %! #                                                 " %! #
        9999999 - Totals                                                                                                                                         " %! #                                                 " %! #
                                                                                 ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                              SCHEDULE A - PART 3
                                                                               Showing All Real Estate SOLD During the Year, Including Payments During the Final Year on “Sales Under Contract”
                      1                            Location              4                  5                 6               7               8            9             10           11           12              13             14           15             16           17
                      1                      2                 3                                                                                                   Expended for
                                                                                                                                                                     Additions,
                                                                                                                                                       Increase     Permanent       Book/
                                                                                                                       Book/Adjusted                  (Decrease) Improvement       Adjusted                                                               Gross Income
                                                                                                                       Carrying Value     Increase        By       and Changes     Carrying                     Foreign                                    Earned Less   Taxes,
                                                                                                                            Less         (Decrease)     Foreign          in       Value Less                   Exchange        Realized                      Interest  Repairs and
                                                                      Disposal                                         Encumbrances          By        Exchange       Encum-       Encum-       Amounts       Profit (Loss)   Profit (Loss) Total Profit   Incurred on  Expenses
           Description of Property           City             State     Date       Name of Purchaser      Actual Cost    Prior Year      Adjustment   Adjustment      brances      brances      Received        on Sale         on Sale     Loss) on Sale Encumbrances Incurred
       % 587B1>56@ ;                  5A @1 6<4 ;       -6                       1;71 25 :7-52 7 -              " $                                                                                  " $
       " &58 425 65 1-5              5126 26 49;2>9 =    1                %      1;71 25 :7-52 7 -              $ $                                                                                  $ $
        % ;1 6&44 -7 -85             &4 5 4 :1885       -1             !         1;71 25 :7-52 7 -             !"                                                                                   !"
         0    @1 724 26 $<           @4>4 5                            ! "       1;71 25 :7-52 7 -             %    $                                                                               %    $
       % 2 462A44; 6 178             >1 >49 2:7885      :1             !         1;71 25 :7-52 7 -              % $ %                                                                                % $ %
      # # 17 A165 -7 -85             &1 12212           :1             !         1;71 25 :7-52 7 -             !!    !                                                                              !!    !
       !% = 55 A44; &1 4             - 522              6                        1;71 25 :7-52 7 -                  $                                                                                    $
      % " 5>5 @1 6 26 556            81 1&75            A              % $       1;71 25 :7-52 7 -              !                                                                                    !
       # A165 A44; ; 7:5             1 87 =64           6              $         1;71 25 :7-52 7 -               % " !                                                                                % " !
       %! 29&&76 9 -7 -85            A526 18& >51-@     <8                       1;71 25 :7-52 7 -               $ # !                                                                                $ # !
      ! !% -@9 -@:75A A1             @95 64A            18                       1;71 25 :7-52 7 -
      ! ! A58; -49 6 ;                4==5              -4             %         1;71 25 :7-52 7 -               $ $                                                                                  $ $
      % % ;9 24 ; 7:5                @5 @B7>1@          =1                       1;71 25 :7-52 7 -              ! $                                                                                  ! $
      %$# 5 1:5 0                     18&;185           -1                #      1;71 25 :7-52 7 -               ! " $                                                                                ! " $
        ! = 516 >127 A1               5A&1              -1                #      1;71 25 :7-52 7 -              #% $                                                                                 #% $
        % -81    41;                 A7 -@5265           @                       1;71 25 :7-52 7 -              "    $                                                                               "    $
          # !6@ 26 556               @1A1771 =1 ;5      -1             $         1;71 25 :7-52 7 -              " $                                                                                  " $
      ! $ @7=@81 ; 1:5 9 776 ! $     1681 61            =1             $         1;71 25 :7-52 7 -               # #!                                                                                 # #!
       !    5A-4&> 41;               A78&7 =64          ;5             $         1;71 25 :7-52 7 -               $ $                                                                                  $ $
      ! $ " <81&7 =4 26 556 A        261 -@<758;        &                 #      1;71 25 :7-52 7 -               % $                                                                                  % $
E03




       #" &- 5 ; 55 81 52            81A 5 -5:7885      =1             $         1;71 25 :7-52 7 -
          5126    ; 1:5 95           =98< 2@4 52        18             % !       1;71 25 :7-52 7 -              %# ! !                                                                               %# ! !
      ### -4 41 81 5                 81A 5 -5:7885      =1             $ !       1;71 25 :7-52 7 -               $ $                                                                                  $ $
        !# &4 61=95 81-5 -6          81A 5 -5:7885      =1                #      1;71 25 :7-52 7 -                   $                                                                                    $
       "%     -5 6 18 1:5 95         -@7-1=4            78                #      1;71 25 :7-52 7 -             !%% $                                                                                !%% $
       % =5 5 <76B=5 18; ;           -489&>71           6                        1;71 25 :7-52 7 -              "    "                                                                               "    "
           - 4& 4 ; ; 9 76 1$ %       55 2 788                            #      1;71 25 :7-52 7 -
      $! A44;> 58 ; 7:5              =1 5                -                       1;71 25 :7-52 7 -              $$                                                                                   $$
        $ % A4 8; -9 81 5            A5887 =64          <8             $ %       1;71 25 :7-52 7 -              "" !                                                                                 "" !
       "         6@ 26 556 H "       2-4662;185         1B                       1;71 25 :7-52 7 -               #                                                                                    #
       #% A165 - 526 26 556          2 7 =;185          1B                #      1;71 25 :7-52 7 -                 " $                                                                                  " $
      $    85 4 1 ; 7:5              29&&5 :7885        2-             % $       1;71 25 :7-52 7 -                 $ $                                                                                  $ $
       ! $ 46@85 1:5                 1>7 =64             1             # #       1;71 25 :7-52 7 -                 $                                                                                    $
      !# 2@1; 81 5                   1 :7885             1             #         1;71 25 :7-52 7 -                 % $                                                                                  % $
         # 5;=5A44; 26 2A            ;5-169             18                "      1;71 25 :7-52 7 -              #" "##                                                                               #" "##
        $! 5 A7 ;4A 7;=5 81 5        69-24              1B                       1;71 25 :7-52 7 -                   $                                                                                    $
       " 5 =85A44; 1:5               A165 >9            -6                "      1;71 25 :7-52 7 -                   %                                                                                    %
         $ 1&>85A44; ; 7:5           ;726 7-6 @57=@62   &;                #      1;71 25 :7-52 7 -              !                                                                                    !
      $ %" 2@588 81 5                29=1 @788          =1                #      1;71 25 :7-52 7 -               ! $                                                                                  ! $
      #!$" > 44 7 =64 ;              2@ 5:5 4 6         81                "      1;71 25 :7-52 7 -                 #                                                                                    #
         ## ;4&7 74 ; 7:5            @1& 64             =1             # #       1;71 25 :7-52 7 -              !$ " $                                                                               !$ " $
       $ 29 256 ; 7:5                @4A1 ;              1             # #       1;71 25 :7-52 7 -              #$                                                                                   #$
             # 41 - 55 ; 7:5         -5;1 @788          6              # #       1;71 25 :7-52 7 -              "$ $                                                                                 "$ $
      !"!" 7 5@1 6 ;                 A526&7 265         &;                #      1;71 25 :7-52 7 -               # "#                                                                                 # "#
           47 65 ; 7:5               =4425 - 55         2-             # #       1;71 25 :7-52 7 -              !$ " $                                                                               !$ " $
        " 2185& 26 556               <72@ 788                                    1;71 25 :7-52 7 -              %#                                                                                   %#
        ! &1 5267- -7 -85            -489&>71           2-                %      1;71 25 :7-52 7 -              ! #                                                                                  ! #
            """"" 0          2 )                                                                             " %! #                                                                               " %! #
        9999999 Totals                                                                                       " %! #                                                                               " %! #
                                                                                              ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                   SCHEDULE B - PART 1
                                                                                                           Showing All Mortgage Loans OWNED December 31 of Current Year
                1               2                                             Location                                         5                6               7                        8                     9                     10                   11               12
                                                           3                                       4
                                                                                                                                                                                Book Value/Recorded                          Increase (Decrease)                       Date of Last
                                                                                                                                                                                Investment Excluding   Increase (Decrease)   by Foreign Exchange   Value of Land and   Appraisal or
          Loan Number         Code                       City                                     State                      Loan Type     Date Acquired     Rate of Interest      Accrued Interest       by Adjustment           Adjustment           Buildings        Valuation
E04




        9999999 Totals
      General Interrogatory:
          1. Mortgages in good standing                                                   $               unpaid taxes   $                  interest due and unpaid.
          2. Restructured mortgages                                                       $               unpaid taxes   $                  interest due and unpaid.
          3. Mortgages with overdue interest over 90 days not in process of foreclosure   $               unpaid taxes   $                  interest due and unpaid.
          4. Mortgages in process of foreclosure                                          $               unpaid taxes   $                  interest due and unpaid.
                                               ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                   SCHEDULE B - PART 2
                                                       Showing ALL Mortgage Loans SOLD, Transferred or Paid in Full During the Year
               1               Location                    4         5             6                 7                    8                     9               10               11                12               13
                         2                 3                                                                                                  Book
                                                                                     Book                                               Value/Recorded
                                                                               Value/Recorded                            Increase         Investment
                                                                                  Investment          Increase        (Decrease) by    Excluding Accrued                       Foreign                            Total
                                                          Loan      Date      Excluding Accrued     (Decrease) by   Foreign Exchange        Interest       Consideration   Exchange Profit   Realized Profit   Profit (Loss)
          Loan Number   City              State           Type     Acquired   Interest Prior Year    Adjustment        Adjustment        at Disposition     Received        (Loss)on Sale    (Loss) on Sale      on Sale
E05




      9999999 Totals
                                                                                                          ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                          SCHEDULE BA - PART 1
                                                                                                                           Showing Other Long-Term Invested Assets OWNED December 31 of Current Year
            1                       2                   3                      Location                     6               7        8          9         10           11        12             13            14             15           16           17                     18                19
                                                                          4                5                                                                        Additional
                                                                                                                                                                   Investment                                                         Increase
                                                                                                                                                                     During                              Book/Adjusted              (Decrease) by                         Commitment         Percentage
                                                                                                        Name of           NAIC     Date      Type                     Year                               Carrying Value  Increase      Foreign                                 for              use
         CUSIP                                                                                         Vendor or          Desig- Originally   and       Actual       Actual     Fair        Amount of         Less      (Decrease)    Exchange      Investment              Additional           of
      Identification      Name or Description          Code             City              State      General Partner      nation Acquired   Strategy     Cost         Cost     Value      Encumbrances   Encumbrances by Adjustment Adjustment        Income               Investment        Ownership
                       87>5 6 &96918 7 29 1 -5
                       -4& 1
       $! "L01>0!                                               >4264                &1221-@925662 7 65 18 6 1 2<5          <5                                    %                      %                             %                                     !        $
                       &56 4 48761 87<5 7 29 1 -5
                       -4& 1
       $"   !0150#                                              5A 4                  5A 4         7 65 18 6 1 2<5          <5                             #     %                      " !"                       #$ "#                                     %
                        5A 4 87<5 7 29 1 -5
        %"$ =0150#     -4& 1                                    5A 4                  5A 4         7 65 18 6 1 2<5          <5                                "%!                        #                            " $                                       !
       """"" 0 2          ; '            0 9' EE            )                                                                                             $$$ "%                       $ $ #%                     $$% " $                                    " !##
                       >51 2651 2 &5 -@1 6
                       >1 7 = 77

         $ H0#"0                                                5A 4                  5A 4         >51 2651 2                     ! !      $               $" !         %# %           "% "                       "% "                                 ! %        #%               " %                %
                       >51 2651 2 &5 -@1 6
                       >1 7 = 777
         $ H0#"0                                                5A 4                  5A 4         >51 2651 2                     # "                  # #$      "     "## $"         # ## #                     # ## #                                                            %!    "            " !
                       =48;&1 21-@2 :6 5L976
         $ "H0#"0       1 6 5 2@7                               5A 4                  5A 4         =48;&1 21-@2                   # %                     ##      "    !    !!$        #!    $!                   #!   $!                                                      !     $ %              $
                        5A2 7 = :5 69 52 77 8
         %$ H0#"0                                               1; 4                  5 2 8:1 71    5A2 7 = :5 69 52                  $                   $             $              !# $!                      !# $!                                                        % $                   ! "
         $ #H0#"0      29 <72@ &4 6=1=5 <9 ; 86;                5A 4                  5A 4         29 <72@ &4 6=1=5 86;           !        $                            !               !" $                       !" $     +% "   #" ,                  !"                                          %
                                                                                                   @1 6<4 ; 87<5
E06




                       -4& 1    4A 5; 87< 7 29 1 -5            @1 6<4 ;              -4 5-67-96    7 29 1 -5 -4& 1 752                                $               ! ! !$       $ $% $ %                   $ $% $ %
      ! """"" 0 1' 4        -       E 1      0 9' EE          )                                                                                           #"#         % %         #$    #                    #$    #        +% "   #" ,                $ #       "$           % %%% $




        3999999 - Total Unaffiliated                                                                                                                   # %$! %        % %         #     "!                   #     #   !    +% "   #" ,                $ #       !!"          % %%% $
        4099999 - Total Affiliated
        4199999 Totals                                                                                                                                 # %$! %        % %         #     "!                   #     #   !    +% "   #" ,                $ #       !!"          % %%% $
                                                                           ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                     SCHEDULE BA - PART 2
                                                                                     Showing Other Long-Term Invested Assets SOLD, Transferred or Paid in Full During the Year
            1                      2                   Location                    5                   6            7                 8                9                 10              11               12               13            14           15
                                                 3                 4                                          Book/Adjusted                                        Book/Adjusted
                                                                                                                 Carrying                          Increase        Carrying Value
                                                                                                     Date       Value Less        Increase      (Decrease) by           Less                        Foreign Exchange    Realized        Total
         CUSIP                                                            Name of Purchaser or     Originally Encumbrances,     (Decrease)    Foreign Exchange Encumbrances on      Consideration      Gain (Loss)     Gain (Loss)   Gain (Loss)   Investment
      Identification      Name or Description   City              State    Nature of Disposal      Acquired     Prior Year     by Adjustment      Adjustment          Disposal       Received          on Disposal     on Disposal   on Disposal     Income




                                                                                                           NONE
E07




       3999999 – Unaffiliated Totals
       4099999 – Affiliated Totals
       4199999 Totals
                                                                                                            ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                                     SCHEDULE D - PART 1
                                                                                                                                              Showing all Long-Term BONDS Owned December 31 of Current Year
              1                       2                          Codes          6              7                         Fair Value                 10                    11                          Change in Book Adjusted Carrying Value                                                                               Interest                                                         Dates
                                                         3       4     5                                        8                     9                                                     12                  13                 14                                       15           16               17                18                 19                     20               21               22
                                                                 F
                                                                 o
                                                                 r                                                                                                                                                                                    Current Year’s
                                                                 e                                                                                                                       Unrealized                                                    Other Than      Total Foreign
                                                                 i                                          Rate Used                                                                     Valuation        Current Year’s                              Temporary        Exchange                                                            Admitted   Gross Amt.
         CUSIP                                                   g   Bond     NAIC                          to Obtain                                                Book/Adjusted        Increase/        (Amortization)/                             Impairment       Change in                      Effective                          Amount Due & Rec. During
      Identification             Description             *       n   CHAR   Designation   Actual Cost       Fair Value         Fair Value        Par Value           Carrying Value      (Decrease)          Accretion                                 Recognized       B./A.C.V.      Rate of         Rate of           How Paid           Accrued       Year                       Acquired     Maturity
      !   !$"&0<20     <5;5 18 168 &6= 122                                       <5             #$% $              # #                # $ $            #                    #%" $ !                                       +% # ,                                                                 $             % %!                   ;                     $!!            # $                          $
      !   !$"&0 0      <5;5 18 168 &6= 122                                       <5                                                                                                                                                                                                        $ $                                        ;                       $                         %               $
      "    # 0; 0!     9 765; 261652 6 512 >;2                                                    #             $ $ !                " !               $$                     $ $ "                                       +                       ,                                          $                 % $"                 &                   $   !                    $                      $
      "    # 05@0      9 765; 261652 6 512 >;2                                                ! ! #            !% $               ! % " $              $$                 ! "# $                                      +                           ,                                          # $               % #                  <1                  $   #$                                          $
      "    # 05L0      9 765; 261652 6 512 >;2                                                  $   "           "                   $# !#!             ! $                  $                                             +                       ,                                            $               % #"                 <1              !         #                                     # $          !
      "    # 0!20"     9 765; 261652 6 512 62                                    <5                                                                                                                                                                                                        $ $                                        ;                 $       !                           ""#       !
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      "    # #0<>0     9 765; 261652 6 5129 0 67 2                                            !     #!             % !%           ! !               ! $ # !#              !    ! !                                            "               !                                              ! $                   #                14               # %               % !!                         % $
      "    # #0@=0#    9 765; 261652 6 5129    465                                                ! %                "              #$ "#"                                     #$                                                 +               ,                                        ! # $               ! #                  14              $ #                                 #             !
                       &4 6=1=5 =91 1 6 61 1 ; 842
      " ! M0110"       =4:5 &5 6                                                 <5          ! #% % $                            ! #% % $          ! #%       % $        ! #% % $                                                                                                                                                4 5
          """"" 0 6      > ') 0 9 2 = ( '/ ' 0 7     4       .   '                           $"      %                              !!! # "        $# $          !       $" $ !!!                                      +!      ",                                                                                                                           #!          # "!
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      ! # 60 50%       <@8&- -          =48; -12                                 <5                   "            $     !"             # %%"             $      !                 "$                                        + ,                                                                               %   ##            &4                       !#                                        !        !
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      ! #L20B<0        <@8&- -                                                   <5             # !            ""      "!           # %"              #                     # ! $                                            +%$,                                                                  #                             &4                     # !#               % %"                              !
E08




