Look for Radian to begin reducing bond debt as reserves for loan losses are released. Radian could begin reducing bond debt as soon as this week for any bondholders that decide they don't want to be involved in the bond roll forward to 2017.
Radian had cash of $368 million as of September 30, 2012 and, excess reserves of $216 million.
We should an update anytime now.
Radian shareholders are going to be rewarded with exponential returns as the reserves kickinto profits. That should start for Q1 2013 however, we could an incremental level of reserve release for Q4 2012.