CA Insurance Chief Sustains Order Against ‘Radian Lien Protection’
July 28, 2003
Private mortgage insurance provider Radian Guaranty said it will appeal a decision by California Insurance Commissioner John Garamendi to sustain an earlier administrative court order stopping the sale of unlicensed title insurance in the state. Philadelphia-based Radian maintains that its lien-protection product essentially provides the same benefits as title insurance but at a lower price. The company argued that “Radian Lien Protection” is a form of mortgage insurance.