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                                                                                                                                                          !                   !# #"%                                              + ! ,                                                                        %   #!            &4                     ! $ "                  $#                   "        !
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      ! !#" 0 ;0       < &1 12206@ 9 8 = !                                       <5             %%$ %$!                %            %$ # $             % !$ !               %%$ %                                                 +% ,                                                                         $                 &4                       %                % "%                     "        !
      ! !" 80: 0#      < &1 12206@ 9 8 = !                                       <5                ! $             $       "            % %             ""  !                   ! %#                                               + !,                                                                        %   %$            &4                       $ "                  $#                            !
      ! !" 80A 0       < &1 12206@ 9 8 = !                                       <5                % "             $       "            $ !               ! #                   % "%                                               + ,                                                                         %   %$            &4                       %                  #!                              !
      ! !" 0$;0$       < &1 12206@ 9 7 6 $                                       <5             " % %                    $          "% $              "% $                  " % ! #                                                 "                                                      $                   $   %%            &4                     ! "                  #!$                               #
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      ! % 0! 0         < &1 12206@ 9 8 = !                                       <5             %# !                       %        %#" !"            %#" !!                %# !#$                                                                                                         $   $               $   #             &4                           %            % %#!                    #        !!
      ! % -0: 0$       < &1 12206@ 9 8 = !                                       <5             ! #$%          "                    % % $             %!! "%                !                                                              "                                               $                   $     %           &4                     $ "                  "%                              !%
      ! % 602 0%       < &1 12206@ 9 8 = !                                       <5             %"# !%$        "                    $ # %             $ $"                  %"# %                                                         %$                                               $                   $     #           &4                               "        % !!#                    "        !!
      ! % 0 0          < &1 12206@ 9 7 6 $                                       <5              % "             %#                   %$ $%!           % "%                   % "                                                                                                          $   $               $   !             &4                               "              #                  "          #
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      ! % % 02 0       < &1 12206@ 9 8 = !                                       <5              $$ $          " #                    $ #!"            $# ##                  $$ $#                                                      #                                                 $                   $                 &4                         %                %#$                    %        !%
      ! % % 0 @0"      < &1 12206@ 9 8 = !                                       <5             !!% $!         " #                  !%       "        !%" #                 !!% $ #                                                   $ "                                                  $                   $                 &4                       %$                 " $                    %        !%
      ! % %20=;0       < &1 12206@ 9 8 = !                                       <5                " %         " #                    #! $%$           "" "                     " ! $                                                 !#                                                   $                   $   "             &4                       "                $ #!                     %        !%
      ! % 0 0"         < &1 12206@ 9 8 = !                                       <5              " #""              $                 "      #         "      !               " "                                                                                                          $   $               $   #             &4                       % %                #%"                             !$
      ! % -0;$0!       < &1 12206@ 9 8 = !                                       <5              ## "#         "                    !!# $             !"$ $%                  #"                                                      "!                                                   $                   $   #             &4                     " "#               " " !                    #        !$
      ! % #>0<20       < &1 12206@ 9 8 = !                                       <5                   %        "" "!"                     $                   !                    %                                                 #                                                     $   $               $   #"            &4                       %                  "%                              !$
      ! % "-0A 0       < &1 12206@ 9 8 = !                                       <5              % !           "" "!"                   $ !#              % %                 % "%                                                   %                                                     $   $               $     "           &4                     # %                    #%                            !
      ! % "A06&0!      < &1 12206@ 9 ! 51                                        <5             # % "$!           $ "               "                 # #!                  # % "!!                                                + #,                                                                        $   ##            &4                     " !$"              # #                      %        !
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                                                                                                                                    ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                                                                     SCHEDULE D - PART 1
                                                                                                                                                                       Showing all Long-Term BONDS Owned December 31 of Current Year
                    1                            2                           Codes               6                7                           Fair Value                             10                        11                            Change in Book Adjusted Carrying Value                                                                Interest                                                              Dates
                                                                     3       4     5                                                    8                  9                                                                       12                  13                 14                  15           16                   17                  18                 19                 20                     21                   22
                                                                             F
                                                                             o
                                                                             r                                                                                                                                                                                          Current Year’s
                                                                             e                                                                                                                                                  Unrealized                               Other Than      Total Foreign
                                                                             i                                                      Rate Used                                                                                    Valuation        Current Year’s         Temporary        Exchange                                                                  Admitted   Gross Amt.
           CUSIP                                                             g   Bond          NAIC                                 to Obtain                                                           Book/Adjusted            Increase/        (Amortization)/        Impairment       Change in                          Effective                            Amount Due & Rec. During
        Identification                   Description                 *       n   CHAR        Designation   Actual Cost              Fair Value        Fair Value            Par Value                   Carrying Value          (Decrease)          Accretion            Recognized       B./A.C.V.      Rate of             Rate of             How Paid           Accrued       Year                         Acquired           Maturity
        !       % 06 0%       <   &1 12206@ 9    8 = !                                            <5               "!         %#          $ "              "%"      # #                "!$      "                "!       !"                                     + #,                                                                $   ##              &4                  %                  "     !$                                   !
        !       % -0@L0       <   &1 12206@ 9    8 = !                                            <5               "%%          $         $ "              "          !                "%           %            "%!     "#"                                     + ,                                                                 $   #               &4                  "        %         "     % #                                  !
        !       % 08%0!       <   &1 12206@ 9                                                     <5             % %!         #        "" ##             % !%       "                % %                       % %!                                                !                                         $ $                     $   #               &4                                   %!      %$                          !        !
        !       % 80 20       <   &1 12206@ 9                                                     <5             ! !"        %         "" ##             ! %$#      $ !              ! %       % %             ! !"      $ %                                                                                 $ $                     $   #               &4                  $ # "            !         !"                        !        !
        !       % A01 0       <   &1 12206@ 9    8 = !                                            <5             ! %         $ !       " $ %             ! $%       "!               ! "       " %             ! %       #%                                                                                  $                       $   #               &4                  $ $              !         $                         %        !
        !          >08 0      =   &1 12206@ 9    27 =85 <                                         <5               %!        " $          $ $              %%$        "%               %!%      $$               %!      " !                                    +" ,                                                                 $                   &4                                     %     !%                          " $      !
        !          &0L;0      =   &1 12206@ 9    27 =85 <                                         <5                 $       !!%        !                    $      "$                   $                         $     !!                                      +$,                                             $                   $    %              &4                                           $%!                           $      !
        !          >01:0      =   &1 12206@ 9    27 =85 <                                         <5                   %                                       %    "!!                    !   %"$                   %      %                                   + ,                                                                  %    %              &4                       !                       %                         $          #
        !           0 20      =   &1 12206@ 9    27 =85 <                                         <5                   "     %!                                "    #                      #    #                    "   %!                                      + ,                                                                 %    !              &4                          %                ! #                         % $          #
        !           0 >0!     =   &1 12206@ 9    27 =85 <                                         <5                 $%                                      $$     !$%                  $                         $%       #                                   + ,                                                                  %    !              &4                      ! %                      "                       % $          #
        !           0 0$      =   &1 12206@ 9    27 =85 <                                         <5                 %$      #$                              %      % $                  %!     %                  %$    #$                                     + %,                                                                 %    !              &4                        $$                 $                           % $          #
        !          90L50      =   &1 12206@ 9    27 =85 <                                         <5                   %     #                                 $      %                    %  "                      %   #                                       +!,                                                                 %    %              &4                        #!                     $                       $ $          #
        !          A0%;0!     =   &1 12206@ 9    27 =85 <                                         <5                 #"        ""                            "      ! %                  #$   %                    #"      "$                                   + %,                                                                 %    %              &4                      %"                   ""!                         $ $          #
        !         #=0@ 0      =   &1 12206@ 9    27 =85 <                                         <5                         #%%                                        "                  !  $                          #%                                     +! ,                                                                 %    %              &4                      !                      %%                          $          #
        !         #60% 0      =   &1 12206@ 9    27 =85 <                                         <5                                                                "                       !%#                             %                                    +#,                                                                 %    %              &4                        $%                 !                           $ $          #
        !         #:0B60$     =   &1 12206@ 9    27 =85 <                                         <5                   "%                                      "$   #"$                   " ! !                     "%                                          + ,                                                                  %    !              &4                      $                      $%                          $          #
        !         #A0> 0"     =   &1 12206@ 9    27 =85 <                                         <5                   #! "!#           ! "                    #      "                                             #! " "                                     +!"!,                                             $                   $    !              &4                      %""                  ""#                         $ $          #
        !         #A0;<0      =   &1 12206@ 9    27 =85 <                                         <5                   %                                       %      "                  !" $#                      %     "                                      +",                                                                 %    %              &4                        !                  % %                           $          #
        !         "50 L0      =   &1 12206@ 9    27 =85 <                                         <5                         #%                                       !$                    $ "                          #!                                      +!,                                                                 %    !              &4                                             !$                        ! $          #
        !         " 0 -0      =   &1 12206@ 9    27 =85 <                                         <5                          #                                     $$                   $# "%                            $                                     + !,                                                                 %    %              &4                      !%%                    ##                        $ $          #
E08.1




        !         "L0 A0      =   &1 12206@ 9    27 =85 <                                         <5                     $ "            # !                     $     #                   % "!                        $ "                                       + ,                                          #                       %   "#              &4                       !                       %                         $          "
        !          10&60      =   &1 12206@ 9    27 =85 <                                         <5                     $ !            ! "                           "!                  " #!"                       $ ! "                                     +! ,                                             $                   $    !              &4                       !                       !                       # $          #
        !          10 !0$     =   &1 12206@ 9    27 =85 <                                         <5                   !! $%            ! "                    !                            $"$                     !! $!"                                      + #,                                             $                   $    !              &4                       !!                  %                           " $          #
        !          10260$     =   &1 12206@ 9    27 =85 <                                         <5                   % "#             ! "                    %#     $                  %! !$                      % "                                        + " ,                                             $                   $    !              &4                                           $$                            $          #
        !          10 B0$     =   &1 12206@ 9    27 =85 <                                         <5                     %                $                           !                        !                      % "                                       +$ ,                                                                 $                   &4                                                                         $          #
        !           0660      =   &1 12206@ 9    27 =85 <                                         <5                                    # !                         % "                   # ##                                                                   + ,                                         #                       %   "#              &4                                            $                            $          "
        !          20 =0      =   &1 12206@ 9    27 =85 <                                         <5                      %$            # !                                                  %                        %$                                         + ,                                         #                       %   "#              &4                                                                         $          "
        !          60220%     =   &1 12206@ 9    27 =85 <                                         <5                  $ ##              ! #                 $# "$                        $! %                     $ # $                                         + #,                                           $                     $   !#              &4                    # "                   $#                             $      !
        !          A0&$0!     =   &1 12206@ 9    27 =85 <                                         <5                     %!#            ! #                      %                        "                          %!                                         + ,                                            $                     $   !#              &4                    ! #                   $$                           # $      !
        !         !-0B$0      =   &1 12206@ 9    27 =85 <                                         <5                 % # $$                                % $                         % % "                     % #                                             !                                           $ $                     $                   &4                    "%$                ! ##"                             $      !$
        !         !508"0$     =   &1 12206@ 9    27 =85 <                                         <5                 ! %"%                   !             ! $ ##!                     ! $$%                     ! %"                                           +"$,                                                                 $   !%              &4                    $##                !                                 $      !
        !         $10! 0%     =   &1 12206@ 9     8167 9&                                         <5                  $                 ! # $               $# "                         $ !                      $     #                                       +! ,                                             $                   $                   &4                    ! %                    #                           $ $        #
        !         $>0-#0"     =   &1 12206@ 9     8167 9&                                         <5                     ! #               !                                             $ $%!                       ! $                                       + ,                                                                   %       %           &4                    !!                                                   $        #
        !         $>0& 0      =   &1 12206@ 9     8167 9&                                         <5                                                           # #                        " $                                                                   + ,                                                                  %                   &4                       $                        "                        $        #
        !        % 0< 0%      =   &1 12206@ 9     8167 9&                                         <5                                    ! % %               # !!                         ! "                             $!                                   + %",                                            $                     $   #"              &4                  # #!%                         "                        $      !$
        !        % 0@#0%      =   &1 12206@ 9     8167 9&                                         <5                 % $ $"                !               % % !                       %     "                   % $ #                                                                                       $ $                     $                   &4                    "!                 ! #                               $      !
        !        " 01 0#      =   &1 12206@ 9    27 =85 <                                         <5                 $%$ %##              %#!              $$% #                       $% %                      $%$ %#!                                         + $,                                                                $   $"              &4                                       $ % %                             $      !%
                  """"" 0 6       > ') 0 9 2 =   ( '/ ' 0 2 '.   -       &    . . 0> 3 ) 1     0> 3 )
                              2                                                                                  $ "      %"                            $ " " !                  $      !# !                   $ "       $                                    " # "                                                                                                         %$            %# ! "
              !""""" 0 6        0 9 2 = ( '/ ' > ')                                                          #        !" !#"                           # ! % #%              #         !$! %               #      !!     #%"                                                                                                                                            %        #%%       "" $"
              # %0= 0         181&5;1 -187< 9 7 2-@ ;72                                           <5                 %$ "              !$     %                 $                                                $!$     %"#                                   # #                                                                   $ %#                4    5                                                      %        %   #            "
            % !"0L20          1 1 212 26                                                          <5                     %%            #$   #$%             % !$                          $                       "      !                                       %$#                                                                 $ $$                4    5                                                          ""
            " $$ 0@>0         >487 => 44 788                                                      <5                  %% !             $!   "              #! $%%                         "$                      #!     $                                     # #                                                                      #                4    5                                                          ""                    "
            " $$ 0@-0         >487 => 44 788                                                      <5                  $! ""%           $    ##%            "" %                           "$                      ""       %                                   $ "                                                                      #                4    5                                                          ""
                              -1> 7884 -187<4 71 -4&&9 76
                  "0& 0%      -4885=5                                                             <5                 #%                !!                  #% $#                     # $#                        "!" %                                        " %$                                                                   %     "             4 5                                                    ! #               #            #
            !     %0 -0%      -187<4 71 26                                                        <5                 $       $"         %         #        $                           $                         $ " $                                        + $ ,                                          $   $                   $   !#               14                          $       # $               "                              "
            !     #02 0       -187<4 71 26                                                        <5                 $                      "#             $ " " $                     $                         $                                                                                           $   %                   $   !"                 ;                    $                                $ ""                         $
            !      0!80"      -187<4 71 26 <4     5:749                                           <5             $     $%    $                    #      $ !$ %                      $                         $ " !$                                         +$ ! %,                                        $                       %   #                14                   $              $
            !      0@ 0%      -187<4 71 26                                                        <5                 $ #     "          % $                       $                    $                         $%# %                                        + ! !,                                         $       $               %   #$               <1                $% ##             !        $                      !   #            !
            !      0 %0!      -187<4 71 26                                                        <5             %       !   !%               "          %        #                  %                         %     #"                                         +!%!,                                        $                       %   "#                 ;                                                        $                         %
            !      0810#      -187<4 71 26                                                        <5             $     %                 # "             $ !% %$                     $                         $ ! "                                          +% % ,                                         $   $                   $   !                &                 %$ #!!                $              !            !                !
            !      0 0        -187<4 71 26                                                        <5                   $
                                                                                                                       "                    %              ! %                         !                           " "!                                                                                      $                       $                    <1                    #!                $                           %
            !      0 0        -187<4 71 26                                                        <5             $     #$!                 %$            $ ! $                       $                         $ % #!                                         +$ " ,                                         $           $           %   "                <1                               $ $                                %                %
            !      0 60!      -187<4 71 26                                                        <5             "       $              " %              " " " ! %                   "                         " % #                                             " %                                         $                       $       !            <1             #" $#!           %$$                                 %                "
            !      0 90       -187<4 71 26                                                        <5             % "! %"                " %              $      #%                   ! "                       % " $ "                                       +! # %,                                         $                       !                    <1             #" $#!                                                                %
            !      0 >0"      -187<4 71 26                                                        <5             % %# " #                "               %                           ! #                       % !"     $                                    +$# % $,                                        $                       %       !            &2            !"                    "                      "            !
            !      0 !0       -187<4 71 26                                                        <5                %#                   ""%                 "" %                                                    !                                       + % ",                                          $                       %       "            &2                              $                                   $   !
                                                                                                               ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                                            SCHEDULE D - PART 1
                                                                                                                                                     Showing all Long-Term BONDS Owned December 31 of Current Year
               1                        2                  Codes          6             7                                   Fair Value                      10                11                             Change in Book Adjusted Carrying Value                                                                    Interest                                                                  Dates
                                                       3   4     5                                                 8                     9                                                         12                  13                 14                      15           16                   17                  18                   19                20                        21                  22
                                                           F
                                                           o
                                                           r                                                                                                                                                                                Current Year’s
                                                           e                                                                                                                                    Unrealized                                   Other Than      Total Foreign
                                                           i                                                   Rate Used                                                                         Valuation        Current Year’s             Temporary        Exchange                                                                    Admitted   Gross Amt.
           CUSIP                                           g   Bond     NAIC                                   to Obtain                                                 Book/Adjusted           Increase/        (Amortization)/            Impairment       Change in                          Effective                              Amount Due & Rec. During
        Identification             Description         *   n   CHAR   Designation   Actual Cost                Fair Value         Fair Value             Par Value       Carrying Value         (Decrease)          Accretion                Recognized       B./A.C.V.      Rate of             Rate of             How Paid             Accrued       Year                        Acquired           Maturity
         !     08>0      -187<4 71 26                                      <5             %$!                            #                       #                              !$ ##                                        +!" #%",                                            $                       %   %!                 ;                 %            $                             "     $                  $
         !     08-0      -187<4 71 26                                      <5              #"                        "                       "                                   $%                                          +    % ,                                            $                       %     $                ;                 %            $                                   $                  $
         ! 60!-0         -187<4 71 26165                                   <5              $ $                       #$                          $                               $# $                                               "                                            $ $                     $   %"               <1                   ! $              # %              ! $
         ! 60!&0%        -187<4 71 26165                                   <5           % $ ""                     ! "#              % "#"       "%!        % #%              %     $                                            ""                                              $ $                     $   !#               <1                   $ # $           $%                ! $                              "
         ! 60 L0         -187<4 71 26165                                   <5           %                         "# %"!             % %!          #$       % $               % $" "!%                                         +      ,                                          % $                     %   %                &2                       $            ! $                $                 "
         ! !10- 0!       -187<4 71 26165                                   <5             !"$ $                        %                 %#      %                              !# % !                                         + # ,                                             $                       %     %                ;                 #! !!!       $
         ! !10 @0#       -187<4 71 26165                                   <5                                                          !!        !"%                                                                                                                             $                       $                    &                                                              #                    !
         ! !10 0         -187<4 71 26 <4     5:749                         <5           !    $"        %                             !           "#         !                 !     $# !!                                         + ",                                           $                       %       $            &                       $
         $ 60; 0         -@1>460812 427612 -187<4 71                       <5           %   "$"        "          !         %!       $ $         !          ! !$              $     $       #                                  $ $##                                                                     %   "               4 5                                                             #           #
         $ 60;60$        -@1>460812 427612 -187<4 71                       <5           %      $       %                  "          % #         $ "        $ "               %   $ " !                                         #                                                                        $                   4 5                                                             #           #        !
            %#%0 60      -@7-1=4 788                                       <5           $    !     !                      #          $ %                    $                 $     $ "                                      + ! !,                                              $                       %   %                                        $         $                            %     %                  %
            %#%0 0%      -@7-1=4 788                                       <5           $    !$        $              !   !%         $                      $                 $           !                                    +! # ,                                            $                       %   "                                        $         $                        !         !                  %
            %#$0 >0      -@7-1=4 7887 472                                  <5                %             %          #       %        # " $                    $                       $                                      +# %,                                             $                       %   !%                                   %       $     #! $                 "             $                  %
            %#$0 80%     -@7-1=4 7887 472                                  <5               !$                        !   $$           !% " !                 !!$                 !% $                                         + $$,                                             $                       %   !%                                       # ! $           $              "             $                  %
            %#$0<<0!     -@7-1=4 788                                       <5                       %                       !                $                  $                     $ ##                                        + ! ,                                          $   $                   $     $                                      ! !           ! $
            %#$0<@0"     -@7-1=4 788                                       <5           %          " $                      !        % !                    % $               %     !! !!                                      +# %% ,                                           $   $                   $     $                                        ###       $ $
             $%0>=0#     -7 -7 167 4@74 5-4 4&7-                           <5                                             !                                                               $#                                        +%,                                          %   "#                  %   "%                 &                                 % "#
         # #% 0::0%      -81 - 6 5:                                        <5           ! $                $              " $        !      ! $             ! $               !   $ % !$$                                      + $ %,                                            $                       %   "                      ;              % $#!          $                  # !           %
         # #% 0A$0       -81 -49 6 5:1;1                                   <5             #                           $   #"#        ! !"       !             #                   #$ $$                                         % $"                                             $                       $                          ;                "$#        %! $                 # %
         # #% 0A 0#      -81 -49 6 5:1;1                                   <5               "      !"                       #             $ "                       !                       "                                       !                                            $                       $                          ;              # # $            $                # %                          !
E08.2




