identity in the marketplace, allowing us to maximize our cross-selling efforts, communicate our convergence plan more effectively and position the company strongly for the future.  Over the past several years, we have earned a reputation  for shaking things up. This year was no exception. We saw  a market need and we filled it. With a provocative new product, Radian Lien Protection, that innovatively combines our mortgage-market expertise with the speed and cost- effective delivery of RadianExpress technology. Focusing  on refinances, second mortgages and home equity loans, Radian Lien Protection gives lenders and borrowers  an alternative to traditional title insurance, offering huge savings in the process.  alternative. Not surprisingly, concern has arisen within the title insurance industry that Radian Lien Protection could reduce demand for conventional title insurance. That industry’s trade group has even filed suit to block the sale  of Radian Lien Protection; however, we stand committed to seeing that this streamlined, cost-saving advantage remains available to American homeowners.  Certainly last year was a challenging one for our industry,  as it was for so many others. We weathered a relatively  mild recession which contributed to higher delinquency rates and lower interest rates that were not favorable for MI. But there was also good news. Overall, the housing and mortgage markets held strong and, with lower interest rates, the refinance market experienced a record year.  The sheer volume of refinances in 2001 led, in large part,  to our increased operating costs. In fact, many clients were flooded with refinancing applications, which increased demand for Radian contract underwriting. As the refinancing market slows, we continue to see a reduction in contract underwriting-related expenses. Available online, Radian Lien Protection can save homeowners as much as 50% per transaction compared to traditional title insurance. This product has been very well received and is available on properties in all fifty states. Rating agencies and investors such as Fitch Ratings, Moody’s, Standard & Poors and Lehman Brothers have all approved it as an acceptable >9 WHAT IF? WHY NOT. ALL TOGETHER NOW