RDN Radian Group Inc

Net income driven by lower provision for MI losses and unrealized gains on derivatives PHILADELPHIA, Aug. 5 /PRNewswire-FirstCall/ -- Radian Group Inc. (NYSE: RDN) today reported net income for the quarter ended June 30, 2009, of $231.9 million, or $2.82 per diluted share. This compares to a net loss of $392.5 million, or $4.91 per diluted share, for the prior-year quarter. Book value per share at June 30, 2009, was $25.12. "We are pleased that Radian generated net income in the second quarter, despite a difficult environment with rising delinquencies. These earnings were driven primarily by loss management efforts that positively impacted our provision for mortgage insurance losses and by unrealized gains on derivatives," said Chief Executive Officer S. A. Ibrahim. "While there are positive signs in today's economy, we remain aware of the challenges and uncertainties Radian continues to face in the near term, and the condition of the U.S. housing market. Our primary focus is on increasing our capital strength and financial flexibility, continuing to write high-quality new business, and positioning Radian for growth and success when markets recover." SECOND QUARTER HIGHLIGHTS -- The mortgage insurance provision for losses of $142.8 million reflects higher delinquency counts, offset significantly by Radian's ongoing loss management efforts. -- Mortgage insurance claims paid of $167.7 million again were lower than the company's forecast and consisted of $149.4 million of first liens and $18.3 million of second liens. In the third quarter, total first- and second-lien claims paid are expected to be approximately $275 million to $300 million. For the full year 2009, Radian has reduced its expectations from $1.2 billion to $1.4 billion, to a current estimate in the $1.1 billion range. -- Radian is encouraged by the many government and private initiatives to help borrowers and has programs in place to provide assistance to lenders and their borrowers who are struggling with mortgage payments. The company is ready to handle the anticipated increase in volume from government-sponsored programs and through other lender-initiated refinance or modification programs. Radian continues to expect an increase in delinquencies throughout the remainder of 2009, which could result in a higher provision and reserve for losses. -- Over the past year, Radian has successfully transformed its mortgage insurance business, producing a 2009 book that consists of loans with excellent risk characteristics. For example, of the total primary new mortgage insurance written in the quarter of $5.5 billion: -- 99.9 percent was prime credit quality; -- 98.4 percent had a FICO score of 680 or greater, with 72.9 percent at 740 or above; -- all had loan-to-value (LTV) ratios of 95 percent or below, and 73 percent had LTV ratios of 90 percent or below; -- 99.5 percent were fixed-rate mortgages; and -- we have observed a significant decrease in early default activity in the 2009 vintage, which is an example of improved underwriting. In addition, Radian's market share has grown steadily in 2009 and represents a significant increase over historical levels. -- Unrealized gains on derivatives were $272.3 million on total pre-tax income of $353.7 million. -- Radian's current cash position is strong, with approximately $480 million immediately available to the parent company after having received a $105 million tax refund in May. -- Radian Asset Assurance Inc. the company's principal financial guaranty subsidiary, continues to serve as an important source of capital support for Radian Guaranty Inc., the company's mortgage insurance subsidiary, and is expected to continue to provide Radian Guaranty with cash infusions over time. -- As of June 30, 2009, Radian Asset had more than $900 million in statutory capital with an additional $1.84 billion in total claims- paying resources. -- At the end of June, Radian Asset paid an ordinary dividend of approximately $100 million to Radian Guaranty. RECENT EVENTS -- On July 17, the Company filed a $1 billion securities shelf registration. -- On July 20, Radian Asset entered into a Commutation and Release Agreement, effective as of July 1, 2009, with Ambac Assurance Corporation