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              <0B-0      -4 5-67-9 26 25 1                                 <5           % ! $      %$$                    " $        % !    " !             %    $            %             !                                +!       !,                                         $   ! $                 %   %                14                  %$ "$               ##             % $                 % $
           ! #$0110"     -44 - 6 788                                       <5           ! # !                                        ! ##   !%              !    $$           !     $ !%%                                    + ! ",                                              $     $                 %                    &                    ! "!$        # ! "                    !         !     $ $
           ! #$01>0      -44 - 6 788                                       <5             %            !#                 %$"          ! #      %               !%$               !# #                                         +" # ,                                            $     $                 %                    &                    # # #          # "!                   !         !     $ $
         !% #$0=@0       ;18812 - 6 65 -& 6 -48                            <5           $ !        "                  %       !      $ $$     %$            %   " $           %   "## "                                      + ! ",                                              $                       %       $            <1                  "! #          % $                  # #           %       $
         !$ ! 0 90$      ;18812 <4 6 A4 6@ 65 7 6                          <5           " %        %%!                      "%       " !%%  $$              "    !$           "       #                                      +      ! ,                                          $       $               $                    &                    " "!        % " $##                   $         %                  %
             $ 0 0       ;9 1=5 - 6 788 <26 52                             <5                        $#               %       %             #$$             !    !$               "!% #                                        #% !!                                                                     %   $               4 5                                                         $         $                  #
           !!#"0=20"     5126 81 27 = &7-@ 2-@ ;72                         <5               $        #                %   !$!            %! $!                                      !# %                                       +% ! ,                                            $                       %   !#               &                     # !!!          $                 ! %           $     $            $
        !% % 0: 0        <84 7;1 26 > ; 5; -1 496                          <5           % #%$      "                  !   $          $ $ $$                 $                 %   #       !                                     % %                                              $                       $                      ;                     #!!          $                                                  $
        !% % 0> 0"       <84 7;1 26 > ; 5; -1 496                          <5               "      " "                "     !             " $$%             $ "               $   "       !"                                 +%$ "$,                                             $   $                   %   %                  ;                        "     !           "$
        !%     0880      <4 6 >5 ; -49 6 65 12                             <5                 "    "                      #                   %                                       " !                                         + ,                                            %       $               %                    &2                  % $                                                    !
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                         @5    -49 6 =54 =71 2-@448
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        %$    0%>0       7887 472 26 21852 61 5:                           <5              ! !                     ! !                   !##%#                  %               $        #                                   +    %",                                            $                       %   $%                 ;                  %           !                     %             %       $          %
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                                                                                                                   ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                                           SCHEDULE D - PART 1
                                                                                                                                                   Showing all Long-Term BONDS Owned December 31 of Current Year
                1                        2                       Codes          6             7                                Fair Value                  10                   11                            Change in Book Adjusted Carrying Value                                                                    Interest                                                                 Dates
                                                             3   4     5                                               8                    9                                                       12                  13                 14                      15           16                   17                  18                19                 20                           21                22
                                                                 F
                                                                 o
                                                                 r                                                                                                                                                                           Current Year’s
                                                                 e                                                                                                                               Unrealized                                   Other Than      Total Foreign
                                                                 i                                                 Rate Used                                                                      Valuation        Current Year’s             Temporary        Exchange                                                                 Admitted   Gross Amt.
           CUSIP                                                 g   Bond     NAIC                                 to Obtain                                               Book/Adjusted          Increase/        (Amortization)/            Impairment       Change in                          Effective                           Amount Due & Rec. During
        Identification             Description               *   n   CHAR   Designation   Actual Cost              Fair Value        Fair Value         Par Value          Carrying Value        (Decrease)          Accretion                Recognized       B./A.C.V.      Rate of             Rate of             How Paid          Accrued       Year                            Acquired         Maturity
        $ $# 0 :0#       &1221-@925662 26                                        <5           $ $                      " %              $ %                $                    $ #$        #                                 +$     ! ,                                          $ $                     %                                     ! $                   $                                            !
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E08.3




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                                                                                                                       ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                                                      SCHEDULE D - PART 1
                                                                                                                                                               Showing all Long-Term BONDS Owned December 31 of Current Year
              1                          2                       Codes           6               7                                    Fair Value                      10                   11                         Change in Book Adjusted Carrying Value                                                                    Interest                                                                     Dates
                                                             3   4     5                                                   8                       9                                                        12                  13                 14                          15           16               17                  18                   19                  20                            21                22
                                                                 F
                                                                 o
                                                                 r                                                                                                                                                                                       Current Year’s
                                                                 e                                                                                                                                       Unrealized                                       Other Than      Total Foreign
                                                                 i                                                     Rate Used                                                                          Valuation        Current Year’s                 Temporary        Exchange                                                                Admitted   Gross Amt.
           CUSIP                                                 g   Bond      NAIC                                    to Obtain                                                      Book/Adjusted       Increase/        (Amortization)/                Impairment       Change in                      Effective                              Amount Due & Rec. During
        Identification              Description              *   n   CHAR    Designation   Actual Cost                 Fair Value             Fair Value           Par Value          Carrying Value     (Decrease)          Accretion                    Recognized       B./A.C.V.      Rate of         Rate of             How Paid             Accrued       Year                              Acquired           Maturity
        "!" %10520"      A12@7 =64 26                                                <5              !"! !                    %   $                  %$                                        ! "!                                   +%%           #,                                        $                   %   %                                    $               $
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E08.4




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                                                                                                                     ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                                               SCHEDULE D - PART 1
                                                                                                                                                         Showing all Long-Term BONDS Owned December 31 of Current Year
              1                         2                         Codes           6             7                                   Fair Value                 10                   11                                  Change in Book Adjusted Carrying Value                                                                   Interest                                                            Dates
                                                             3    4     5                                                8                       9                                                            12                  13                 14                     15           16                   17                  18                19                    20                    21                22
                                                                  F
                                                                  o
                                                                  r                                                                                                                                                                                   Current Year’s
                                                                  e                                                                                                                                        Unrealized                                  Other Than      Total Foreign
                                                                  i                                                  Rate Used                                                                              Valuation        Current Year’s            Temporary        Exchange                                                                 Admitted   Gross Amt.
           CUSIP                                                  g   Bond      NAIC                                 to Obtain                                                 Book/Adjusted                Increase/        (Amortization)/           Impairment       Change in                          Effective                           Amount Due & Rec. During
        Identification             Description               *    n   CHAR    Designation   Actual Cost              Fair Value           Fair Value        Par Value          Carrying Value              (Decrease)          Accretion               Recognized       B./A.C.V.      Rate of             Rate of             How Paid          Accrued       Year                        Acquired           Maturity
        $"% "$0B>0       &7-@7=1 26 6 9 87 5                                       <5           %       $$                  %       #        $     $ %         $                    % # " " #                                                  "!                                          $ $                     $ "!                   &              %$ #!!                $            $                              #
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E08.5




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                                                                                                                        ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                                                SCHEDULE D - PART 1
                                                                                                                                                        Showing all Long-Term BONDS Owned December 31 of Current Year
                    1                      2                         Codes          6             7                              Fair Value                     10                11                                   Change in Book Adjusted Carrying Value                                                                     Interest                                                                    Dates
                                                                3    4     5                                                8                 9                                                              12                  13                 14                       15           16                   17                  18                   19               20                           21                  22
                                                                     F
                                                                     o
                                                                     r                                                                                                                                                                                 Current Year’s
                                                                     e                                                                                                                                    Unrealized                                    Other Than      Total Foreign
                                                                     i                                                  Rate Used                                                                          Valuation        Current Year’s              Temporary        Exchange                                                                    Admitted   Gross Amt.
           CUSIP                                                     g   Bond     NAIC                                  to Obtain                                            Book/Adjusted                 Increase/        (Amortization)/             Impairment       Change in                          Effective                              Amount Due & Rec. During
        Identification               Description                *    n   CHAR   Designation   Actual Cost               Fair Value     Fair Value            Par Value       Carrying Value               (Decrease)          Accretion                 Recognized       B./A.C.V.      Rate of             Rate of             How Paid             Accrued       Year                          Acquired           Maturity
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E08.6




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        %!# #"0<>0         @4 48989 @1A177 -76 ? -                                   <5           !        % #                !%          !        !#           !                 ! % "                                                     +!#!,                                           % $                     %       !                                    $        %                  $
                           @4 48989 @1A177 -76 ? - 6
        %!# 0-80           A1265A6                                                   <5               "     $                   %%#               # "                               "             "!                                     # !!                                               $ $                     $ %                                      $      $                $                    !
        %% !%#0 !0         @49264 6 1 6 2 2 5:                                       <5                                     $                 $                                             " %                                        + $ !#$,                                             $ $                     $                                         $          $$
        %% !$ 0150         @49264 65 12 1 51 A6 -4 -                                 <5               " #                   % ""              "     # #             #               #             !#                                   + " " $,                                             $ $                     %                      &2                !! !                                 % !                 !
                                                                                                                   ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                                            SCHEDULE D - PART 1
                                                                                                                                                    Showing all Long-Term BONDS Owned December 31 of Current Year
              1                          2                       Codes          6             7                             Fair Value                      10                   11                               Change in Book Adjusted Carrying Value                                                                  Interest                                                                      Dates
                                                            3    4     5                                               8                 9                                                            12                    13                 14                        15           16               17                  18                   19                       20                        21               22
                                                                 F
                                                                 o
                                                                 r                                                                                                                                                                                 Current Year’s
                                                                 e                                                                                                                                 Unrealized                                       Other Than      Total Foreign
                                                                 i                                                 Rate Used                                                                        Valuation          Current Year’s               Temporary        Exchange                                                                Admitted   Gross Amt.
           CUSIP                                                 g   Bond     NAIC                                 to Obtain                                                Book/Adjusted           Increase/          (Amortization)/              Impairment       Change in                      Effective                              Amount Due & Rec. During
        Identification              Description             *    n   CHAR   Designation   Actual Cost              Fair Value     Fair Value             Par Value          Carrying Value         (Decrease)            Accretion                  Recognized       B./A.C.V.      Rate of         Rate of             How Paid             Accrued       Year                               Acquired        Maturity
        %% !$ 01 0"      @49264 65 12 1 51 A6 -4 -                               <5             $#       %             #               !                        %                  %"      #!                                     +       $ %,                                          $ $                 %     %              &2                  %% !                    !!                % !              !
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        %% % 0 $0        @49264 65 7 ; 6 2-@ ;72                                 <5                #   "#             # !##                 %                   !                    $#    ! #                                              #                                                               %   #$              4 5                                                                     """       $          "
        %% % 0 "0#       @49264 65 7 ; 6 2-@ ;72                                 <5             %!     "                                                                             "     !$"                                     !%     "                                                                 $     $             4 5                                                                     """       $          "
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        %% %! 0$90       @49264 65 A6 ? 2A 2 2                                   <5               %                         %              $     % !             $                   $## "                                         !        %                                                               $   $               4 5                                                              !                           "
        %$ ###0-50"      7887 472 ;5: <7 196@ 48                                %<5               ! %         !$                       !           !          !                      !       !                  $ "                       +"#,                                          $                   $                    <1                          %                                   % ""           # $
        %$    0 0        7887 472 5;8 <1-2 196@ 5                                <5                 %$                     "           #           !             $                       # %                                          +     # ,                                         $ $                 %   "                                                    "       % %!#             #      !                      !
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        %$ 80#80!        7887 472 @5186@ <1-2 196@                               <5                 %                      #               "                                           $% $%                                                #%                                          $ ! $               $    %                                      "%                   % !##             "   """
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        %$    0 0        7887 472 26 21852 61 5:                                 <5                 %$    $            $ !                                                               % !$$                                    +           ",                                        $       $           %                      ;                     %                    $                  $    $             $        !
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E08.7




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                          51 <84 7;1 26 4@ 2 7:5 4A5
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                                                                                                                  ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                                              SCHEDULE D - PART 1
                                                                                                                                                      Showing all Long-Term BONDS Owned December 31 of Current Year
               1                         2                        Codes          6             7                              Fair Value                      10                   11                                 Change in Book Adjusted Carrying Value                                                                        Interest                                                                Dates
                                                              3   4     5                                             8                    9                                                                12                  13                 14                          15           16                   17                  18                 19                   20                     21                  22
                                                                  F
                                                                  o
                                                                  r                                                                                                                                                                                      Current Year’s
                                                                  e                                                                                                                                      Unrealized                                       Other Than      Total Foreign
                                                                  i                                               Rate Used                                                                               Valuation        Current Year’s                 Temporary        Exchange                                                                  Admitted   Gross Amt.
           CUSIP                                                  g   Bond     NAIC                               to Obtain                                                   Book/Adjusted               Increase/        (Amortization)/                Impairment       Change in                          Effective                            Amount Due & Rec. During
        Identification              Description               *   n   CHAR   Designation   Actual Cost            Fair Value          Fair Value           Par Value          Carrying Value             (Decrease)          Accretion                    Recognized       B./A.C.V.      Rate of             Rate of             How Paid           Accrued       Year                        Acquired         Maturity
        $ $$ 0< 0        &1221-@925662 >1 6 1 2                                   <5               " %                   $               ! !          "       !                    !            #                                         #%!                                                 $    $                          $                              # "$                 $ "           #
        $ $$ 0 =0        &1221-@925662 >1 6 1 2 4 61674                           <5               % $#                  $                 $ $      $#$           $                    %" #%                                              !%                                                  $    $                          $                               ! $                      $        #
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E08.8




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              #0> 0"     &4 4 =1871 - 6 A :1 >8;=                                 <5           !       !   #         " ! "               !     ! #            ! $                  !       $   !%#                                            #                                               $                       $     #                                # $                 $              $                               !
            $"#0;;0!     &4 45 - 6 7 ; @42 196@                                   <5               ""%     #!              "                     "                                     ""#      !#                                            !"%                                             $                       $     $                &                 #              $                     $ ""            $
           ! % 0@L0#     &4 6=4&5 181 >&- 2 8 -1                                  <5           !       $     !!          %"%               " %$                 " $                    "%       $"                                    + !     " ,                                             $       $               %     #                &                 " %##          $ $ !             "                           $       #
           ! % 0 ;0$     &4 6=4&5 181 >&- 2 8 -1                                  <5               %#"     %             % $               %# $#                %                      %        $                                       +          ,                                          $       $               %     #                &                 ! $!             % $             "                           $       #
         !     01<0       1 1=1 2566 7 >1 -4&&                                    <5           %   % !     % !         !                 % ! $"$              % !                  %   ! #      "                                     +           #,                                          $                       %   %$                 <1              ## $                $              "        $          #               $
         ! &0->0!         12219 - 6      64>1--4 2                                <5           "     "!    !         "                   "                                         "     "                                                    !#                                              $           $           $   !                    ;             %      #        $ $                ! !                             %
         !" #!0$ 0!       5> 12 1 9>87- 4A5 ;726 7-6                              <5                 %$      %                              ! $                           $              !         $                                  + !     $" ,                                            $       $               !   !$                                   % "$                                                              #
         %$" 02$0         5A 5 25 5-4 4&7- ;5: 1                                  <5               " !               "# #""                " "#                                        " $         ##                                           #                                             $       $               $   #"                  ;                $                  $                         %               $    "
         %$" 02 0!        5A 5 25 5-4 4&7- ;5: 1                                  <5           !   "#                " # $               ! " $                %                    !   "#      $                                              !                                               $       $               $     #                 ;                                !                        #   %               $   !%
         %$" #0>50        5A 5 25 5-4 4&7- ;5: 1                                  <5               "        !         % " #                ##                         $                #             %                                + %          ,                                          $           $           %   %                  &2              % " "             % "!#            "           $       !            $
         %$" #0-B0%       5A 5 25 5-4 4&7- ;5: 1                                  <5           !     $$     !         ! #                !     #%             !                    !     %$    %                                       +%     # ,                                             $                       %                      &2              $                 $                            $       "            $
         % $50 50         5A 5 25 26 5;8 <1-2 19                                  <5           !     !     $#"            !              !     !              ! $$                 !     $     !%                                               $!                                            $                       $                       ;                ! #!%                $           "                                "
         % !!0--0         5A 5 25 6 1                                                          $     $      $$        $                  $ $ !                $                    $       %     "                                    +!$         %,                                                      $           $   !                  &2              "     %         !    $             "                   " $          "
                                                                                                                     ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                                                 SCHEDULE D - PART 1
                                                                                                                                                         Showing all Long-Term BONDS Owned December 31 of Current Year
               1                         2                        Codes          6             7                              Fair Value                         10                11                             Change in Book Adjusted Carrying Value                                                                    Interest                                                                Dates
                                                              3   4     5                                                8                 9                                                            12                  13                 14                      15           16                   17                  18                   19                    20                     21               22
                                                                  F
                                                                  o
                                                                  r                                                                                                                                                                              Current Year’s
                                                                  e                                                                                                                                  Unrealized                                   Other Than      Total Foreign
                                                                  i                                                  Rate Used                                                                        Valuation        Current Year’s             Temporary        Exchange                                                                    Admitted   Gross Amt.
           CUSIP                                                  g   Bond     NAIC                                  to Obtain                                                Book/Adjusted           Increase/        (Amortization)/            Impairment       Change in                          Effective                              Amount Due & Rec. During
        Identification              Description               *   n   CHAR   Designation   Actual Cost               Fair Value       Fair Value              Par Value       Carrying Value         (Decrease)          Accretion                Recognized       B./A.C.V.      Rate of             Rate of             How Paid             Accrued       Year                         Acquired      Maturity
        %    !$0 10$      5A 5 25 26 6 1 2 6 <                                    <5           $ "#                          # $         $ %             $       $                 $ % %!$                                        + !!%,                                              $                       %   %                 ;                                       $              ! $                  $     "
        %    !$02!0#      5A 5 25 26 6 1 2 6 <                                    <5              %                          #!                      #               $               $# $%                                        + ! $#",                                            $ $                     %                     ;                                       ! $                %    !           $     !
        %    ! 05 0$      5A 5 25 26 6 1 2 4 61674                                <5             % "                         !%               !%                                         $                                            #!!                                                                     $    $              4 5                                                      $ %                  $    !%
        %    ! 0L;0       5A 5 25 26165 6 1 2 4 61674                             <5                                          #               $ %                                                                                                                                     %    $                  %    %                ;                  %# $                                " %                  $
        %"    "0!;0#      5A 4                                                    <5           % $ "         !           %               %       "#              % $               % $!% $"                                              %                                            $   ! $                 $   %#               <1                     !%"               %$ !#          "                #
        %"     0 0        5A 4        -76 &9 A6                                   <5              "          #           ! !                   $ %                                       "$                                        +#      #,                                         $                       %   !#                ;                   % %%%                              " !      $           $        $
        %"     01 0%      5A 4        -76 &9 A6                                   <5           ! $                       $ #!            !    $# %"              !                 ! !" ! "                                       + #   %$",                                          $                       %                     ;                                       $                       %           $        %
        %"     0 @0%      5A 4        -76 &9 A6                                   <5           % %       ""%               # #           $    % %                $                 % #" %$                                          %   !                                             $           $           $   %%                ;                     !#"               $         $    "                    $    !
        %"    $0>L0       5A 4        -76 6 1 19                                  <5           %         #$#                %            %    # !$               % $               %     $$                                         !   $%                                            $   %                   $   $$                                    % $                     " $        # $ """                       #
        %"     0 A0       5A 4        -76 6 1 276                                 <5           $ % %     #                 $ "           $   ! # "$              $                 $ "$ ##                                        +%$   #%$,                                          $   $                   %   !#                 &                 %$ #!!                   $            %
        %"     0 $0       5A 4        -76 6 1 276                                 <5           ! ! !       !               %!!           !   #! "                !                 ! $ %                                          + "      ",                                         $   $                   $    #                 &                  "                       $            $              $
                          5A 4       -76 6 1 27674 18
        %" &0@=0         <7 1 -5                                                  <5               #         !"               $              !       # $                 #$             #% !$%                                       ! # !                                            $                       $ !                    &                         ! $              % $
                          5A 4       -76 6 1 27674 18
        %" &0@ 0%        <7 1 -5                                                  <5              #" %                   !        $          %! $!                        $             ! % $                                                                                         $                       $                      &                          $       !             $                     $        !
        %" <0590          5A 4       -76 &9 A6                                    <5               %                         #!               $                                        !$ %                                        +" % ,                                             $                       %   %%                     ;                 % %%%                           $        !           $
        %"#!#0 0          5A 4 26 ;4 & 196@ 5:                                    <5           " "$$                         !%               !%                                   " "     $                                                                                          $ $                     $     #                                        $          $ $                    !                         $
        %"#! 09$0%        5A 4 26 ;4 & 196@ 5:                                    <5             $!% #"                                      %% $#                   !"              % ! ""                                       + " $ !,                                            $ ! $                   %   %                                        % !              # % !          "                             #
        %"#! 0: 0         5A 4 26 ;4 & 196@ 5:                                    <5                   !                   " #                                                            $ %                                          +#"",                                          $ ! $                   %   %                                          "$             $ " !          "                             #
        %"#!A0 >0         5A 4 26 ;4 & 196@ 5:                                    <5             # " $                       $!          !       $       %"        #                 #%# $                                          +! ## ,                                                                   $                      &                       $%!            #              "                $ $
        %"#%"0>L0#        5A 4 26 5 :7 4 &5 618                                   <5           $ % " !                   % %             $   %$      "           $ $               $ !# !"                                        + %        ,                                        $                       %   !                  &2                         "              $                    %       ! $          %
E08.9




