signifcant improvement for fourth quarter results based on the below message
In fiscal year-end 2011 Radian showed more than $400 million in deferred tax assets, this accounting maneuver allows Radian to reduce their loss by, in effect, capitalizing the loss, subject to their outside auditors saying yes, i.e. that the company can earn money in future years. Sometime in 2012 the aoutside auditors put the kabosh on this and disallowed it to the extent that as the third quarter of this year Radian showed a paltry $15 million and change. Certainly at year end Radian whose results are now showing improvement and will next year given losses on PMI abating will reappeal. And let us assume they get approval for an additional $415 million meaning losses will evaporate and they will show a pre-tax gain of $415 million. It ain't just weed, the reefer knows what others sadly don't.