and Ambac Assurance UK Limited to commute $9.8 billion of Radian Asset's reinsurance portfolio assumed from Ambac, decreasing Radian Asset's total insured portfolio by 10 percent. As a result, the statutory surplus of Radian Asset (and Radian Guaranty) will be positively impacted in the third quarter 2009 by approximately $40 million. CONFERENCE CALL Radian will discuss each of these items in its conference call today, Wednesday, August 5, 2009, at 10:00 a.m. Eastern time. The conference call will be broadcast live over the Internet at http://www.ir.radian.biz/phoenix.zhtml?c=112301&p=irol-audioarchives or at http://www.radian.biz/. The call may also be accessed by dialing 800-553-0288 inside the U.S., or 612-332-0530 for international callers, using passcode 108853 or by referencing Radian. A replay of the Web cast will be available on the Radian Web site approximately two hours after the live broadcast ends for a period of one year. A replay of the conference call will be available two and a half hours after the call ends for one week, using the following dial-in numbers and passcode: 800-475-6701 inside the U.S., or 320-365-3844 for international callers, passcode 108853. In addition to the information provided in the company's earnings news release, other statistical and financial information, which is expected to be referred to during the conference call, will be available on Radian's Web site under Investors >Quarterly Results, or by clicking on http://www.ir.radian.biz/phoenix.zhtml?c=112301&p=irol-earnings. About Radian Radian Group Inc. (NYSE:RDN), headquartered in Philadelphia, provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages and facilitating the sale of low-downpayment mortgages in the secondary market. Additional information may be found at http://www.radian.biz/. Financial Results and Supplemental Information Contents (Unaudited) For trend information on all schedules, refer to Radian's quarterly financial statistics at http://www.radian.biz/investors/financial/corporate.aspx. Exhibit A: Condensed Consolidated Statements of Income Exhibit B: Condensed Consolidated Balance Sheets Exhibit C: Segment Information Quarter Ended June 30, 2009 Exhibit D: Segment Information Quarter Ended June 30, 2008 Exhibit E: Segment Information Six Months Ended June 30, 2009 Exhibit F: Segment Information Six Months Ended June 30, 2008 Exhibit G: Financial Guaranty Supplemental Information - For the Quarter and Six Months Ended and as of June 30, 2009 Exhibit H: Financial Guaranty Supplemental Information - For the Quarter and Six Months Ended and as of June 30, 2009 Exhibit I: Mortgage Insurance Supplemental Information - For the Quarter and Six Months Ended and as of June 30, 2009 New Insurance Written and Risk Written Exhibit J: Mortgage Insurance Supplemental Information - For the Quarter and Six Months Ended and as of June 30, 2009 Insurance in Force and Risk in Force Exhibit K: Mortgage Insurance Supplemental Information - For the Quarter and Six Months Ended and as of June 30, 2009 Risk in Force by LTV and Policy Year and other Risk in Force Exhibit L: Mortgage Insurance Supplemental Information - For the Quarter and Six Months Ended and as of June 30, 2009 Claims and Reserves Exhibit M: Mortgage Insurance Supplemental Information - For the Quarter and Six Months Ended and as of June 30, 2009 Default Statistics Exhibit N: Mortgage Insurance Supplemental Information - For the Quarter and Six Months Ended and as of June 30, 2009 Net Premiums Written and Earned, Smart Home, Captives and Persistency Exhibit O: Mortgage Insurance Supplemental Information - For the Quarter Ended and as of June 30, 2009 Reinsurance Progression Toward Attachment - Summary by Book Year Exhibit P: Mortgage Insurance Supplemental Information - For the Quarter Ended and as of June 30, 2009 Modified Pool Risk in Force Exhibit Q: Mortgage Insurance Supplemental Information - For the Quarter and Six Months Ended and as of June 30, 2009 Alt-A Risk in Force Exhibit R: Financial Services Supplemental Information - For the Quarter and Six Months Ended and as of June 30, 2009 Radian Group Inc. and Subsidiaries Condensed Consolidated Statements of Income Exhibit A Quarter Ended Six Months Ended June 30 June 30 --------------- --------------- 2009 2008 2009 2008 ---- ---- ---- ---- (In thousands, except per-share data) Revenues: Net premiums written - insurance $161,901 $222,645 $318,657 $466,951 ======== ======== ======== ======== Net premiums earned - insurance $193,629 $249,137 $404,844 $491,058 Net investment income 53,251 65,128 109,534 131,107 Change in fair value of derivative instruments 272,318 56,226 (12,098) 764,035 Net gains (losses) on other financial instruments 54,384 14,801 79,264 (26,040) Total other-than-temporary impairment losses (46) (23,052) (680) (37,095) Losses recognized in other comprehensive loss - - - - -- -- -- -- Net impairment losses recognized in earnings (46) (23,052) (680) (37,095) Other income 3,888 3,221 8,020 6,835 ----- ----- ----- ----- Total revenues 577,424 365,461 588,884 1,329,900 ------- ------- ------- --------- Expenses: Provision for losses 132,750 458,879 459,504 1,041,590 Provision for premium deficiency 2,184 369,807 (1) (46,000) 387,897 (1) Policy acquisition costs 25,967 75,952 (2) 39,921 99,858 (2) Other operating expenses 55,635 63,849 107,237 118,990 Interest expense 12,295 13,832 24,594 26,325 ------ ------ ------ ------ Total expenses 228,831 982,319 585,256 1,674,660 ------- ------- ------- --------- Equity in net income of affiliates 5,110 15,704 15,662 28,230 ----- ------ ------ ------ Pretax income (loss) 353,703 (601,154) 19,290 (316,530) Income tax provision (benefit) 121,828 (208,630) 4,852 (119,644) ------- -------- ----- -------- Net income (loss) $231,875 $(392,524) $14,438 $(196,886) ======== ========= ======= ========= Diluted net income (loss) per share (3) $2.82 $(4.91) $0.18 $(2.46) ===== ====== ===== ====== (1) Includes $421.8 million for first-lien and $(52.0) million for second- lien in the second quarter of 2008, and $421.8 million for first-lien and $(33.9) million for second-lien for the six months of 2008. (2) Includes the acceleration of $50.8 million of deferred policy acquisition cost amortization, as a result of the establishment of a first-lien premium deficiency reserve in the second quarter of 2008. (3) Weighted average shares outstanding (In thousands) Average common shares outstanding 81,396 79,967 81,400 79,960 Increase in shares- potential exercise of options-diluted basis 844 - 836 - --- -- --- -- Weighted average shares outstanding 82,240 79,967 82,236 79,960 ====== ====== ====== ====== For Trend Information, refer to our Quarterly Financial Statistics on Radian's (RDN) website. Radian Group Inc. and Subsidiaries Condensed Consolidated Balance Sheets Exhibit B (In thousands, except per-share data) June 30 December 31 June 30 2009 2008 2008 ------- ----------- ------- Assets: Cash and investments $6,459,233 $6,060,601 $6,535,397 Investments in affiliates 108,767 99,712 112,683 Deferred policy acquisition costs 208,882 160,526 184,765 Prepaid federal income taxes - 248,828 536,343 Derivative assets 179,837 179,515 251,003 Deferred income taxes, net 368,281 446,102 171,577 Reinsurance recoverables 570,245 492,359 176,686 Other assets 560,257 428,476 440,963 ------- ------- ------- Total assets $8,455,502 $8,116,119 $8,409,417 ========== ========== ========== Liabilities and stockholders' equity: Unearned premiums $1,120,359 $916,724 $1,048,064 Reserve for losses and loss adjustment expenses 3,304,236 3,224,542 2,287,742 Reserve for premium deficiency 40,861 86,861 583,543 Long-term debt and other borrowings 856,848 857,802 958,762 Variable interest entity debt 283,242 160,035 85,739 Derivative liabilities 379,270 519,260 657,426 Other liabilities 404,432 320,185 332,234 ------- ------- ------- Total liabilities 6,389,248 6,085,409 5,953,510 --------- --------- --------- Common stock 99 98 98 Additional paid-in capital 469,298 462,647 448,010 Retained earnings 1,764,878 1,766,946 1,981,046 Accumulated other comprehensive income (168,021) (198,981) 26,753 -------- -------- ------ Total common stockholders' equity 2,066,254 2,030,710 2,455,907 --------- --------- --------- Total liabilities and stockholders' equity $8,455,502 $8,116,119 $8,409,417 ========== ========== ========== Book value per share $25.12 $25.06 $30.54 Radian Group Inc. and Subsidiaries Segment Information Quarter Ended June 30, 2009 Exhibit