        %"#$&0 90%        5A 4 26 5 : <1-2 26 -851 A6                             <5           # # " %                   ! %             "   ! "                 "                 # #!% % "                                         % #$"                                            $                       $       $                ;                                %$                   $                $
        %"#$A0$50         5A 4 26 5 :7 4 &5 618                                   <5           $ %" !$                   %               $     !                 $                 $ ! !                                            +% $%,                                            $                       %   #                    ;                                  $                " $      !         $          !
        %"#$A0;#0%        5A 4 26 5 :7 4 &5 618                                   <5           % $## $!                  % # #           %     !     #           % $ $             % $! $#%                                         +# $%,                                            $   # $                 $                                                ! !          $ $              "                $
        %"#$A0B90         5A 4 26 5 :7 4 &5 618                                                  %" #%                   $ !                 $       #!            %#$               %" % $                                            +! #,                                          $   # $                 $                                            !    !"          # %"%            "                $          "
        %"# 10;=0!        5A 4 26 5 :7 4 &5 618                                   <5               # #                   ! #"                       !%                                  $ " $                                          + ,                                            $                       %   "#                  ;                    !   !!!      !                    "      %         $          %
        %"" 05>0$         5A 4 26 ;4 & 196@ 26                                    <5              $ #                    %                       #! %                                  % "%                                         +% # #,                                           $                       %     $                &2                    "   %%%                           #      $       ! $          $
        $ "0 <0           5A 4 26 6A 196@ =5                                      <5              " "%                                                                                                                               ! ! %                                            %       $               $   %                                            ! $              % $                                      #
        $ !0 &0           5A 4 26 6A 196@ @A                                      <5           % %                       #               % !         $ !         % %               % "           %                                +        %,                                         $       $               %   "                  14                $!        $                         !                %
        $ #0> 0           5A 4 26 6A 196@ 26                                      <5             %$% %                   "                 %$$                     !!$               !"!    !%                                    + !" ,                                              $   $                   %   !$                 &2                                         ! % $          %            ! $
        $ ! 0> 0%         5A 4 26 9 >1 ;5: -4                                     <5           % ! # "                        %          % #         "           %                 %            $                                + %! !#,                                             $       $               !   !                                        $                                   %    !
        $ ! 0-50          5A 4 26165 9 >1 ;5: -4                                  <5             !#$ $                     $               ! #       !             !$$               !      !                                       +! # ,                                            $   $                   %     $                                      "        !       " $ $
        $ ! 0-<0"         5A 4 26165 9 >1 ;5:                                     <5           $ !" !$                   $ "#%           % "         "$          % %$              % #      "$$                                  + % # #,                                             $   $                   %     %                                              !#     $$ % $
        $# 0-20           4 6@ -1 487 1 &5;7-18 -1 5 @5186@                       <5           " "$%                    "%               " %                                       " "$%    %%                                          !%                                            %   $                   %   $!                 14                        $        !      $                                     !
         $#$:01:0         4 6@5 64>1--4 25-9 767B1674                             <5             #""                    # !                       $"                                 "      #                                           ""!                                           $                       $                       ;                    "            !$                 #                         !
         $#$:01A0$        4 6@5 64>1--4 25-9 767B1674                             <5           % %% #$                  # %                  ! !                 $                 % %$         "                                    % % %                                            $                       $                       ;                        $          $                #                         %
          $$105!0!       4@74 26 >8;= 196@                                        <5           ! " % $"$                 !               !   # % $               ! %               ! # !    %                                     + " ##,                                             $       $               %                      14                %"          ##     " !$             "                %            "
          $$10280#       4@74 26 >8;= 196@                                        <5           % #$ "%                        !          %     "! $""            % $               % !      %#%                                     +" $ ,                                            $       $               $                      14                $%          %          $ !          "                             #
            @0< 0$       4@74 26 6 -4&& 6       5:                                <5           ! $ ! $                       "$          !   $                   ! % $             ! $!     ##                                    + # #,                                              $       $               %       !              <1                 #      "          # %!#              $                  $
           $"0 0!        4@74 26 A6 ;5: 196@ 5:                                   <5               ! ""                  # %                   # %                                     $      "                                   + $#%,                                              $   ! $                 %                       ;                 %      % "        $! $             # %
            A0=>0        4@74 26 A6 ;5: 196@ A6                                   <5                                       $""               " # "!$               $                 #$     % %                                   +# !!!,                                             $                       !   $                   ;                          #!     ! $                  #      $
         " 0>90!         4 81@4&1 6 1 2 4 61674 196@4 76                          <5               %     !#                % "                    "!%                $                      "%"                                     + $$,                                             $       $               %                                                  %%       ! ##             $ %
         " 0-50#         4 81@4&1 6 1 2 4 61674 196@4 76                          <5           % $               !                       %      $ #              % !#$             %   %      "%                                  + # "! ,                                            $       $               %                                            $              !      !         $ %
        #%$%$02;0"       4 1 =5 - 6 <81 649 726 ;5: 6                             <5           $ $!%     #$                  %#          $   $ %                 $                 $   ! $ %                                      +%$ ##$,                                            $   $                   %       "              14                    # $              $                %                           !
        #$# "0> 0#       4 5=4 @5186@ 2-75 -52 9                                  <5             " #                         "                  " !%                                   "" " #                                        % %!                                             $                       $       %                                $                                   "                             "
        # ;0>:0          4 5=4 26 ;5 6 6 1 2 @A                                   <5             $"!                           "               $ !$                  $                 $%"                                          +#       ,                                        $   $                   %       %              &                   $%                 # $            $                    $
         " "!0 0#         5 2 8:1 71 26 7 ;8 ;5:                                  <5           $ % !     "               #   #%          $   %% $                $                 $     !$ "#                                    +!       %,                                         $   $                   %   $                                    ! $                    $            $ !                         !
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          # 50120%        @781;58 @71 1 196@ 7 ;8                                 <5               $#    %#                  $                 ! $                                            $!                                  + % %" ,                                            $                       %                                        $                                     $      $                  #
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          " !01"0"        @781;58 @71 1 @42 76182 0 -@4                           <5           % #"#     !              "!   %""         %      % "$             $                 %   #"" ! %                                             %                                          %   $                   %                                              $                 $                                     !
         ! $"0120#        7 58812 - 6 <8 -1 7& 6 5:                               <5           $ $       " %                             $     !# $"#            $        $        $     "$ %!                                    +# # ,                                              $       $               !   "                                    %           "        "! $!#         ! #                           "
         % # 01L0"        7662>9 =@ ? 1885=@5 - 6 1                               <5           "                                                                                   "     ! ##                                           %$!                                           $                       $     $                <1                    #   !!!      $                                                %
        !!$#60- 0         4 6 196@     ?                                          <5           $ "       !                   #           $ %!                    $                 $     $! %%"                                   + $ $ ,                                             $                       %   $%                                       $       #        $                "      %           $
        !!$#60<60!        4 6 196@     ?                                          <5                 !   !                   # %            " %%                                         $ #$                                       +$ ! ,                                            $           $           %   "#                 &                 $         $      !         $        # !      %       $
        !$ 0;90           4 6 41 81 ; -187< 5:                                    <5           %          !                  %           % #! %                  %        $        %        $$                                    + # % #,                                            $                       %   %                  &                 !!      # $              ! $                 $
        !$%!"08;0         4 6 61-4&1 A12@ 5:                                      <5           !         #"                  ! $         ! % "$                  !                 !     "# "                                     +        %,                                         $                       %   $                      ;                     $            $              #        $                    $
                                                                                                                       ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                                                      SCHEDULE D - PART 1
                                                                                                                                                           Showing all Long-Term BONDS Owned December 31 of Current Year
                  1                      2                        Codes          6             7                                Fair Value                            10                   11                               Change in Book Adjusted Carrying Value                                                                       Interest                                                                  Dates
                                                             3    4     5                                                  8                 9                                                                    12                  13                 14                           15           16                   17                18                   19                  20                         21                22
                                                                  F
                                                                  o
                                                                  r                                                                                                                                                                                             Current Year’s
                                                                  e                                                                                                                                            Unrealized                                        Other Than      Total Foreign
                                                                  i                                                    Rate Used                                                                                Valuation        Current Year’s                  Temporary        Exchange                                                                  Admitted   Gross Amt.
            CUSIP                                                 g   Bond     NAIC                                    to Obtain                                                      Book/Adjusted             Increase/        (Amortization)/                 Impairment       Change in                          Effective                            Amount Due & Rec. During
         Identification             Description              *    n   CHAR   Designation   Actual Cost                 Fair Value       Fair Value                 Par Value          Carrying Value           (Decrease)          Accretion                     Recognized       B./A.C.V.      Rate of             Rate of           How Paid             Accrued       Year                           Acquired           Maturity
          % $80@90$          7:165 -4885=52 ? 9 7:2                               <5           % # $ !                     $ !!            $                          $                    % ""# $%"                                                $ #                                              $ $                           %              &                 " %!                $                 "        """                "
          %$ " 09 0         95 64 7-4 -4&A86@ @A ?                                <5           % % "$                         %"           ! " % $ !                  !                    % $     $                                        +         ! $,                                           $ $                     % !                                    "    $             "% $                          $               !$
                            95 64 7-4 585-6 7- 4A5
          %$ L0 A0        196@4 76                                                <5           # !#" !                    " " $              #!%                      #                    # ! " #!                                         + " $ ,                                                  $                       % !"                                    % %%%                                %
          %$ 0 :0           95 64 7-4 &9 <7 1=                                    <5             %%     $                  $ !%              %!! $                        !                  !# #!#                                         + ! # ,                                                  $ $                     % %"                 <1                $ $!                    $                               #
          % #"05&0          9 ;95 9 7: 7 ; 9 7: 5:2                               <5             ! " "                        "              %!! "                        !                  !%                                              + !$",                                                  $ ! $                   %                                      !% "!#              " # $                           !                !
          % #"05 0$         9 ;95 9 7: 7 ; 9 7: 5:2                               <5             """ !%                       "            ! ! #                          #%$                "! # "                                         + % ! %,                                                 $ ! $                   %                                         %$"             $ " "                            !                !
                            1857=@ ;9 @1& 4 6@ -1 487 1
          $      !0<20    17 4 6                                                  <5             $ #$                     " #                ! $ $                        $                  $   !                                             + ",                                                  % $                     %                    &                  "                 %# %"#             $                 $
              $% #0; 0$     7-@&4 ; :1 &56 196@ 5 A                               <5           ! $% !%                     !               ! !"                       !                    ! % $ $                                          + % $%,                                                  $ $                     ! #                                               $       $ $                    #         $       $
                            7:5 27;5 -49 6 -187<4 71 9 1 1
           " 60< 0"       :                                                       <5           $ # "                      "# %             $ ! ##%                    $                    $               $                                    +$ " ,                                               % $                     %                    14                      " $          %# ! !
          "% $0>>0%       21852 61 12256 5-57:1>8                                 <5                  #                   "# $                ! $#"                               $                        #                                                                                         % $                     % "                  14                      "%               !                                    $
          "$$ 0> 0        2186 81 5 ? 21 ; 961@ &5                                <5           ! #% % #                        !           ! %$ #                     ! %                  !          %"                                    + $ $# ,                                                 $                       ! "                                    #$                                    " %           $                $
                          2186 7:5      4 5-6 1 7B4 1
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          " % 0@L0        21 1 64 74 65 1 6 2 2                                   <5             " %       "                   ! $                !$                                           " " !#                                                 #!"                                            $       $               $ %$                                        $             $ $                ! #                            !
          " $!0=$0$       21 1 64 74 65 12 585-6 7- ? =12                         <5               $                                           #%$ $                       $                     $                                                                                                   !           $           !                      ;               !# $                                    !
          " $!0 20        21 1 64 74 65 585- ? =1                                                  !         %"            %                     %%"                       !$                    !$                                                                                                  $       $               $ $                  <1                 $ !                 !   $ !            ! ""
          " $!06>0#       21 1 64 74 65 585- ? =1                                                %           $             ! ! #               !     "                    !$$                  ! " !"$                                          +"         !,                                        $       $                 !$                 <1                                     #    !#                        %                "
          " $!0660"       21 1 64 74 65 585- ? =1                                 <5                 #     $"$             ! #                   #%                        %$                      $ $                                      +             $%,                                        $       $               !                    <1                 % "               !!    # !          $ "           !                "
E08.10




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          " % >0-:0!      21 1 64 74 65 12 A165                                   <5           % "%                       "$ " $           % "$ $                     $                    %   "%! !                                                                                                 %   $                   % $                  &                  # $               #     $                !             $ $      !
          " !"=01 0       21 ;75=4 - 6 -187< 5=8                                  <5             !%$ #$"                   " !               !$% "#$                          %                !!! !%                                           +      "$,                                           $       $               % %                                    ! $$                 $                              $                "
          " !"=01L0"      21 ;75=4 - 6 -187< 5=8                                  <5             $%!  !$                   # !               $%! $                        $                    $!# % #                                          +         ,                                          $       $               % %%                                    ! $                         $                      $
          " $ 0 @0        21 < 1 -72-4 -187< -76                                  <5           $     "$                         "          $     %$                   $                    $       ! !                                      +           %,                                           %       $               % %$                 &                 !" $#!          !        $                #             $
          "# $!0<10$      21 425 -187< <7 = 196@ 85125                            <5             $$"  #                         $            # %#$                      % $                    %" ! %                                       + %       " ,                                            $       $               % "$                   ;                #             !!         ##              %
         # ! 0>10         2516685 A12@ ; 17 ? A1265A165                           <5           % "%  "%#                   ! !!            % " $ #                    % $                  %       ! "%                                               $!#                                            $       $               $ !!                 &                 % $ !           %"       ! $                                         $
         #! $ 0><0!       2496@ -1 487 1 6 1 2 7 < 126                            <5           $ %    %%                   % " %           $ !#                       % #                  %   "$! "!                                       +$        " ,                                            $   $                   % %                  14                                  %                   % "                            "
         #$ ! &0>;0$      26 &1 @42 196@ 1 @518                                   <5                    %                  ! ""                $ " #                       $                       % !                                       +%        "",                                           $                       % !$                 &                       $%"       $            $        !                     $        %
         # !$% 0- 0       61-4&1 A12@ 2487; A1265 9678                            <5               % #                       %                 # !$                     !$                     $! !                                         +!        % ,                                                                    % %                    ;                       $       %                     !             !
         # $ #05:0#       61& 1 >1 A6 <81 9678 2 2                                <5           % # ! $$                    ! !             $ # !$                     $                    %   #" #                                            %      $ %                                            $                       $                    14                      $         $                       #
         # !#$05 0        61 1 6 - 6 65 @86@ <1-                                                 " !%!                     % #                # !                                              "# #$                                           !        $                                            $ $                     $ !                  &2                !%                       $                              "
         ## $$$09 0#      65 12 &9 A 1= 5:                                        <5                                                                                                                                                                                                                 % $                                          &2                       !                                                "
                          65 12 26165 6 1 2 4 61674
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                          64>1--4 256685&5 6 <9 ;7 = 5A
         #### #0;=0%        5 25                                                  <5               %%          %               !!              %%          %          %                        %%      %                                       #"%                        # !                                                $    %            4 5                                                            %                      %
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         "!" $A0-10       A12@7 =64 26165 5-4 4&7- ;5:                            <5           % $ "       #$                       !      %             %            % %#$                % $$$                                             + $ ,                                                   $                       %                        ;               #  ##              %     $                   $                     $
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         "$$# 0-L0        A526 2@4 5 1 1 51 @42 1                                 <5             % $                                $          % $                        % $                % $                                                                                                     $       $               $     $                                                     %           !        " ""                       %
                                                                                                                          ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                                                      SCHEDULE D - PART 1
                                                                                                                                                              Showing all Long-Term BONDS Owned December 31 of Current Year
                1                         2                           Codes          6             7                               Fair Value                         10                   11                               Change in Book Adjusted Carrying Value                                                                  Interest                                                                            Dates
                                                              3       4     5                                                 8                 9                                                               12                    13                 14                      15           16               17                    18                   19                      20                            21                  22
                                                                      F
                                                                      o
                                                                      r                                                                                                                                                                                   Current Year’s
                                                                      e                                                                                                                                      Unrealized                                    Other Than       Total Foreign
                                                                      i                                                   Rate Used                                                                           Valuation          Current Year’s            Temporary         Exchange                                                                  Admitted   Gross Amt.
            CUSIP                                                     g   Bond     NAIC                                   to Obtain                                                   Book/Adjusted           Increase/          (Amortization)/           Impairment        Change in                      Effective                                Amount Due & Rec. During
         Identification              Description              *       n   CHAR   Designation   Actual Cost                Fair Value       Fair Value              Par Value          Carrying Value         (Decrease)            Accretion               Recognized        B./A.C.V.      Rate of         Rate of               How Paid             Accrued       Year                                  Acquired            Maturity
         "$$# 0-L0         A526 2@4 5 1 1 51 @42 1            2;                      <5                $                         $                 $        #!               $                 $                                                                                               $       $           $     $                                            % !                     # $                  " ""                     %
         "$ !" 0>:0        A526 :1 @7=@5 5; 48 -4&                                    <5                  !       %             $ #                $         #                                  " $%"                                        +   # ,                                            $                   %   #                    14                        $               $                    #       %           %            %
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         " $ 0 80#         A72-4 27 26                                                <5           !   %#$                                    ! %$$         !#        !   %$$              ! %$ !!                                           +! #" ,                                            $   !$              $     !                  &                 !       #               #% #%!               "     ""#           $            #
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         "      !0A 0"     A72-4 27 26 6 1 2 5:                                       <5           $   $"%        "           " $!#           $ %              #      %   "$$              $ "$                                            +     "#,                                            $     $             %                                          %       %$              #% " !               !       !
         "# 801 0          A 1 ;4665 - 6 1 2 -76                                      <5               $ !        %           % #"!             $$          $"        !   % $                % #!%                                              "%                                                                  $                     4 5                                                                     """                        %
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             %% <0110      1-5 -1 6 77                                                <5                "%     !                   #                "                      $                  "% $$                                            + ,                                              "                       !                  14                      ! !#                                                         %        !
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              !" 05>0      181>1&1 A -4                                               <5                "" %$$                   #"                  #"                                       "" %                                                 $                                            $ # $               $ "                      ;                       %"                        "!#
             ! 01 0        18-1 7 -                                                   <5                !$                     $ #!              !#                               $           !% $ #                                           + # ,                                              %$                $                      &2                      % !                                                          ! $
              % $01-0#     1885=71 -5 -4                                              <5                    $%$                ! $                 ! $                                            $ %                                           +% ,                                                                  %                    14                        % #                   ! $                                      $
             #%" 0180      1885 =1 7 -                                                <5                $% "                        $            $      "                 %"$                 $                                              + " ,                                                  $                 #                    14                      $                         "$                 !               %
               "20110      186 71 = 49 7 -                                            <5                %      #                 #!%             $ "                       !$                 % ! %                                            +% %,                                                                $ !                    &                         %"                    % $                                      %        !
                A01>0$     18B1 -4                                                    <5               "# !"                 "      $              # !                                          $ "                                           ! !$!                                                                   !"                  4 5                                                                                       #
E08.11




