Philly.com (02/21/08); Brubaker, Harold
Philadelphia's City Council Committee on Housing, Neighborhood Development and the Homeless has scheduled a Feb. 21 hearing to discuss some strategies that would help keep borrowers in their homes. Radian Group, a big mortgage insurer based in the city, has rolled out a national pilot program with five mortgage servicers to pay 15 percent--or up to $15,000--to a lender to work out terms with a borrower; the company also is forgoing repayment of the advance. "The focus of everything we're doing right now is to bring payments down," explains Paul Fischer, executive vice president for loss management at Radian Guaranty, a unit of Radian Group. The company is facing about $1 billion in mortgage claims this year and expects to pay $200 million in claims in the first quarter, compared with $94 million a year ago.
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