C Mortgage Financial Financial (In thousands) Insurance Guaranty Services Total -------------- --------- --------- --------- ----- Revenues: Net premiums written - insurance $154,919 $6,982 $- $161,901 ======== ====== == ======== Net premiums earned - insurance $170,047 $23,582 $- $193,629 Net investment income 32,298 20,951 2 53,251 Change in fair value of derivative instruments (6,557) 278,875 - 272,318 Net gains on other financial instruments 12,590 41,794 - 54,384 Net impairment losses recognized in earnings (46) - - (46) Other income 3,748 66 74 3,888 ----- -- -- ----- Total revenues 212,080 365,268 76 577,424 ------- ------- -- ------- Expenses: Provision for losses 142,802 (10,052) - 132,750 Provision for premium deficiency 2,184 - - 2,184 Policy acquisition costs 7,921 18,046 - 25,967 Other operating expenses 35,590 19,909 136 55,635 Interest expense 2,619 9,676 - 12,295 ----- ----- -- ------ Total expenses 191,116 37,579 136 228,831 ------- ------ --- ------- Equity in net income of affiliates - - 5,110 5,110 -- -- ----- ----- Pretax income 20,964 327,689 5,050 353,703 Income tax provision 7,948 112,019 1,861 121,828 ----- ------- ----- ------- Net income $13,016 $215,670 $3,189 $231,875 ======= ======== ====== ======== Cash and investments $3,919,403 $2,539,830 $- $6,459,233 Deferred policy acquisition costs 28,674 180,208 - 208,882 Total assets 5,073,729 3,259,249 122,524 8,455,502 Unearned premiums 304,336 816,023 - 1,120,359 Reserve for losses and loss adjustment expenses 3,122,444 181,792 - 3,304,236 Derivative liabilities 23,086 356,184 - 379,270 Radian Group Inc. and Subsidiaries Segment Information Quarter Ended June 30, 2008 Exhibit D Mortgage Financial Financial (In thousands) Insurance Guaranty Services Total -------------- --------- --------- --------- ----- Revenues: Net premiums written - insurance $199,030 $23,615 $- $222,645 ======== ======= == ======== Net premiums earned - insurance $205,096 $44,041 $- $249,137 Net investment income 38,941 26,187 - 65,128 Change in fair value of derivative instruments 25,173 31,053 - 56,226 Net gains (losses) on other financial instruments 18,155 (3,393) 39 14,801 Net impairment losses recognized in earnings (7,711) (15,341) - (23,052) Other income 2,999 58 164 3,221 ----- -- --- ----- Total revenues 282,653 82,605 203 365,461 ------- ------ --- ------- Expenses: Provision for losses 449,296 9,583 - 458,879 Provision for premium deficiency 369,807 - - 369,807 Policy acquisition costs 63,686 12,266 - 75,952 Other operating expenses 48,703 15,019 127 63,849 Interest expense 7,332 6,500 - 13,832 ----- ----- -- ------ Total expenses 938,824 43,368 127 982,319 ------- ------ --- ------- Equity in net income of affiliates - - 15,704 15,704 -- -- ------ ------ Pretax (loss) income (656,171) 39,237 15,780 (601,154) Income tax (benefit) provision (221,988) 6,768 6,590 (208,630) -------- ----- ----- -------- Net (loss) income $(434,183) $32,469 $9,190 $(392,524) ========= ======= ====== ========= Cash and investments $4,054,264 $2,481,133 $- $6,535,397 Deferred policy acquisition costs 11,554 173,211 - 184,765 Total assets 5,037,309 3,166,316 205,792 8,409,417 Unearned premiums 359,080 688,984 - 1,048,064 Reserve for losses and loss adjustment expenses 2,120,577 167,165 - 2,287,742 Derivative liabilities 308,543 348,883 - 657,426 Radian Group Inc. and Subsidiaries Segment Information Six Months Ended June 30, 2009 Exhibit E Mortgage Financial Financial (In thousands) Insurance Guaranty Services Total -------------- --------- --------- --------- ----- Revenues: Net premiums written - insurance $316,878 $1,779 $- $318,657 ======== ====== == ======== Net premiums earned - insurance $347,930 $56,914 $- $404,844 Net investment income 63,643 45,889 2 109,534 Change in fair value of derivative instruments (35,133) 23,035 - (12,098) Net gains on other financial instruments 25,500 53,764 - 79,264 Net impairment losses recognized in earnings (680) - - (680) Other income 7,566 219 235 8,020 ----- --- --- ----- Total revenues 408,826 179,821 237 588,884 ------- ------- --- ------- Expenses: Provision for losses 464,486 (4,982) - 459,504 Provision for premium deficiency (46,000) - - (46,000) Policy acquisition costs 13,660 26,261 - 39,921 Other operating