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                                                                                                          ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                                         SCHEDULE D - PART 1
                                                                                                                                                 Showing all Long-Term BONDS Owned December 31 of Current Year
                1                        2                    Codes          6             7                             Fair Value                      10                11                             Change in Book Adjusted Carrying Value                                                                       Interest                                                           Dates
                                                          3   4     5                                         8                       9                                                         12                  13                 14                     15           16                   17                      18                19                  20                  21                  22
                                                              F
                                                              o
                                                              r                                                                                                                                                                         Current Year’s
                                                              e                                                                                                                              Unrealized                                  Other Than      Total Foreign
                                                              i                                           Rate Used                                                                           Valuation        Current Year’s            Temporary        Exchange                                                                     Admitted   Gross Amt.
            CUSIP                                             g   Bond     NAIC                           to Obtain                                                   Book/Adjusted           Increase/        (Amortization)/           Impairment       Change in                          Effective                               Amount Due & Rec. During
         Identification             Description           *   n   CHAR   Designation   Actual Cost        Fair Value           Fair Value             Par Value       Carrying Value         (Decrease)          Accretion               Recognized       B./A.C.V.      Rate of             Rate of                 How Paid          Accrued       Year                    Acquired           Maturity
            $% 801-0      - 5;76 297225 <7 26 >4264                           <5              ! !                $                     !       $!                 $           ! !$                                            + #$,                                              $                   $ !                                           ! %                                                    $
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E08.12




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         %"%$$ 01@0"       7 ;5 &4 =1 5 5 = 1 6                               <5                    %         % " $                               !        $                  $"     $ !                                     + #,                                                    $               $ %!                     &2                   % " "                                          ! $
         %"%$$ 01:0#       7 ;5 &4 =1                                         <5              " %            "# #!$                       "                                   "      %$#                                       %                                                 $                     #%                     <1                   $ %                                                        !
         $ $ 01@0           1<6 <44;2 7 -                                     <5                " $           ! ##%                        " #$$                  $             #    # %                                     + # ,                                                   $               $ %$                       ;                      $           ! "
         $ %%0--0!          4=5 -4                                            <5                  #"!             %$                       $ ! !              $                         $                                    + #,                                                    $               $ %$                     14                   ! $ !           # %!#                          % $
         $ $% 01=0        81>4 164 -4 1&5 @8;=                                              $$% $               $                         %! $                    $          $          $                                   " $#                                                                        #                    4 5                                       $      $ !                 "
         $ %" #0$;0#      85@&1 > 46@5 2 @48;7 =                              <5                                                                                                                                                                                                                                                ;                     !%                                            !
         $ %" #0 ;0       85@&1 > 42 @8;=2 7 -                                <5            $ $                  "                    $"!      %          $ $                $ $                                                                                                     $                       $                  ;                     #%             ! !                    $         #
         $ $ 0$ 0!        85@&1 > 46@5 2 @48;7 =                              <5              $                % %                       #    %""                               % "##                                         + #,                                                                                            &2                   ! # "                                          "
         $!"#! 01 0%      84- @55; &1 67 -4                                   <5             ""              % ##                     ""      %%                  $           "      $                                     +! $!,                                            % #                  ! %#                      <&1                    % %             % #            !               # $         !!
         $%# 0-10!        84A52 -42 7 -                                       <5              $ %              " $$                      $    % !                 $             $ !                                           +!$,                                           # $                  % "#                          ;                     !%
         $%# 0-=0         84A52 -42 7 -                                       <5             # !!            "                         $!                                         !#                                       + "",                                                                 + $ ,                        14                                                                    "
         $$" 01=0"        &1= 1 7 68 7 -                                      <5                                                                                                                                                                                             % # $                                            <1                   % # $                                  """       $             $
         $ % $"0 20       &1 9<1-69 5 2 1 ; 6 1;5 2                           <5            $% # !           "                        $    # #            $ %                $%                                                !%#                                           $ $#$                           !                  ;                       !          $ $                              #
         $#$ $$0180       &5;6 4 7- 7 -                                       <5              % $"#                      $              !! %!#              $                  % #$                                             #%                                             $                         $                    14                     !"              # $      # !                 % $
         $#$ $$01&0#      &5;6 4 7- 7 -                                       <5            #"# $                        $            "     $             "                  #"# #%"                                                                                             $                           $                14                   ! ##            % $        % !                 % $             !
         $" ##0 0"        &5 788 8 -@ ? -4 7 -                                <5             !! #                    %                   #                  $                 !!                                              + ,                                              # $                           %                &                       "#           % "                              $             #
         $" ##0 0%        &5 788 8 -@ ? -4 7 -                                <5                  !          "!                             $               $                      $                                          + #,                                                                   $ %                      <1                   ! " #                                                          "
                                                                                                      ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                                     SCHEDULE D - PART 1
                                                                                                                                             Showing all Long-Term BONDS Owned December 31 of Current Year
                1                         2               Codes          6             7                          Fair Value                         10                11                             Change in Book Adjusted Carrying Value                                                                         Interest                                                               Dates
                                                      3   4     5                                         8                    9                                                            12                  13                 14                                 15           16                 17              18                19                       20                    21               22
                                                          F
                                                          o
                                                          r                                                                                                                                                                                     Current Year’s
                                                          e                                                                                                                              Unrealized                                              Other Than      Total Foreign
                                                          i                                           Rate Used                                                                           Valuation        Current Year’s                        Temporary        Exchange                                                           Admitted   Gross Amt.
            CUSIP                                         g   Bond     NAIC                           to Obtain                                                   Book/Adjusted           Increase/        (Amortization)/                       Impairment       Change in                        Effective                       Amount Due & Rec. During
         Identification              Description      *   n   CHAR   Designation   Actual Cost        Fair Value        Fair Value                Par Value       Carrying Value         (Decrease)          Accretion                           Recognized       B./A.C.V.      Rate of           Rate of         How Paid          Accrued       Year                           Acquired      Maturity
         $" ##0A%0        &5 788 8 -@ ? -4 7 -                            <5              "! $             #                    "        !             "$                 #"     %%!                                      + $% ,                                                                       + ! ,               4 5                                                                      ! !         !
         $" -0-20         &5 788 8 -@ ? -4 7 -                            <5            !% #             "$ ! "                !!!      $#            !$                 !%      %"!                                                                                                 $                       #              &                    !                    " " $                         $
         $" $ 01 0#       &5687<5 7 -                                     <5              "$ !!          "     "                "             "                           "$     %                                                  !                                                $                   $ $                  ;                                         $                               $           $
            # 0110#       &4824 -44 2                                     <5                  $ %          " # $               #!%          ##        $!                  $$     "                                        +%            %,                                             $                   "                                        %%                ! %                             !             !
               A0150      &4 21 64 -4 5A                                  <5                ! !          "% # "                 #           !          "                    !        "                                       !                                                       $ $                   !                  <1                 ! "%#                                              # $             $
             %% 0@-0      &4 =1 261 85 ;51 A7665                          <5                # "%!          $                    ##          %          $                         $                                     + %! ,                                                                            $                    14                   ! $                                              %
             % 20>:0      &4 =1 261 85                                    <5            #       !#       !$                     %           $                 $          #$      %                                    + $        ,                                                         $           + $" ,                                      #"!                    "!#      $                    $           !
           ! !0110"        1674 18 =12 -4 6 7 7;1;                        <5              $$ !           "$ $                   $                                         $$     # "                                           !                                                           $               %$                                      $!                                                   $       !
           ! %! 0-60       1674 18 9 18 96782 -44                         <5                " #                                                                             "        "                                     + #,                                                      #                     %!                 &2                                                                    !           !
           ! %! 0-90       1674 18 9 18 96782 -44                         <5              #                # !%#                   #"        "                $           #        !!                                     +$# ,                                                            $             $ $                  &2                 %   "                                              !
           !#$!"01@0"      1674 18 A526&7 265 >                           <5                  %          "     $                     $$                                     $      !                                      + $,                                                         ! $               % $%                 14                     !                                                              "
           !#$#$0><0$      1674 2>1 -4                                    <5              !! "             !                       # ##!                      $           !      "                                         +% ,                                                        #                     %                &2                   $ !                                              ! $             #
           !# 01<0#        1674 A7;5 <7 8 2:-2 7 -                        <5                    "!         % !                   # $#                         $                      "                                     +#$,                                                      $ "                 $ $"                                    $ !
           $ !"01@0"       5A&4 6 &7 7 = -4                               <5            $!        $        $ $                 $ ! $                  %$                 $!%         %                                 +!        ,                                                       $             + % ,                                       $ !                             "                        $       %
           $ % #01B0       5A2 1&5 @8;=2 7 -                              <5            # % "                !!%               #% $ $                   $                # %     %                                        +%# ,                                                                              !                14                 " #$              # # $                                !           $
           $ %# 01 0#      5A2 1&5 7 -                                    <5            %! $"%               # $               %%!                    %                  %!      %$                                       + %!,                                                                $           #                  &                                    $ $                                  !           #
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            % #$01<0"      4 6@5 >4 ;5 1 6 5 2                            <5                      "        $ # %                   % $                  $                        # "                                      +#!",                                                                          $ %                &2                   $                                                  ! $
            $ 0>A0#        4 6@ 262 A -4 &7                               <5                    !!           ! !                     !##                                         %!                                       +! ,                                                       #                   $ !                <1                           %                                          # #
            "$ %01<0      48; ;4&7 74 585- -44                            <5              # #%                 $                 #$ #"                        $             #    !                                        +% ",                                                            $             % #"                 ;                      "                $ % "
E08.13




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           # !!;0120      4 -4 585- ;587:5 -4                             <5                # !            %                     #                            $             #                                             + % ,                                                        ! $               $ "                &                      #$"                $ $ #                         $
           "!%"801-0        - >     1 7662>9 =@ 1                         <5              !       "      "                         " #                 $                  !      !#$                                       !                                                         % # $               $ "%               &2                   ! !#$                                              "
           "!$ 01-0         8 5 5 = 29 8 88-                              <5              $%                 ! "                 $! $$%                $                  $%     $ %                                      + $ ,                                                        %                 $ $                &                                         %   #
           "!$ 0150         8 5 5 = 29 8 88-                              <5            !" $ !             #                       #                  !$                 !#$     ##                                    +         ,                                                       $                 #$               &                                %        "    ##               $       $ $             !
           "!$ 01@0         8 5 5 = 29 8 88-                              <5                % %$             % #                       $                      $             %    %#                                          !                                                                                              &                                "        #   $ $                       $ $
           "! >01&0%       25= A 88-                                      <5              ! #%                                   !! %                         $           !      $!                                       +! ,                                                           "$                $ $"               ;                              %        %   !%%
            !% "01-0%      5 27 >46687 = = 49 7 -                         <5              #$ %!%             % ! %               " !                                      #$      ""                                      + !$,                                                                                             &2                                                                      !               "
            #$ 0>L0#       @7887 2 565 -4                                 <5                ! % #                                $                        $                       #!                                   + #$,                                                         # $                $ #                 &                      ! !                    $ !                       $ $
           ! $$801>0!      4612@ -4 212 7 -                               <5                $ !"          # $%!                        #                                        % $                                       +" !,                                                         $               $ %%                &                      !!$                     $                        $ !
           % $# 0=80#       5&79& 12256 6                                !<5              "              " ""                    " ""                                      "                                                                                                         % $                  "%                &2                      %"                                              !               "
           % $ :0110        7 -7 18 <7 1 -718 = 49                        <5              # "            "$                      # ##                  #$                  # ! !                                                                                                        $                   "               14                      #                     $                             $       !
           %! !0150$        4= 522 5 5 = 7 -                              <5              #                 $                    %       $             %$                  #       "                                           +            ,                                           $                 %                 &2                     ! "                                              !           !
           %%! 01=0         9;5 6718 <7 8 7 -                             <5            #       #        ""                    # ! #                  #!                 #       #$                                       +                 ,                                           !                   %             & 2;                        #               # %!                                      !
           %%! L01L0#       9;5 6718 <7 8 7 -                             <5              #% "$          ## %                        !$                                    #% ! %                                                       "                                            $                      #                 ;                    $!#                $                                     %   !
           %%%%#0>90%      9>87- 25 :7-5 -4 -484                          <5                  ! #                                    !!!                                         "                                             + # ,                                                   # $              $ %                 14                      #
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           %" #$01 0"       & 7 68 7 -                                    <5            " % !%           $# $                  ""% $                                     " % !%                                                                                                        !#"                %                 &                    ! %#                 ! !          ! %              $ !         !!
           $" # 01>0       5 17221 -5 5 @8;=2 86;                         <5              ! #$            ! !                    !! "#                    !                ! # #                                             + #,                                                    $ # $              $                   <1                     ##$                                                $          !
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           " # 01@0       26 198 6 1:585 2 7 -                            <5                ! %#%        "" !                      % $$                       $              ! %#%                                                                                                   $ $                $ #                   ;                      "#                  ##                                      $
           " %% 0>=0#     21 ;75=4 =12 ? 585- -4                          <5              "              "" " #                  "" " %               !                    " # #                                                                                                     $ !                $                   &                        !                  "$                                  $    $
         #     $0150      2-@5 7 = 849=@ -4                               <5              $# "                   #                   ##$                                   $# "                                                     $                                                $ $$               $                     ;                      %                % %%                                       !
         #     $01=0      2-@5 7 = 849=@ -4                               <5                  %!           # $                           %                                     %                                                   + ,                                                   $                !!                  ;                        $                 $                                      !!
         # #$ 01-0        2-@89&>5 =5 86;                                 <5            ! $ !                $                 $%!                                       !$ #"                                        +                ,                                               $               + $ ,                  ;                      $                !                                          !
         #      01=0$     25185; 17 -4      5A                            <5                ! !          "$ $                  $ !                        %                  % !                                                   % #                                               !                  ! $                   ;                      !                                                  !       !!
         #! %0>A0"        2496@ -1 487 1 585- ? =12                       <5                ! !!$        "                         $ "                    #                  ! !#                                                   %$                                               $ #                    #                                    % # %                                                      $   !!
         #%% % 01A0#      2496@A526 17 82 -4                              <5                  ! "        " %$#                       # !                      $                %%                                                   !#                                               $ $                $ "                 14                       %                                                           %
         #%% % 01 0%      2496@A526 17 82 -4                              <5                ! $          "" $                      % # !                      $              !                                                      %$                                               $ $                    "                ;                       "                        $                             $
         #%$" $0190       24:5 57= >1 -4 7 -                              <5              %# #%"         ""                      %" # %                   $                %# "%                                                    "!                                               % #                $                   &2                     #                                                "
         # #! 01>0        2A722 > -4 &6 >5 %%1                            <5                                                                                                                                                                                                           $                                    98                   $                                 # % ""#
         # # 01<0%        6-7 -4&&9 7-1674 2 7 -                          <5               " #               !     $               " $"                       $             "                                                  + ",                                                    # $                   #"             <1                   $                                                          $
         # $% 0180!       6 -42 7 -                                       <5               " !#"         "         $               ## $               !%                                                                      ! ##"                                                                          !!            4 5                                                                              !
         #     501<0!     61 =56 -4                                       <5                                     %!#                 %!#                                                                                        + ,                                                                          %#                                  !     #                                                    $   !
         #     501@0"     61 =56 -4                                       <5                  %!$            !                                                                 ! !                                              + ,                                                  $ # $                 $ $                &2                       $                                            !
         # " :01<0$       6585-4& 761871 -1                               <5               #" $                   $%           !        %             !                     #" $"!                                                                                                     ! $                    $               &                      %%%              " $ !                                 $   !!
                                                                                                                        ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                                                   SCHEDULE D - PART 1
                                                                                                                                                        Showing all Long-Term BONDS Owned December 31 of Current Year
                1                          2                           Codes          6             7                           Fair Value                         10                11                           Change in Book Adjusted Carrying Value                                                                   Interest                                                   Dates
                                                               3       4     5                                              8                9                                                          12                  13                 14                         15           16               17                  18                 19              20                21               22
                                                                       F
                                                                       o
                                                                       r                                                                                                                                                                           Current Year’s
                                                                       e                                                                                                                             Unrealized                                     Other Than       Total Foreign
                                                                       i                                                Rate Used                                                                     Valuation        Current Year’s               Temporary         Exchange                                                              Admitted   Gross Amt.
            CUSIP                                                      g   Bond     NAIC                                to Obtain                                               Book/Adjusted         Increase/        (Amortization)/              Impairment        Change in                      Effective                            Amount Due & Rec. During
         Identification              Description               *       n   CHAR   Designation   Actual Cost             Fair Value      Fair Value              Par Value       Carrying Value       (Decrease)          Accretion                  Recognized        B./A.C.V.      Rate of         Rate of             How Paid           Accrued       Year              Acquired      Maturity
         # " :0180         6585-4& 761871 -1                                           <5              "% $                " ! #              " ! #                                     "%       #                                                                                       % "$                $ "                    &2                   $                                    " !           %
         ## $<0110         65:1 @1 &1-5967-18                                          <5             #%% !                                  #! $                       $              #%%       !                                                                                           $                 ""                   <1               $ $ $
         ##$ " 01>0        !& -4                                                       <5               $ $                #    $             $$ $                                        $                                                "                                               %                   %                    &                    #          ! %%         %                      !
         #"!#! 0190!       6 1 24-51 25;-4 7 -                                         <5              " #                  # ! $             $" !                                      "                                                  + ,                                                   $             $!                     ;                "                                            $   !
         #"!#! 01A0"       6 1 24-51 25;-4 7 -                                         <5                                   # $                 $ $                                                                                                                                        $                   $                      ;                  $                       $                  $   !
         " % %01@0         9 785:5 -1 -4                                               <5                 $% $             "" "!              $ "                                         $%    %                                          %                                             $ "                                        &                  "                                            $   !
         " %#$ 0110        9 74 >1 -18 -4                                              <5                                  " #%                   !                         $                   !                                                                                        $ $                 $ $                      ;                  $          !   "                                   !
         "      L01>0!     9 765; 5 5 = ;726 6 8                                       <5                 "#    # %           $ #                 $ #                                     "##"!                                        "                                                 $ %$                $                      14                   $              $                     % $
         " ! $01-0         9 76 7 7 -                                                  <5                   !    %%        "$ !                 " "$%                   !                  !  #                                       %!                                                                       !#                   &                      !           $!                     $ $
         " " ! 0150        :185 4 5 5 = -4       5A                                    <5                   "    "%         " #""               " #""                                      "  $#                                     +! ,                                                    $                   "                  14                 $#!          ! $                       % $       !
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         " $$ %01@0!       :71-4& 7 -                                                  <5                 #"    !$$            "!             "     !                       $             #"!                                        +%%,                                                    # $                 %                                   $ #                                        !       !
         " $$ %01 0"       :71-4& 7 -                                                  <5                 #     ! "              !            # !!                          $              """                                     + ! #,                                                                    $ !                                     # $$"                                      !
         " $$ %0>>0$       :71-4& 7 -                                                  <5                         "                             # #                                             "                                                                                            $                                    14                   "!%          # $                       % !
         " " %!0150        :4 1;4 5186 6 926                                           <5             $                    " # $             %# !%%                 $ $                $ ! %                                           !#                                                ! $                 ! #                  &                    %!           " $      #                      $
         " " =01=0         A1-@4:71 >1    1                                            <5              !# # $              "     !              $ #%                 $                  !# " #                                         $!                                                $ #$                        #            <1                     "%                                             !
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         "! % 0><0"        A18 &1 6 264 52 7 -                                         <5              $# #                  $ %##            $" #%#                   $                $ " $                                        + $ ,                                                 $$                    !                <1                   % #                                          $   !
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         "       0> 0#     A5 5 @15925 -4                                              <5              # #                   $ %              #! $                     $                # !$                                         +!! ,                                                   $               $                    &2                 ! % #                                    ! $
E08.14




