Financial shares are down in mid-day trading while Radian Group (NYSE:RDN) shares surge after the firm reported a drop in delinquent loan inventory.
Radian Group shares are higher after the credit enhance firm said its delinquent loan inventory dropped to 114,193 in May from 115,020 in April. It noted a relative improvement in the impact on reserve development and loss provision as a result of the change in the composition of the delinquent loan inventory.
This compares to previous quarters, when Radian's reserves were significantly and negatively impacted by a change in the composition of the delinquent loan inventory, resulting from the higher reserve associated with the aging of delinquent loans and loans moving into pending claim status.
Meanwhile, ADRs of ING (NYSE:ING) are down as reports indicate the Dutch bank is putting its U.S. division of online banking division ING Direct up for sale, according to a CNNMoney report on the situation.