expenses 71,284 35,742 211 107,237 Interest expense 8,313 16,281 - 24,594 ----- ------ -- ------ Total expenses 511,743 73,302 211 585,256 ------- ------ --- ------- Equity in net income of affiliates - - 15,662 15,662 -- -- ------ ------ Pretax (loss) income (102,917) 106,519 15,688 19,290 Income tax (benefit) provision (27,136) 26,249 5,739 4,852 ------- ------ ----- ----- Net (loss) income $(75,781) $80,270 $9,949 $14,438 ======== ======= ====== ======= Radian Group Inc. and Subsidiaries Segment Information Six Months Ended June 30, 2008 Exhibit F Mortgage Financial Financial (In thousands) Insurance Guaranty Services Total -------------- --------- --------- --------- ----- Revenues: Net premiums written - insurance $410,281 $56,670 $- $466,951 ======== ======= == ======== Net premiums earned - insurance $409,361 $81,697 $- $491,058 Net investment income 77,786 53,307 14 131,107 Change in fair value of derivative instruments 96,942 667,093 - 764,035 Net (losses) gains on other financial instruments (11,404) (14,673) 37 (26,040) Net impairment losses recognized in earnings (14,885) (22,210) - (37,095) Other income 6,490 179 166 6,835 ----- --- --- ----- Total revenues 564,290 765,393 217 1,329,900 ------- ------- --- --------- Expenses: Provision for losses 1,020,304 21,286 - 1,041,590 Provision for premium deficiency 387,897 - - 387,897 Policy acquisition costs 77,146 22,712 - 99,858 Other operating expenses 82,873 35,757 360 118,990 Interest expense 14,422 11,654 249 26,325 ------ ------ --- ------ Total expenses 1,582,642 91,409 609 1,674,660 --------- ------ --- --------- Equity in net income of affiliates - - 28,230 28,230 -- -- ------ ------ Pretax (loss) income (1,018,352) 673,984 27,838 (316,530) Income tax (benefit) provision (357,713) 225,987 12,082 (119,644) -------- ------- ------ -------- Net (loss) income $(660,639) $447,997 $15,756 $(196,886) ========= ======== ======= ========= Radian Group Inc. Financial Guaranty Supplemental Information For the Quarter and Six Months Ended and as of June 30, 2009 Exhibit G Quarter Ended (In thousands) June 30 -------------- 2009 2008 ---- ---- Net Premiums Earned: Public finance direct $11,935 $12,004 Public finance reinsurance 18,949 22,965 Structured direct 2,058 3,760 Structured reinsurance 5,655 5,092 Trade credit reinsurance 39 220 -- --- Net Premiums Earned - insurance 38,636 44,041 Impact of commutations (15,054) - ------- -- Total Net Premiums Earned - insurance $23,582 $44,041 ======= ======= Refundings included in earned premium $10,479 $16,664 ======= ======= Claims paid: Trade credit reinsurance $693 $397 Financial Guaranty 23,876 4,066 ------ ----- Total $24,569 $4,463 ======= ====== Six Months Ended (In thousands) June 30 ---------------- 2009 2008 ---- ---- Net Premiums Earned: Public finance direct $26,387 $29,814 Public finance reinsurance 27,226 32,835 Structured direct 3,835 7,642 Structured reinsurance 14,296 10,691 Trade credit reinsurance 135 715 --- --- Net Premiums Earned - insurance 71,879 81,697 Impact of commutations (14,965) - ------- -- Total Net Premiums Earned - insurance $56,914 $81,697 ======= ======= Refundings included in earned premium $23,523 $28,321 ======= ======= Claims paid: Trade credit reinsurance $871 $983 Financial Guaranty 38,785 107,590 (1) ------ ------- Total $39,656 $108,573 ======= ======== Balance Sheet impact of initial adoption of SFAS No. 163 on January 1, 2009: -------------------------------------------------------------------------- Increase in unearned premiums $(292,816) Increase in premiums receivable 161,422 Increase in deferred acquisition costs 66,006 Decrease in reserves for losses 8,163 Decrease in deferred taxes, net 20,239 Increase in premium taxes payable (602) ---- Decrease in equity $(37,588) ======== Pre-tax Income Statement impact of Ambac Commutation: ($ in millions) Decrease in premiums earned $(15.3) Decrease in provision for losses 38.6 Increase in amortization of policy acquisition costs (8.9) ---- Increase in pre-tax income $14.4 ===== (1) Includes a $100 million payment related to one credit that is a CDO of an ABS that was fully reserved for in 2007. Radian Group Inc. Financial Guaranty Supplemental Information For the Quarter and Six Months Ended and