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           % %! 0110!      1 7264- 16 85729 5 86;                      <              !<5                                                                                                                                                                                                $                                          &               ! %!#                    $ "      !       $ !
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         !$      01 0!     < 1 -5 6585-4& 21                           <               <5              ##                     %#               ## "%                        $           # !                                          +# ",                                                   $               $ !                    &2               % $                                      !
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           ! $ $01;0!       1674 18 1926 1871 > 86;                    <               <5                %      !!          # !!                     $                  $                 ! $                                      +    ",                                               #                   %     "                &                  $ $            %$                      $ "
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         "       0110%     9< <7 1 9>1 1 5 -                           <               <5              $$        $          # !                    "$                  $                $$ $                                         + ,                                                     $                                                       % "                                          $         !
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               $ 0>>0$     -:2 85125 122 6@ 49=@                                       <5             !#                   " ##              !$                     !" " !             !#                                                                                                $   ##                                  &4                    !%%       $                                        #
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              $ 0>-0       -@125 72291 -5 6 926         1                              <5              % $%                                    %                     %$                 % $%                                                                                             $                                       &4                    $         !                            %           #
                           -4&&5 -718 &4 6=1=5 122 6@ 49=@
            % L0150$           0-                                                      <5             $      $              ! $ %            $      #               $                  $ $"%                                           +       ,                                         $ "                 $                   &4                    % %          % ##                                %
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           $%$&01;0"       - 5;76 297225 &4 6=1=5 -1 7618                              <5                   ""                  #              #            %           $                                                                                                                $ %                 $   $               &4                  !    $            $                      " $       !"
          $% 0<-0#         ;72-4:5 -1 ; &26 6 7                                        <5             %#" $$               "" "$             %#"            "       %"                 %#"     $$                                                                                        %   %               $   %               &4                       #           ! "                     "
         ! !" ;0 50        <1 75&15 = 1 64 6 926                                       <5               "    $                %                ""   %$                "# !$             "       !%                                       $                                               %     #             %   #$              &4                      #"           $ "                     % $
         % #!10> 0%        @1 85 ;1:7;24 &464 - -85 6 926                              <5             % #                  "" !!             %!#    # "             %%                 % #                                              %"%                                              % %                 $                   &4                    #            % #$                        $
         % #<01<0#            &4 =1 -@125 -4&&5 -718 &4 6=1=5                          <5               "% $                % %                     !                   $               "!     # %                                     + ##,                                                   $             $   #               &4                  ! ! $                                    % $       %$
         % " 01-0!            &4 =1 -4&&5 -718 &4 6=1=5                                <5               ! # !                 !"                 $% "$                $                 !      #                                         $                                               $ %%                $   $%              &4                  ! $#"                                              %
                                                                                                                                  ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                                                                            SCHEDULE D - PART 1
                                                                                                                                                                    Showing all Long-Term BONDS Owned December 31 of Current Year
               1                                2                             Codes                   6            7                           Fair Value                   10                   11                             Change in Book Adjusted Carrying Value                                                             Interest                                               Dates
                                                                          3   4     5                                                 8                     9                                                         12                  13                 14                        15           16            17                18             19                20              21               22
                                                                              F
                                                                              o
                                                                              r                                                                                                                                                                              Current Year’s
                                                                              e                                                                                                                                    Unrealized                                 Other Than          Total Foreign
                                                                              i                                                   Rate Used                                                                         Valuation        Current Year’s           Temporary            Exchange                                                     Admitted   Gross Amt.
            CUSIP                                                             g   Bond         NAIC                               to Obtain                                                 Book/Adjusted           Increase/        (Amortization)/          Impairment           Change in                   Effective                      Amount Due & Rec. During
         Identification                   Description                     *   n   CHAR       Designation       Actual Cost        Fair Value         Fair Value          Par Value          Carrying Value         (Decrease)          Accretion              Recognized           B./A.C.V.      Rate of      Rate of           How Paid       Accrued       Year                 Acquired   Maturity
         $" !>0150%           &8 &6= 6 926     0-                                                     <5            %        "             "                 %     #%           %                  % $    " %                                       +"$,                                              $ #%             $    "            &4               ##              ! #!%                   $        !"
            %$&0$=0%          &4 =1 261 85 -1        $06                                              <5            %#     !$$       "      "                %#$   %#           $                  %#     #                                         $                                                 % #"             $   #"            &4                !#             % $                              %
            %$&0 =0           &4 =1 261 85 -1 7 """                                                   <5            #                       "%               #      %"          # # "              #        #!                                   +    ",                                                               %                 &4             % #!              # !                       $      !
            %$&0 0            &4 =1 261 85 -1 7 ""08                                                  <5            " $                    #$                " %                #"# !#             "      !#                                     +%    ,                                                               !   #             &4             $ ! !               ""$                   % $      !!
            % A0=>0           &4 =1 261 85 -1          06                                             <5            $      !#!           % %                 $ !    !!          $                  $ "                                           +     ,                                                               %                 &4                  $            $ $$                      $      !!
            % A0860$          &4 =1 261 85 -1          06                                             <5               %   !"$           $                     $                                      %   !                                         + #,                                                !"             $   "%            &4               $!!                  $                    $      !$
            $ 0150            &4 =1 261 85 -1                                                         <5            !"     $                                 % %    %!          %                  !"     $#                                                                                          $ $ %            $   $%            &4               #!#             !                                %"
           % """"" 0 6          > ') 0 7')             &       0 2 '.     -    &   . . 0> 3 ) 1       0> 3 )
                             2                                                                                      !      %%                                %      "           ! %                !      $                                      + $!$,                                                                                                 $              ! %$
             ! 0>10!          1524 <9 ;7 = 77 88-        !                                             <5           %      !"        ""      "               %       %          %#                 % !     !                                       #%                                                   #              %   $!            &4                 % "         ! %!                      #          "
          $"% 90%;0           >1 - 1&5 -&>2      $0                                                    <5           $"!              ""    $                 $" %                                  $"!                                                                                                $ !$             $   %             &4                     $       $                         "        %
           !#!<0-:0#          >51 2651 2 -4&8 &6=                                                      <5              #              %    ##                     "%                $                 $  ##                                      +! % !,                                                  #            !     !           &4             %   !           # $!                          $    !
           !#!<05@0           >51 2651 2 -4&8 &6=                                                      <5           %      $"         $      !!              % # #              %                  %     $!                                      + $!#,                                                 !              !   $%            &4             #   $%              #                         $    !
           !#!<0& 0$          >51 2651 2 -&8 &6=                                                       <5           $#     # %       ""    $ "               $"                                    $#  "%                                             !                                               %                %   #"            &4                 !           %                                  !$
           $ !501=0"          -;    $0-; -4&8 &6= 6                                                    <5           $"%    $%#       ""        #             $"# $                                 $"% $%#                                                                                            $ !""            $   %$            &4                     !       $ !                           $    %%
          % % 01A0            -1 7618 4 5 &1265 6                                                      <5           " !    #$        ""    % "               " " $!#            " $                "     !                                           #                                                ! $                                &4                 $           # %%                          $
             ! 01-0           -4&&5 -718 &6= 6 """0-                                                   <5           $ "       !                              $ # !              $   #!             $ # # !                                         +" ,                                                   %            %   "!            &4                 #%$         # !                                !
         !! ! 01>0%           <7 26 9 74 0-@125 """0-                                                  <5           #                      %                 # % !"             #$                 # ! "                                         + ! ,                                                    %$           %   %!            &4             %       "       " %!"                         $    !
         !" #"0 90%           = 55 A7-@ -1 -&>2      $0=                                               <5           $ %    !         "          !            $                                     $ % %                                               $                                              % #              $     !           &4                 %           % ""                      #        %
         $ # -01;0            8>09>2 -&>2     0-                                                       <5           $"      #                  !"                  !"                              $"  !$"                                             !                                              $ !%             $     "           &4                   #         #                           $      !#
E08.15




         $ #@0 A0"            8>09>2 -&>2    $0-$                                                      <5           %$%    % "       "         #"            %$ "!              %                  %$% $##                                             #                                              % "$%            $   !             &4                   "%        $ #                       " $      !
         $ #@0=B0             8> -4&&5 -718 &6= 6                                                      <5                             %                         #                                      %"$                                       +       ,                                                !!           %                 &4                   %%        "                           $      !
         $ # 0150             8>09>2 -&>2     0-%                                                      <5               $#$           % !$                         %$                                      "                                       +% ,                                                   #            $   !             &4                 "           # " %                       $      !#
         $" @0 80             &8 &6= 6 926    $0-7                                                     <5           $#! "!           " # #                   $#                                    $#! #                                             #$                                               $ %              $                 &4                 $ %         $ %                                !#
            %$&0= 0$          &4 =1 261 85 -1 7 "#0A                                                   <5           !$$ %!           "" #"$                  !$% $!             !$$     !          !$$                                             + " ,                                                $%             $                 &4                 "!$         $ "                         $      !
            % A0;B0           &4 =1 261 85 -1          08                                              <5           $ % $"#           % $#                   $ $ # #            $%                 $ %%                                          + %$,                                                                 !   "%            &4             !     %           %#                        $      !!
          $$!$ 0 <0            4&9 1 12256 25-2 -4 ""#                                                 <5            #    !              !                     # "$!             #                  #                                              + $!,                                                 $"                 %            &4                   "             $!                    ! $      !
           %!""""" 0 6          > ') 0 7')           &        0 ; E ' )   &   0-     - //         &   . . 0
                             > 3 ) 2                                                                                   #                                       $ $"!            # "                 $%        #                                 + % %"!,                                                                                              %     $ $         $ ###
           %$"""""   0   6      0 7')         ') &          '      > ')                                           "" !%% !                                 ! %"$ %         ""   ! $%"           "# "$     #             +! #     ,             + ! "#!,                  # "                                                                         #%%    %%#       !% #"$
           $%"""""   0   6      0 7      4 .       '                                                              #$ %! %                                  $ # $$"            !# #!             # #$          "         +! #    !,             +"% $! ,              #     $                                                                       % #"%    %#!     # ! % #
           $$"""""   0   6      0 2 '. -       & . . 0> 3 ) 1             0> 3 ) 2                                 % "% "                                  $ ! "#           $ !# !               % ##         %!                                     #%                                                                                               "#    %!             #
           $#"""""   0   6      0 ; E ' ) &    0-        - //         &    . . 0> 3 ) 2                                #                                       $ $"!            # "                 $%        #                                 + % %"!,                                                                                              %     $ $         $ ###




           6099999 Totals                                                                                           #"! $ "                            #        !% !%     #$ %" " $              ! "# $ $               +! #    !,             +"$# !",              #        $                                                                    $ !" %!"         # % % !
                                                                                                      ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                     SCHEDULE D - PART 2 - SECTION 1
                                                                                                                           Showing ALL PREFERRED STOCKS Owned December 31 of Current Year
            1                               2                 Codes         5        6         7          8                 Fair Value                 11                             Dividends                                         Change in Book/ Adjusted Carrying Value                              20           21
                                                          3           4                                                 9               10                          12                13                14           15                 16                   17                   18               19
                                                                                                                     Rate Per                                                                                                                                                                     Total
                                                                                                                      Share                                                                                                                            Current Year’s           Total            Foreign
                                                                                    Par                Book/         Used to                                                         Amount         Nonadmitted   Unrealized          Current           Other Than             Change           Exchange
                                                                          Number   Value      Rate    Adjusted        Obtain                                      Declared          Received         Declared      Valuation          Year’s            Temporary                 In             Change     NAIC
          CUSIP                                                             of      Per        Per    Carrying         Fair            Fair          Actual         But              During            But         Increase/       (Amortization)       Impairment            B./A.C.V.             In      Desig-      Date
      Identification                   Description       Code Foreign     Shares   Share      Share    Value          Value           Value           Cost         Unpaid             Year            Unpaid      (Decrease)         Accretion          Recognized          (15 + 16 - 17)      B./A.C.V.   nation    Acquired
         $$# 0% 0$         -76 = 49 7 -                                                $                  %                # #           !             %                 $!"                                                                                                                                    8<5
        $ #"60 0           -5 65 47 6 5 5 = 7 -                           % "        $# $                 "$ # %         ! #               "$ !        "$ # %                             #                                                                                                                     8<5     #
         $% 0! 0!          - 5;76 297225                                  $ $            "                  $ "            "               # #$          $ "             !      %                                                                                                                               8<5   # %
        "! %=0 0           5 65 = -4      5A                                $$$      $                      !" %               $           $ !           !" %                             % ""                                                                                                                  8<5
      !# %% 0%$0           =48;&1 21-@2                                   #          %# %"                !# ###         %$              ! $ #         !# ###            ! #                                                                                                                                    8<5     %
      $ %## 0 0            81 ;52>1 >1;5 0A9 665&>                        $ $        $ "!                 ! !%#          %$                      $     ! !%#                                   ##                                                                                                               8<5   # %
      $ %## 0 0"           8> >1;5 0A95 6                                 " $        %! "                 %      !       %! !$           % # $         %      $                                                                                                                                                 8<5
      $ $ 80 "0%           85@&1 > 46@5 2 @48;7 =2                            $        % $#               $ $#%                !         $%% !         $ $#%                              # "%$                                                                                                                 8<5       !
      $" $ 0 0             &5687<5 7 -                                    ! %          $                     " "!        !                    !%          " "!           %               ! !!!                                                                                                                  8<5   "
          % 20! 0          &4 =1 261 85                                   $              #%               ! # #                          ! % $         ! # #                 #""          % %                                                                                                                   8<5   $
        $ %#:0 0$           5A2 -4 <7 6 77                                                                $ ! $          #" $              $! %"       $ ! $                              ! %#%                                                                                                                 8<5           "
        $ %#:0! 0%          5A2 -4 <7 6 77                                  "$                            #" $           #" $              !% "!       #" $                   "#            !%"                                                                                                                 8<5           !   %
      #     $0 0$          2-@5 7 = 849=@ -4                                !        $                      !" !%        % #             $$# % !         !" !%                                                                                                                                                  8<5       !
      #$% 0 0#             261 85 A4 2                                                                       $          #"# $            $!# # $          $                               # !"!                                                                                                                 8<5           "
      "!"! 0#%0#           A12@7 =64 &96 -1 6                             ! !        $                      $ ""$          # $             $# $          $ ""$             %!            $ ##                                                                                                                   8<5           "
      = $!#%0 0!           12 5 7 29 1 -5 @48;7 =2                          %        $        $! #        !%! $"!        $%              !%$           !%$ $#"           % $                                              + "" ,                                                       + "" ,                  !8
      !%"$ !0110!          <4 672 7 29 1 -5                           <     %!$                           %$             % $                           %$                                 !! !                                                                                                                  8<5   $ $         $
       !""""" 0 6          0    E    ) 2 3 0 7')     &                                                 " # % "                        " !            " # % %          % $"               !! !%"                           + "" ,                                                       + "" ,
E09




