(Bloomberg) -- Radian Group Inc. will broaden some mortgage-insurance policies to provide relief when borrowers lose their jobs, in a bid to stoke demand among homebuyers pressured by government fees and tight access to credit.
The insurer will give the coverage to buyers putting down less than 5% of the price of their homes, according to Teresa Bazemore, president of Philadelphia-based Radian’s mortgage-insurance unit.
Mortgage insurers cover losses when homeowners default and foreclosures fail to recoup costs. While Radian has benefited from a decline in claims costs tied to defaults, revenue hasn’t improved as quickly. Would-be homebuyers have been thwarted by banks that are reluctant to extend credit, and the U.S regulator for Fannie Mae and Freddie Mac last week left intact some fees tied to loans they guarantee.
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