ALTA®-Radian Lawsuit Remanded to State Court

April 23, 2002

Washington, DC -- On April 19, 2002, the U.S. District Court for the Central District of California granted the motion by the American Land Title Association (ALTA) that its lawsuit against Radian Guaranty and its subsidiaries be remanded to California state court. ALTA originally brought the action in state court in California seeking to enjoin Radian from issuing its Radian Lien Protection (RLP) product in California and for damages and other relief. It is the contention of ALTA that the RLP product is title insurance and violates California law, which requires anyone issuing title insurance to be expressly and uniquely licensed as a title insurer. More than 30 other states have similar restrictions. Radian is not so licensed.

"Radian had removed the case to federal court and they were asking that court to retain jurisdiction which the court has now refused to do," said James R. Maher, Executive Vice President of ALTA. "It is most appropriate that the California courts be the arbiters of the proper meaning of California statutes," said Maher.

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North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.