      $""""" 6         0     E    ) 2   3                                                               " #   % "                       " !          " # % %          % $"               !! !%"                           + "" ,                                                       + "" ,
                                                                                               ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                          SCHEDULE D - PART 2 - SECTION 2
                                                                                                                                 Showing all COMMON STOCKS Owned December 31 of Current Year
             1                             2                  Codes               5               6                                Fair Value                               9                                 Dividends                                            Change in Book / Adjusted Carrying Value                          17           18
                                                          3           4                                                        7                8                                               10                11                     12            13                 14                   15                      16
                                                                                                                            Rate per                                                                                                                                Current Year’s
                                                                                                                          Share Used                                                                                                               Unrealized         Other Than              Total               Total Foreign     NAIC
                                                                                            Book / Adjusted                To Obtain                                                                            Amount               Nonadmitted    Valuation         Temporary            Change in               Exchange        Market
            CUSIP                                                          Number of           Carrying                       Fair             Fair                       Actual              Declared         Received               Declared      Increase /        Impairment           B./A.C.V.               Change in      Indicator     Date
       Identification                 Description        Code    Foreign    Shares              Value                        Value            Value                        Cost              But Unpaid       During Year            But Unpaid    (Decrease)        Recognized             (13 - 14)              B. /A.C.V.        (a)      Acquired
           ! 0 0        114 7 -                                               %                        " %                          " #             " %                             "!                                  !                                   ! %!                                     ! %!                              8         $    $
           " !0 0       1 2 : 7 -                                             $                      !% $                           ! #$         !% $                        !"!                                                                           +%" # ,                                  +%" # ,                            8
          % $0 0#       1-1;71 @1 &1-5967-182                                 # $                    ! $ %"$                                     ! $ %"$                      !$     "                                                                       % "#                                     % "#                             8            $
          % !"0 0"      1-1;71 5186 6 926                                     %                      !$# $%                         $            !$# $%                            "!"                                                                       #                                        #                                8            $
          #%"=0 0"      1= 1 5& 55 ;7& %%1                                    !                      ! % #                          ! %          ! % # "                        "! %##                                                                         !#                                       !#                             8      % $
          " $#0 0       17    4;2 ? -@5&2 7 -                                                                                                                                                             #                                                                                                                            8      $   ""#
          !% A0 0!      1&-48 7 65 1674 18 -4                                     " $                 !%          #$              !      !            !%          #$          #%    ""                                 $ $                                   #  $$                                   #   $$                            8        $   $
          $ "$0 0       1&5 7-1 -4&&5 -718 87 52                                                        "#         #                     %              "#         #          !     %!                                                                   + %  $ $,                               + %   $ $,                            8      #
          $ 0 0         1&5 7-1 5L976 7 :6 87<5 @8                                !                     "                             # "               "                     "                                             !#                            + # !%!,            #                  + "         ,                         8            $
              0! 0$     1&5 7-1 <7 1 -718 5186 6 926                          % !                     !       !                       #               !       !              !$         %                              $                                     %  #                                    %   #                             8
        ! ! 0 0#        1&5 7-1 :1 =91 ; -4                                    %                      %       %                         !$            %       %              ! "                                            %%                             !" %                                    !"  %                               8      $
        ! 60 0$         1&5 7-1G2 -1 0&1 6 7 -                                 " $                    !               $                 $$            !               $      !!#        %                                                                  !  %#$                                    % ##$                             8
        ! ! 0% 0$       1&29 = -4                                              !                      !$          #                                   !$          #             "       %                                                                  $    #                                  $     #                             8
        ! !% 0 0        1 A4 6@ &4 6=1=5 12256 -4                              $ #                        !           #             #                     !           #         "   $                                                                      !! $!"                                  !!  $!"                             8          !
        !# ! 0 0!       1 875; 27= 18 65-@ 484=                                  $                    ! $     $$                    ! $#              ! $     $$             ! !        %#                                  ! !                            +$       ,             # %             + !        ,                         8
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        % %# 0 0        12 26 65-@ 484=752 7 -                                $ $                       #%      "                   !                   #%      "            ! %    ! %                                                                  + $ #,                                  + $ #,                                8
        $% $0 0"        1 2 2 65-@ 484=752 7 -                                                          #         $               ! $                   #         $             "     $                                                                    $                      ! $ $             % $%                               8      % $
        $$ #0"#0        1;1 0 52 7 -                                                  $                   #   " $                     $                   #   " $               #   " $                                                                    +# $,                  ! $ $           +      $ ,                           8        "         $
        $$ !"0""0       > B 5 5 = 7 -                                         %                       $ $     %                         #             $ $     %               !"                                                                          !!                                      !!                                   9
        $ ! 0 0$        >69 7 65 1674 18 7 -                                          $                   "     #                   ! !                   "     #                 !!                                                                       $# #                                     $# #                               8      #
        $ % $0 0        >1 5 2 <446A51 = 49 7 -                                                           #   "#                      !                   #   "#              $$ #                                                                        +#% " %,                                +#% " %,                             8      ! "
        $ $0 0          >18-@5& -4                                                                    !#      %                       !#              !#      %               ! #                                           $!                             #" %                                     #" %                               8        %
E10




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          $ $ 0 0       > 1B78 56@1 48 7 - 0 9 76                                 !                     #%                          #                   #%                    #%                                                                                                                                                       9      !
          " #0 0!       > 7 =@1& 5 84 1674 -4                                                         %$      "$                      $               %$      "$             !$ $                                                                            " #                  ! !                #% !                              8              %
            #60 0$      - 1 7 65 1674 18 7 -                                      #                   !#      ##                  %                   !#      ##             % %"                                                                          +        ,                              +          ,                        8              %
              0 0%      -: 6@5 1 5967-2 7 -                                   % !                     ! !        $                  " $               ! !        $           !" $$#                                                                        +$ !!,             !" %                 +" # !,                             8      %
            $ 0! 0#     -1-@5 7 -                                              # $                      #        $                  " !%                #        $            !$ %                                                                         +$! !"",                                +$! !"",                            8              $
        % 50$ 0         -1 2651; &4 6=1=5 -4                                  ! $                     % $     %#$                   ! "               % $     %#$            ! $ %                                                                           "    %                                  "      %                          8
        %# 0 0%         -12918 &185 56178 = 49 7 -                            ! $                       "%     $                    $ #                 "%     $              $" $$                                                                      +     $$ ,           $ $                +        $ ,                          8
        %" $0 0         -164 -4                                                  #                        #    ##                   $                     #    ##                 % %                                                                             %                                         %                          8              #
            !!0 0!      -@1 &7 = 2@4 52                                       $! "                      "     $""                   $ %                 "     $""            %! !                                                                        + "# %%,             $ #                + %" % ,                              8
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        $ %0 0!         ;4881 <7 1 -718 -4                                            $               !#!        $                !        "          !#!        $            %! "$                                                                         !$ ! $                                   !$ ! $                            8              $   $
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            #80 0$      ; 5A 7 ;926 752 7 -                                           $                   $   $                           %               $   $                 ! !                                                                             % $                                      % $                           8              $   $
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          %!!>0 0       ;9<< 1 ; @58 2 -4                                         %   !                 #    % %                   " #                  #    % %              %"                                                                            ! %#                                     ! %#                              8              "
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          "! $0% 0$     50B05& 7 -                                                    !               !!     #""                       !              !!     #""              %$ #                                                                          $                                        $                                 8
        " $$:0 0        5 -4 5 >1 -2@1 52 7 -                                                           %!   " #                   " ""                 %!   " #              %                                                                             +       ,                                +        ,                        8
        " $ 0 0         5 - 27:5 @1 &1-5967-182 7 -                               " "                   $"   % $                     #$                 $"   % $              # ""%                                                                      + ! $ ",                   #            +       !"$,                          8              %
        " 90 0$         5 5 = 1 6 5 2 86;                                         !                            !                     #                         !             !"! $#%                                                                     +      "$%,                             +       "$%,                          8
        "!$# 0 0        5 27= = 49 7 -                                                                    " ##                     % %                    " ##               ! #                                                                           +! "" ,                                 +! "" ,                             8              "
        " % $0 0        5&1 7 -                                                                           #                        % !                    #                  !$ $                                                                          +"!      ,                              +"!        ,                        8              !
        "     0A10      56@1 5 0 A1 1 62                                                                     "##                                  #          "##                                                                                                "##                                      "##                           9          !
        "" 10 0$        5:5 -4 5 1 6 5 2 7 - 0 -8122 1                                $                   %      $                   $$                   %      $              !$ %##                                      % %                               % $#                                     % $#                            8      "
      !      L0 0%      5 587 72 7 -                                                                      !!                       # !                    !!                     " $"                                                                      +% %",                                  +% %",                              8          !
      ! !"<0 0          <>8 <7 1 -718 = 49 7 - 0 -8 1                             "                   !                           !% $!               !                         $#                                     % !                                 +% "$ ,                                 +% "$ ,                             8                  $
                                                                                                 ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                    SCHEDULE D - PART 2 - SECTION 2
                                                                                                                            Showing all COMMON STOCKS Owned December 31 of Current Year
               1                            2                    Codes               5               6                       Fair Value                    9                               Dividends                                                  Change in Book / Adjusted Carrying Value                           17           18
                                                             3           4                                               7                8                                      10            11                  12            13                          14                   15                       16
                                                                                                                      Rate per                                                                                                                         Current Year’s
                                                                                                                    Share Used                                                                                               Unrealized                  Other Than              Total                Total Foreign     NAIC
                                                                                             Book / Adjusted         To Obtain                                                               Amount            Nonadmitted    Valuation                  Temporary            Change in                Exchange        Market
             CUSIP                                                            Number of         Carrying                Fair             Fair            Actual                Declared     Received            Declared      Increase /                 Impairment           B./A.C.V.                Change in      Indicator     Date
         Identification                  Description        Code    Foreign    Shares            Value                 Value            Value             Cost                But Unpaid   During Year         But Unpaid    (Decrease)                 Recognized             (13 - 14)               B. /A.C.V.        (a)      Acquired
        ! $$ 0 0%         <17 47 6 -4&&9 7-1674 2                                                       # %%                  !              # %%           ! "%"                                        #$                           + ! $%,                    !# %                 +    $ %,                            8       # "
        !! " 0 0"         <7 26<5; <7 1 -718 -4                                                         $ %                  !$ #            $ %            !!# $                                                                     +# $ ,                                            +# $ ,                             8
        !%$ !0 0          <4 -5 465-674 7 -                                          $ $                  " !%                % #              " !%               !$                                                                + % "$,                                           + % "$,                              9
        !%$ !0"$0%        <4 -5 465-674 7 -                                            $                # "                   % #            # "             # $                                                                    +      $,                                         +      $,                            9
        !%"$#;0 0         <4 6 522 7 65 1674 18 = 49                                 ! $                  $ % $               % #$             $ % $            "$%                                                                   + % ",                                            + % ",                             9
        !%"$#;0 0         <4 6 522 1&5 7-1 0 A1 1 62                                 % #                    ""!                 $%               ""!            #                                                                                                                                                          9
        ! #%#!0 0!        =5@8 -4& 1                                                 !                    # $                     %            # $           % % !                                                                   +$           ,               "%                 + %     ! #,                          8
        ! # # 0 0         =5 -4 7 -                                                  $ $                " !!                                 " !!           !$                                                                       +$%          ,                                    +$%       ,                         8      $
        ! % " 0 0"        =566 5186 -4                                                 $              !!! $                       #        !!! $            !#                                           % !                         +%           ,                                    +%        ,                         8              %
        ! "% %0 0%        =84>18 84=7267-2 1-L97209 76                               ! %                  ! #$                    $            ! #$                                                                                   +        ! ,                                      +     ! ,                          9              $
        !# # 0 0!         =48<2&76@ 7 65 1674 18 @48;7 =2                        %                      $%                    ! #$           $%             !##                                                                    + !            ,                                  + !         ,                         8              $
        !"     0 0"       = 516 81 52 ; 5;=5                                     !% % "               !       $               #            !       $                                                     $#                           !!      %%"                                       !!   %%"                           8              #
        !"! 0 0%          = 55 817 2 5 5A1>85 5 5 =                                !                    !" #                  ! "            !" #               "                                                                    +!%      !# ,                                     +!%   !# ,                          8
        !"! 0 0           = 55 817 2 5 5A1>85 0 A1 1 62                            !                            #                                    #                                                                                +        $ ,                                      +     $ ,                          9
        % "$0 0%          = 9>> 1 ; 58872 -4                                     % #                        "!#                 %                "!#        !#        #                                                            +          "!#,                                   +       "!#,                          8              #
        % % ! 0 0#        @?5 5L97 &5 6 25 :7-52 7 -                                 $                !! %                    # ##         !! %             % "       # !                                                            +""      % !,                                     +""   % !,                          8
        % ! %0! 0!        @1 ;7 =5 7 -                                                                      #                     #              #           $!       ""#                                                                                                                                                  8              %
        % %$ 0 0          @1 72 26 165 56A4 2                                                         ! %                                  ! %              !#                                                                      +%%       "# ,                                     +%% "# ,                            9          !
        % #"0 0%          @1A -4 0 -8122 1                                        # $                 !!! !                   #            !!! !             #        !%$                                                             %           $               %                            $                           8        %
        % # $0 0%         @5 2@1 @42 761876                                      !$ "                 !% $                    " $          !% $             !!                                      $ #%#                           +           $ ,                                    +      $ ,                          8      $ "
        %% "%0! 0$        @4 25@51; @48;7 =2 -4                                                           $ !!                  "              $ !!            %        "!                                                          + #         $ ,                                    + # $ ,                             8
        %%#% 0 0          @96-@7 24 65-@                                                 $            !       #                 !          !       #           #      !%                                                              %!          %                                      %! %                              8      % $
        %%#%$ 0 0%        @9667= >8;= 4;2 7 -                                    $!                     #% "                  ! %"           #% "              %      %                                                             +#"       %" ,                %$                 + !% %" ,                             8
E10.1




