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 * WENDER HERBERT   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) __X__ Other (specify below) Chairman of the Board (Last) (First) (Middle) 1601 MARKET STREET 3. Date of Earliest Transaction (Month/Day/Year) 06/20/2006 (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               39,970 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

dividend equivalent rights (3)

$ 0 (2)

06/20/2006

M

2.7591

06/20/2016(3)

06/20/2016(3)

common stock

2.7591 (4)

(1)

18.1837 (4)

D

phantom stock unit

$ 0 (2)

02/07/2016

02/07/2016

common stock

2,052

2,052

D

phantom stock unit

$ 0 (2)

02/08/2015

02/08/2015

common stock

4,015

4,015

D

phantom stock unit

$ 0 (2)

02/10/2014

02/10/2014

common stock

2,122

2,122

D

stock option

$ 16.25

01/21/1999

01/21/2007

common stock

20,000

20,000

D

stock option

$ 26.4688

12/02/1999

12/02/2007

common stock

11,000

11,000

D

stock option

$ 20.3125

01/19/2001

01/19/2009

common stock

15,000

15,000

D

stock option

$ 21.0313

01/18/2001

01/18/2010

common stock

15,000

15,000

D

stock option

$ 27.1875

01/22/2002

01/22/2011

common stock

12,000

12,000

D

stock option

$ 35.81

11/06/2002

11/06/2011

common stock

7,250

7,250

D

stock option

$ 35.79

01/30/2004

01/30/2013

common stock

8,500

8,500

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
WENDER HERBERT 1601 MARKET STREET PHILADELPHIA, PA 19103	X			Chairman of the Board

Signatures

Howard S. Yaruss Howard S. Yaruss (POA) Atty-in-fact		06/21/2006
**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)	Not applicable to this transaction
(2)	1-for-1
(3)	dividend equivalent rights accrued on phantom stock units and become exercisable proporationately with the options to which they relate.
(4)	dividend equivalent calculation amended (error = 0.2254 of a share)

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