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 *
CARNEY DAVID CHARLES
  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)
02/25/2009
(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 02/25/2009   X   7,893.2794 (4) A $ 0 13,093.2794 D  
Common stock 02/25/2009   J   7,893.2794 (6) D $ 2.04 5,200 D  

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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
Phantom Stock Unit $ 0 (1)             08/07/2015 08/07/2015 common stock 46,370   46,370 (5) 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 $ 0 (1)             12/26/2017(3) 12/26/2017(3) common stock 46.7313 (3)   290.831 (3) D  
phantom stock unit $ 0 (1)             02/08/2015 02/08/2015 common stock 2,015   2,015 D  
phantom stock unit $ 0             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             04/13/2009 04/13/2009 common stock 800   800 D  
Phantom Stock Unit $ 0             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             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             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             01/30/2013 01/30/2013 common stock 800   800 D  
Phantom Arrangement under Deferred Comp Plan (4) $ 0 02/25/2009   X     7,893.2794 (4) 01/01/2010 01/01/2010 Common Stock 7,893.2794 (4) (2) 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CARNEY DAVID CHARLES
1601 MARKET STREET
PHILADELPHIA, PA 19103
  X      

Signatures

 C. Robert Quint /s/, C. Robert Quint (POA) Atty-in-fact   02/27/2009
**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) n/a
(3) Dividend equivalents accrued on unvested Phantom Stock Units. 33.5152 dividend equivalents were accrued for this period. Dividend equivalents reported herein are related to various Phantom Stock Units outstanding. dividend equivalent rights accrued on phantom stock units and become exercisable proportionately with the options to which they relate.
(4) This arrangement is related to the investment return on deferred compensation linked to the change in common stock value. The settlement is always in cash, as no shares have been allocated for the underlying funds.
(5) This represents the 2008 annual Phantom Stock Unit director award.
(6) Funds were dispursed to reporting person pursuant to applicable distribution election made under the Deferred Compensation Plan. No shares were bought or sold, as this is purely a phantom investment tied to return on Radian common stock

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