        %$ % L0 0         7&5 =5 6 7 -                                            % #%                  $       #               $"           $       #         #      %                               $%"                          + $        # ,                                    + $ # ,                               8      #           $
        %$ # 0 0          7& 5 718 -1 7618 -4                                     $                     " $                   # !            " $             "        $                             ! $                             +           $ ,                    !             + "# $ ,                              9                  $
        %$ #$ 0 0         7 <92 265& @48;7 =2 7 - 0 9 762                         " $ %                 %! !#$                % #$           %! !#$                   !#%                                                           +!!       """,                                     +!! """,                            9      %
        %$ !!0 0!         7 2 7 5 @1 &1-5967-182 7 -                             $! "                 ! !                     $ "#         ! !                        $                                                             + "       "%!,                                     + " "%!,                            8
        %$#!!%0 0"        7 65 1 <9&2 7 -                                                                 $ %                   "              $ %          !                                                                      + $          # ,                                  + $ # ,                               8      $
        % ! 0 0!          7 :5264 518 526165                                             "              % "!                  # "            % "!                   % !#                                                            +!!         # ,                                    +!! # ,                             8
        %      0 0#        ;1 24<6A1 5 = 49 7 -                                      $                ! "                       %          ! "                        !                                                                         !%                                            !%                           8
        % %50 0            1BB 65-@ 484=752                                      ! "                        $!$                   $              $!$                  %                                                            +            % ,                                  +        % ,                          8      ! %
        % %50 0            1BB 65-@ 484=752 A1 1 62                               $ #                       !                     $              !                                                                                            !                                             !                              9
        %# #!#0 0          42 1 >1 -846@75 2 7 -                                    $                   "# $                  # %$           "# $              # %                                                                     +        " ,                                    +      " ,                          8      "
        %# !#0 0$          49 18 5=7265 -4                                        " $                   !" "                                 !" "           ! $ #                                        "%                        +          !% ,                $# $               + $# "" ,                             8      #
        %# ;0 0            9 765 &5;71 -4                                        ! #                      $ "                 ! #              $ "          !       #                                                                  +"#    % ,                 ! #                + !% %# ,                             8      #
        %#%#! 0 0          1 212 -76 87<5 7 2 -4                                                            $%               %! $"               $%              $%                                 # %#                               +        % ,                                    +!# "% ,                            8                  $
        %"     0 0         7 > -4                                                        #            !         %            % %#          !         %             !%                                                                    #!   "#                                         #! "#                             8              $   $
        $ %A0 0            421 >742-75 -52 7 -                                   $#                       # #                 !                # #            $ !                                                                      + $    ###,                %! $               + # "!#,                              8              #
        $     10"#0$        57;4 >74<9582 0                                      #%                     %                       $            %                 ! %                                                                     +      % ,                                      + % ,                               9
        $     >0 0#         1642 ;5<5 25 1 ; 25-9 76                             "%                         " #                 !$               " #                                                                                      #     $                                         # $                              8
        $     A0A10         57;4 0 A1 1 62                                       #%                                               "!                                                                                                                                                                                       9              #
        $ # 10 0          8@- = 49 7 -                                                   #                  " # %             % "#             " # %          !       "                                                             + %         %,                                    + %       %,                         8              %
        $ % 0 0           81 -5 7 -                                                                       % #                   %            % #              !"          #                           "!                               !        $                                        !      $                          8
        $ % 0 0!          81 ;195 7 -                                                $                    $" $               $ #$            $" $             %         $                           " $                                %
                                                                                                                                                                                                                                       %                               $               +!         ,                        8                  $
        $ ## 0 0%         85 7-4 @1 &1-5967-182 7 -                              #                        %$ %!               ! !            %$ %!          ! $         #                                                           +# !$ ,                                           +#     !$ ,                          8
        $! " 0 0!         876@71 &464 2 7 - 0 -8122 1                                    $                    $%$             ! !                $%$        !$        !%#                                !                         + " # !,                                          + "     # !,                          8      #
        $!"%$ 0 0%        84 1- -4 4 1674                                                                 #$                    #            #$               #       "                                                              + !$ ,                           ! %              +%    $" ,                          8      $ !
        $$     0 0        &<1 &4 6=1=5 7 :526&5 62 7 -                           %                       !## $                " $          !## $            !         $"#                                %#                            ! %
                                                                                                                                                                                                                                       %                                                 %   ! %                           8      #
        $$! 10 0          &6- 65-@ 484=752 7 -                                       # $                 %!% $                ! $          %!% $            !"          %                                                            !    !                            "                        !                          8      $
        $ " #0 0#         &1 7 5&1 7 -                                                                   !%                   $ $          !%               %%        $!#                                                          + $!     ,                                        + $!         ,                        8
        $     %0 0$       &165 718 2-75 -52 -4                                           "                     %                %!                 %          #"        %!                                                          +"$   ",                      ! %                +          ",                         8      % #
        $ " "!0 0         &--4 &7- 1 ; 2-@&7- G2 251<44;                                 "                # !                   "!           # !              #       !                                                             +$$  ! ,                       # % #               +#!   $$",                          8                  $
        $# $#"0 0"        &-= 16@ 5 6-4                                                  $               ! # $                $ $          ! # $            ! "         %                                "                          +$ #$ ,                                            +$    #$ ,                          8      $
        $#!% 0 0          &5129 5&5 6 2 5-7186752 7 -                                !                    # !                                # !              $         #"                                                             $!                                                    $!                            8          !
        $#" L0 0"         &5 7;71 5249 -5 -4                                                             ! # $                  #          ! # $            %!          %                                                          +   $# ,                                          +       $# ,                          8
        $" &0 0$          &561>272 6@5 1 5967-2 7 -                                      $                     "$               ""                 "$       %%          !%                                                         + ! "!",                                          + !     "!",                          8        !
        $"$ #:0 0         &7- 92 5 ;4:12-981 -4                                   "                      !# "                 " #          !# "             ! $                                                                           "                                                     "                          8      " #
            $$ 0 0%       &7885 7 ;926 752 7 -                                    $                         $ !$              ! "              $ !$         ! #        %!                                                          + %" !,                                           + %"       !,                         8      % %
           %%! 0 0!       &7 1; 7 65 1674 18 7 -                                 $% !                         % $             ! $                % $            "      "#                                                          +      !,                                         +          !,                         8
           %$ 0 0         &7 2 65-@ 484=752                                      $ $                      $ %#                % "            $ %#           %         #"                                                           +     %",                                         +        %",                          8              $
                                                                                                 ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                     SCHEDULE D - PART 2 - SECTION 2
                                                                                                                             Showing all COMMON STOCKS Owned December 31 of Current Year
               1                            2                Codes               5                   6                        Fair Value                     9                                  Dividends                                                            Change in Book / Adjusted Carrying Value                                 17           18
                                                         3           4                                                    7                8                                          10            11                     12             13                                14                   15                             16
                                                                                                                       Rate per                                                                                                                                       Current Year’s
                                                                                                                     Share Used                                                                                                      Unrealized                         Other Than              Total                      Total Foreign     NAIC
                                                                                             Book / Adjusted          To Obtain                                                                   Amount               Nonadmitted    Valuation                         Temporary            Change in                      Exchange        Market
             CUSIP                                                        Number of             Carrying                 Fair             Fair             Actual                   Declared     Received               Declared      Increase /                        Impairment           B./A.C.V.                      Change in      Indicator     Date
         Identification                  Description    Code    Foreign    Shares                Value                  Value            Value              Cost                   But Unpaid   During Year            But Unpaid    (Decrease)                        Recognized             (13 - 14)                     B. /A.C.V.        (a)      Acquired
             ! 0 0        &4 4 &9<<85 > 1 5 7 -                               ! $                         ! $                   " %"            ! $              ! $                                          ##                             +%$ $% ,                               %$                +$ #$,                                    8              $
           $!#!0 0%       &98670-484 -4                                       ! $                     !$# %#%                     %         !$# %#%              ! %                                               #                                #"                                                       #"                                 8         #    $
           ##$ 0 0$        -7 >978;7 = 2 265&2 7 -                              $                         $ " $                 # "             $ " $         ! $ $#!                                                                       + $" $#,                                                 + $" $#,                                   8         $
           " 60 0!         =12 5249 -52 7 -                                 !! !                        # % "                   $ !           # % "                 !#                                                                       + $ % ,                             " $ !                + % " $,                                  8       ! %
           "!! 0 0           7 -                                            !                           #                       " %           #               ! %#                                            %                              + ## ,                                                   + ## ,                                    8
         !## L0 0"         169 18 =12 25 :7-52                                  $                         $ " $                 "               $ " $            # " %                                                                         $" "$$                                                   $" "$$                                  8              !
         % %50 0           59 4=5 -4                                        %%                          $ #                     ! %$          $ #              "% # %                                                                       + %! %,                                                  + %! %,                                    8              "
         $%##A0 0!         4:1 >74249 -5 <9582 7 -                              $                           #$                    "               #$             # ! #                                                                          # $!                                                     # $!                                   8
         $%##A0" 0         4:1 >74249 -5 <9582 7 -                          "" $                        ## $$                     "           ## $$            " !$                                                                            $% $                                                     $% $                                    9              "
         $%##A0A10         4:1 >74249 -5    0 A1 1 62                         " #$                      !" #!                     !           !" #!                                                                                            !" #!                                                    !" #!                                   9
         $$ $!0 0          4>85 7 65 1674 18 86;                              #                         "! $#                     !           "! $#              $ #                                     $                                   + ! ,                                                    + ! ,                                     8                  $
           ! %&0 0$        4 6@ :1885 >1 -4                                   !                               ##                ! "                 ##           ! !#                                    $ #                                 +      %#,                                               +      %#,                                8      " !
           "# A0 0#        4:1&5; 7 -                                                                 ! !                       % $         ! !               !$" "                                                                          +!      ",                                               +!      ",                                8        !
           "# &0 0%        4:1658 A7 58522 7 -                                     $                        !                                     !              # "$%                                                                         !# !%                                                    !# !%                                   8          $
               0 0         91 -5 -4&&9 7-1674                                    $ $                    #" $%                   # #           #" $%                    !                                                                          "                                                        "                                    8          $       $
               0 0#         <7 7 -                                               !                        ! "$                  $ !$            ! "$            #$ %$#                                                                       + ! $,                                                   + ! $,                                    9      %
               0"$0"        <7 7 - 0                                         !                          " "$                    $ !$          " "$                   $                                                                       +!$ $ ,                                                  +!$ $ ,                                   9        !
             %%0 0$       427 2 265&2 7 -                                      !                      !%%                         %         !%%                  # %$                                                                                                                                                                           8          $       $
              :0 0        4; 225 @5186@-1 5 7 -                              ! "                      !$ # %                                !$ # %            %"! !                                                                             +           #!",                                         +        #!",                          8      #
           # % 0" 0       47821 ;2 L9526                                     #                        !! %#                     % #         !! %#                    $                                                                                        !                                                     !                           9      $
         #     0 0        4&5=1 4675 -4                                      %%                       % #                       " "         % #                 #$ #                                                                                    #     %                                               #     %                           8                  $
         # !=0 0          4 87 5 5249 -52 -4                                   $                        "#                        "           "#                $! #                                                                                %         $                                        %            $                           8
         # #:0! 0#        4 74 &1 7 5 = 49 7 - 0 %%1                           #                      % $                       $           % $               ! " !$                                                                                %         $                                        %            $                           9      $ !
E10.2




         # $##0 0%        4 851 2 @4&5>978;5 2 7 -                             " $                        $ #$                  ! $             $ #$            " %$                                                                        +               " $,                 #"                  + $              $,                        8
         "! # 0 0$         ;< 2489674 2 7 -                                      "                              "               "                     "              #%                                                                                     +$$,                                                  +$$,                          8          !
         "!! 60 0$         @7 7 -0 4 :467 =                                                           !       %               !             !       %           # "                                                                             +           $ ,                                          +        $ ,                           8                  $
         "!! :0 0          =6 7 -                                            !% $                         %                     %               %             %!$ # #                                                                       + %"            "! ,                                     + %"         "! ,                          8
         "! 0 0            2 >927 522 1 2 7 -                                                         ! $ !                   $ $$          ! $ !                # $                                     "                                  + #             " ,                                      + #          " ,                           8                  $
         "$ 0 0%           1- 5655 7 -                                       !#                         !% #                                  !% #            !"% $"#                                                                       + #                 %,                                   + #              %,                        8              %
            % 0 0"         1 585-6 4-@5&7-18                                         $                ! %                       # %         ! %               !      "                                                                          !               !                                        !            !                         8      !
            !$%0" 0        1 55 :7274 7 -                                        !                    ! ! #                     $ #         ! ! #               "$ $                                                                            #           !                                            #        !                             8
            ## 0 0         5 :7 =7 71 -4                                                              ! " !                   %! !          ! " !                                                             $"#                                             !                                                     !                           8              $   $
             %#0 0#        56 4L9526 5 5 = 7 -                                                        ! %                       % !         ! %                   %       $                                                                         !%      " !                                              !%   " !                           8          !
             %#0 0         @1 &1 56 ;5:584 &5 6 = 49                                 #                % ! % #                 !"            % ! % #             ""             "                                                                    #$                                                       #$                                 8                  $
           ! $$0 0         74 55 ; 7887 = -4& 1                                  !                        ! %                     ##            ! %               !                                                                                 +% ,                                                  +% ,                                  8
           " ! 0 0         85 92 -4                                              $                      % $                                   % $               "$        ##                                                                     $     $                                               $     $                                  8      !
         % # 0 0            7 -564 1674 18 >1 -4                                                        % " $                   % $           % " $             %         " $                                 $##                                +#      ,                       % % !                +$ ! ,                                    8                  $
         %! # 0 0           4=5 7-2 @1 &1-5967-182                                                      #"                      #             #"              ! %         #"$                                                                   + $ $,                                                + $ $,                                    8
         % #0! 0!          9 5 - -85 -4                                      %#                       ! "                           "       ! "               % $          $                                                                    + % %% ,                                              + % %% ,                                  8              %
         % " 0 0%         L91 69& -4                                          " $                     !%# !$$                       "       !%# !$$           !            "                                                                     % "$                                                  % "$                                     8
         %#!%"0! 0$       L9526 5249 -5 -4                                   !$                         $ "$                                  $ "$            ! "         %%                                                                    +" ! ,                               %                +"$ $!,                                   8
         %#!# 0 0         L97;58 -4                                           "                       !#                        " %         !#                  %          !$                                                                      ! %                                                   ! %                                    8      % %
         %#!" 0 0         L9526 5249 -5 7 5                                                             # %                                   # %               #          %                                                                    + % % ,                                  $            +!$      ,                                9        #   $
         %" $ 0 0         L97 465 -4                                                                    "                       "             "                   #                                      ! #                                     +$      ,                                             +$      ,                                8            $
         %"!##0 0%         - -4                                                  # $                    !# $"$                  #             !# $"$            $$        #!                                                                    +" % ,                           % "$                + ! % ,                                    8      $ %
         $ %!#0 0!         1;742@1- -4 4 1674                                                                                                                                                                                                                                                                                                   8      $   """
         $     0 0         15 2 2 7 -                                                                        " $                                   " $                    $ !                                                                             +$ %,                          # %             + # !"#,                               8      !
         $% 0 0#           1:5 7 ;926 752 7 -                                    "                       !%$ $                !# !"            !%$ $                  %                                  ! #                                            % !                                                % !                                  8            $
         $$ %>0 0%         >- >51 7 =2 7 -                                       $                             !              %! %                   !            #%#                                                                                   %                                                  %                                    8        "   $
         $## <0 0          5=5 5 4 @1 &1-5967-182                                $                       !       $             % $             !       $        # "$$                                                                                                                                                                           8            $
         $#"! 0 0          5=72 -4                                                   $                     "! $#                 "               "! $#        !# !"$                                          #%                              +# # $,                                                  +# # $,                                  8      # "
               0 0         5 65-@ 7 -                                        !                             %                     #               %             " !#                                                                         +        ,                           %           #       +     "% ,                                 8        %
               0"B0        5 65-@ 0 A1 1 62                                      #                           $ "                   $%              $ "                                                                                          $ "                                                      $ "                                    9      %
            "%!0 0         520-1 5 7 -                                               $                   % $ %                 $               % $ %           "# "                                                                               #                                                        #                                    8      $
             # 0 0         56178 :5 69 52 7 -                                        $                   !"% % $               $ "             !"% % $        $"% !!                                                                        +     " %,                                               +     " %,                                 8
            $$"0 0!        7=58 @1 &1-5967-182                                                           % ! #                 $ !"            % ! #           %$ %%!                                                                           $ $#                                     %               $ %                                    8
            !%"0"$0!       44 = 49 7 -                                       #! $                            % "$                                  % "$         # $                                                                         + "% $$$,                                                + "% $$$,                                  9      $ %
            !%A01 0        44 = 49 0 A1 1 62                                  $ $                                                                                                                                                                                                                                                               9      # !
         #     0 0!        9;48 @ 65-@ 484=752                                           #               !    # !                !             !    # !       %           $%"                                                                   +" " ,                                                   +" " ,                                 8
        # % ! 0 0         2195 0;1 <422 7 -                                      # $                          " $              $ $                  " $                    $                             $ "$                                   +    ,                                                   +    ,                                 8              $   $
                                                                                                 ANNUAL STATEMENT FOR THE YEAR 2007 OF THE RADIAN GUARANTY INC.

                                                                                                                          SCHEDULE D - PART 2 - SECTION 2
                                                                                                                                  Showing all COMMON STOCKS Owned December 31 of Current Year
               1                             2                   Codes            5                 6                              Fair Value                          9                            Dividends                                                        Change in Book / Adjusted Carrying Value                                     17           18
                                                             3           4                                                     7                8                                         10            11                        12             13                         14                   15                         16
                                                                                                                            Rate per                                                                                                                                  Current Year’s
                                                                                                                          Share Used                                                                                                        Unrealized                  Other Than              Total                  Total Foreign             NAIC
                                                                                              Book / Adjusted              To Obtain                                                                  Amount                  Nonadmitted    Valuation                  Temporary            Change in                  Exchange                Market
             CUSIP                                                            Number of          Carrying                     Fair             Fair                  Actual             Declared     Received                  Declared      Increase /                 Impairment           B./A.C.V.                  Change in              Indicator      Date
         Identification                   Description       Code    Foreign    Shares             Value                      Value            Value                   Cost             But Unpaid   During Year               But Unpaid    (Decrease)                 Recognized             (13 - 14)                 B. /A.C.V.                (a)      Acquired
        # # !0 0$         2-@448 2 5-7186 7 -                                                          !# $                        !% $$         !#          $          ! $%!                                                                       + $ %,                       $ #                  +     $%,                                     8       $
        # ""0 0           251-@1 =5 7 65 1674 18 7 -                             !% %                    %#                              !         %#                        %!$                                                                    + ! !,                                            + ! !,                                        8
        #%" 10 0%         2 4 6 29 8 = 49 7 -                                                                                          "                                     #                                                                         % %                      %!                    +!# % ,                                       9              $   $
        #$%! $0 0#        261 85 <9 769 5 -4 7 -                                  % $                     "%                                       "%                   ! #                                  $ "                                    + $ % ,                     "!                   + # $ ,                                        8              #
        #$$ "-0 0         261 65 7 -                                              " $                     # $%$                      " !           #     $%$                   #%                                                                   +      !",                                        +     !",                                     8      "
        #     $0 0        29&64618 2 265&2                                        %                        %                         % $             %                         #                                                                      + # ,                                             + # ,                                       8        "
        #     $0""0       29&64618 2 265&2 7 -                                   % # $                     ! % "                     % $             !   % "               # ! !                                                                    + % "%%,                                          + % "%%,                                      8      $ #
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        # !#0 0           2A7<6 5 5 = -4                                                                   % #                     %% !              %    #               %$ $                                                                                                   $ %                    +% # ,                                      8      "           $
        # ! $ 0 0"        66& 65-@ 484=752                                       !%                     !" %%                                    !"      %%             !                                                                                !$ # %                                         !$ # %                                      8      %
        # % #!0 0#        618 7 65 1674 18 = 49 7 -                                   %                   $" $ #                                   $"    $ #              "" !                                    "                                    +% % ,                                         +% % ,                                        8        $         $
        # $% $0 0         61 =5 <1-64 496856 -5 65                                                      !                          !             !                                                           %                                         + !      ,                                     + !      ,                                    8        $         $
        # " # 0 0"        65 4 1 -@ -4                                            $                        % $                     % #$              %       $             % $                                                                         +     $ ,                   "                  + % "$ ,                                      8        #         $
        # " 0 0!          65 585-                                                   !                      # $                         $             #       $             $ #%                                                                        +%       ,                    %$               +%! % ,                                       8      !
        ## $ 0 0#         6@9 ;5 >7 ; 524 62 %%1                                    $                     !# $                       "             !#    $                !# $                                                                                                                                                                      9        $
        #" #50 0%         6 7 1 2481 86;                                          # $                   %$ !                       $! #          %$      !               ! % #                                                                          %! #                                              %!    #                                   8
        #" #% 0 0%        6 95 587=74 1 1 58 7 -                                    $                   !$       $                     !$        !$              $       ! %                                                                            % $ !                                             %    $ !                                  8      "
        " ! #20$ 0        921 65-@ 484=752                                        #                       #"                         % "$          #"                     #"                                                                        +         ,                                          +%    % ,                                  9              $   $
        " ! #20B;0"       921 65-@ 484=752                                        #                       #"                         % "$          #"                                                                                               +!     " ,                                           +!    " ,                                  9
        " !#$:0 0         986 1 -851 @48;7 =2                                                             " %                                      "     %                 %                                                                          +    % $,                                           +    % $,                                 8      !
        " $! 0 0$         9 74 ; 7887 = 7 -                                       % $                   !# ! $                       $           !#      ! $             ! %    #                                                                     %    $%                                             %    $%                                   8
        " %<0 0%          90264 5076 6 926                                        "                        % %                       "               %     %                  !                                   ##                                + #       ,                  %! % #              +         % ,                                  8
        " !$%!0 0%        9 7:5 218 <4 526 4;9-62                                 "                        # #                       " %             #     #             % ! $ "                                  #                                + $$    % !,                                      + $$      % !,                                 8
E10.3




        " !#! 0 0         9 7:5 218 2617 8522 1 ; 1884                            " $                   !! " $                     !$ $          !!      " $              # %$                                                                          $   %                                            $      %                                   8              "
        " %! 0 0          :1895 87 5 7 -                                          $ $                      ! "                     %                 !   "                !! $                               ! "                                    + $    $ %,                                        + $     $ %,                                 8      $ !
        " % :0 0          :5-64 7 65 25-6 2 1-                                                                                       #                                      # "                                                                             "                                                   "                                   9
        " "! #0 0         A2<2 <7 1 -718 -4                                       $                       $                        $               $                      $                                       "                                    +$" #$ ,                   ! #                    +#!    $ ,                                 8                  $
        " # #0 0          A526&4 581 ; -418 -4                                        %                   !!    !                    ! "           !!    !                !! !                                                                                                    ! #%#                  + !   #%#,                                 8        #         $
        " "%" 0 0         -81 64 A78871&2 5 5 = 7 -                                   $                 !$#     !%                 !             !$#     !%              ! " !                                                                          +    $!,                 !% %                    +!       !,                                8      %
        "# % "0 0%        A4 8; 1--5 61 -5 -4                                                             "       #                    "#          "       #             !"# %                                                                     +        !"%,                                     +         !"%,                                 8      # $
        "# !!L0 0$        A 7=@6 5 522 -4                                         # $                   !             $            !$ %"         !               $        $" " %                                                                        !                                                 !                                         8                  $
        "#"#$$0 0         B =4 -4                                                                       ! !     "                      %         ! !     "               ! !$                                                                                 !                                                  !                                  8          !
        ""B "0990         56@1 5 5 5 =                                                                      %   "!#                      %           %   "!#                                                                                       +        %# ,                                     +        %# ,                                  9          #
        =% 20 0           7 <7 76 >7405 5 =                                               $                       %                  % $                   %                                                                                               + # ,                                             + # ,                                  9      % $
        =% 20"$0          7 <7 76 >7405 5 = 86;                                           $             ! !     #                    % $$        ! !     #               !      ""                                                                  + !          ,                                    + !          ,                                9      % !
        = ! # 0 0%          1&a