as of June 30, 2009 Exhibit H ($ in thousands, except ratios) June 30 December 31 June 30 2009 2008 2008 ------- ----------- ------- Statutory Information: ---------------------- Capital and surplus $914,458 $968,197 $982,340 Contingency reserve 504,464 515,023 485,972 ------- ------- ------- Qualified statutory capital 1,418,922 1,483,220 1,468,312 Unearned premium reserve 690,512 729,274 866,504 Loss and loss expense reserve 104,441 82,340 54,391 ------- ------ ------ Total statutory policyholders' reserves 2,213,875 2,294,834 2,389,207 Present value of installment premiums 389,730 380,666 430,450 Soft capital facilities 150,000 150,000 150,000 ------- ------- ------- Total statutory claims paying resources $2,753,605 $2,825,500 $2,969,657 ========== ========== ========== Net debt service outstanding $131,821,119 $138,430,925 $163,252,124 ------------ ------------ ------------ Capital leverage ratio (1) 93 93 111 Claims paying leverage ratio (2) 48 49 55 Net par outstanding by product: Public finance direct $18,329,451 $17,836,221 $18,824,907 Public finance reinsurance 32,830,674 31,578,163 43,114,460 Structured direct 44,679,632 46,001,355 47,235,046 Structured reinsurance 4,816,874 5,310,004 6,010,331 --------- --------- --------- Total $100,656,631(3) $100,725,743 $115,184,744 ============ ============ ============ Reserve for losses and LAE-GAAP Basis: -------------------------------------- Financial Guaranty $171,459 $219,671 $143,790 Trade Credit 10,333 14,877 23,375 ------ ------ ------ Total $181,792 $234,548 $167,165 ======== ======== ======== (1) Net debt service outstanding divided by qualified statutory capital. (2) Net debt service outstanding divided by total statutory claims paying Resources. (3) Includes $9.8 billion of par that was commuted with Ambac in July 2009. Also included in public finance net par outstanding is $3.1 billion for legally defeased bond issues where our financial guaranty policy has not been extinguished but cash or securities have been deposited in an escrow account for the benefit of bondholders. SFAS No. 163 requires that these contracts continue to be accounted for as outstanding contracts despite the elimination of substantially all risk. Radian Group Inc. Mortgage Insurance Supplemental Information For the Quarter and Six Months Ended and as of June 30, 2009 Exhibit I Quarter Ended ($ in millions) June 30 --------------------------- 2009 % 2008 % ---- - ---- - Primary new insurance written ----------------------------- Flow $5,499 100.0% $9,432 97.9% Structured - - 205 2.1% -- -- --- --- Total Primary $5,499 100.0% $9,637 100.0% ====== ===== ====== ===== Flow Prime $5,492 99.9% $8,743 92.7% Alt-A 1 - 475 5.0% A minus and below 6 0.1% 214 2.3% -- --- --- --- Total Flow $5,499 100.0% $9,432 100.0% ====== ===== ====== ===== Structured Prime $- - $204 99.5% Alt-A - - 1 0.5% - - -- --- Total Structured $- - $205 100.0% == == ==== ===== Total Prime $5,492 99.9% $8,947 92.8% Alt-A 1 - 476 5.0% A minus and below 6 0.1% 214 2.2% -- --- --- --- Total Primary $5,499 100.0% $9,637 100.0% ====== ===== ====== ===== Total primary new insurance written by FICO score ------------------------------------------------- Flow >=740 $4,009 72.9% $4,364 46.3% 680-739 1,402 25.5% 3,452 36.6% 620-679 87 1.6% 1,512 16.0% =740 $- - $134 65.4% 680-739 - - 64 31.2% 620-679 - - 7 3.4% -- -- -- --- Total Structured $- - $205 100.0% == == ==== ===== Total ------ >=740 $4,009 72.9% $4,498 46.7% 680-739 1,402 25.5% 3,516 36.4% 620-679 87 1.6% 1,519 15.8% =740 $7,894 71.1% $7,830 41.8% 680-739 2,991 26.9% 7,067 37.8% 620-679 223 2.0% 3,450 18.4% =740 $- - $768 63.1% 680-739 - - 433 35.5% 620-679 - - 17 1.4% -- -- -- --- Total Structured $- - $1,218 100.0% == == ====== ===== Total ------ >=740 $7,894 71.1% $8,598 43.1% 680-739 2,991 26.9% 7,500 37.6% 620-679 223 2.0% 3,467 17.4% =740 $10,225 33.4% $8,287 28.6% 680-739 11,152 36.5% 10,744 37.0% 620-679 7,780 25.5% 8,365 28.9% =740 $1,153 27.0% $1,291 26.5% 680-739 1,349 31.6% 1,492 30.5% 620-679 1,125 26.3% 1,312 26.9% =740 $11,378 32.7% $9,578 28.3% 680-739 12,501 35.9% 12,236 36.1% 620-679 8,905 25.6% 9,677 28.6% =740 1,156 24.5% $1,287 24.5% 680-739 2,271 48.2% 2,509 47.7% 660-679 691 14.7% 772 14.7% 620-659 562 11.9% 654 12.4%