Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
RICHARDS ROBERT
  2. Issuer Name and Ticker or Trading Symbol
RADIAN GROUP INC [RDN]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
1601 MARKET STREET
3. Date of Earliest Transaction (Month/Day/Year)
05/13/2009
(Street)

PHILADELPHIA, PA 19103
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               4,150 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
restricted stock unit (5) 05/13/2009   A   42,910 (4) (5) (6)     (4)   (4) common stock 42,910 $ 0 (3) 42,910 D  
Phantom Stock Unit $ 0 (1)             08/07/2015 08/07/2015 common stock 46,370   46,370 D  
Phantom Stock Unit $ 0 (1)             02/05/2017 02/05/2017 common stock 1,890   1,890 D  
phantom stock unit $ 0 (1)             02/07/2016 02/07/2016 common stock 2,052   2,052 D  
dividend equivalent rights (2) $ 0 (2)             12/26/2017 12/26/2017(2) common stock 87.4126 (2)   378.2436 (2) D  
phantom stock unit $ 0 (1)             02/08/2015 02/08/2015 common stock 2,015   2,015 D  
phantom stock unit $ 0 (1)             02/10/2014 02/10/2014 common stock 2,122   2,122 D  
stock option $ 20.3125             01/19/2001 01/19/2009 common stock 2,400   2,400 D  
Phantom Stock Unit $ 0 (1)             04/13/2009 04/13/2009 common stock 800   800 D  
Phantom Stock Unit $ 0 (1)             12/17/2009 12/17/2009 common stock 800   800 D  
stock option $ 21.0313             01/18/2001 01/18/2010 common stock 2,400   2,400 D  
Phantom Stock Unit $ 0 (1)             12/05/2010 12/05/2010 common stock 800   800 D  
stock option $ 27.1875             01/22/2002 01/22/2011 common stock 2,400   2,400 D  
stock option $ 35.81             11/06/2002 11/06/2011 common stock 2,400   2,400 D  
Phantom Stock Unit $ 0 (1)             11/06/2011 11/06/2011 common stock 800   800 D  
stock option $ 35.79             01/30/2004 01/30/2013 common stock 2,400   2,400 D  
Phantom Stock Unit $ 0 (1)             01/30/2013 01/30/2013 common stock 800   800 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
RICHARDS ROBERT
1601 MARKET STREET
PHILADELPHIA, PA 19103
  X      

Signatures

 C. Robert Quint/s/, C. Robert Quint (POA) Atty-in-fact   05/15/2009
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) 1-for-1
(2) Dividend equivalents accrued on unvested Phantom Stock Units. Dividend equivalent rights accrued on phantom stock units and become exercisable proportionately with the options to which they relate.
(3) Not Applicable
(4) RSU's are paid in cash at the time of retirement from the board of directors
(5) Each RSU represents a contingent right to receive a cash settlement equal to the value of one share of common stock for each share of restricted stock
(6) Represents annual equity award

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