Sec Form 4/A Filing - YARUSS HOWARD S @ RADIAN GROUP INC - 2006-09-27

FORM 4/A 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 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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1. Name and Address of Reporting Person YARUSS HOWARD S 2. Issuer Name and Ticker or Trading Symbol RADIAN GROUP INC [ RDN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Executive VP and Secretary (Last) (First) (Middle) 1601 MARKET STREET 3. Date of Earliest Transaction (MM/DD/YY) 09/27/2006 (Street) PHILADELPHIA, PA19103 4. If Amendment, Date Original Filed (MM/DD/YY) 09/29/2006 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 (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 09/27/2006 M 18,750 A $ 35.79 28,478 D Common Stock 09/27/2006 M 9,000 A $ 45.95 37,478 D common stock 09/27/2006 S 18,750 D $ 61.1276 18,728 ( 2 ) D common stock 09/27/2006 S 9,000 D $ 60.665 9,728 ( 2 ) D Common Stock 400 ( 4 ) I As custodian for nephew Common Stock 400 ( 4 ) I As custodian for neice Common Stock 1,799 ( 1 ) I 401K stock fund

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 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 stock options $ 56.03 02/07/2007 02/07/2013 common stock 11,400 11,400 D stock options $ 48.39 02/08/2006 02/08/2012 common stock 9,500 9,500 D stock option $ 45.95 09/27/2006 M 9,000 02/10/2005 02/10/2014 common stock 9,000 ( 3 ) 9,000 D stock option $ 27.1875 01/22/2002 01/22/2011 Common stock 6,250 0 D stock option $ 35.81 11/06/2002 11/06/2011 Common stock 11,000 0 D stock option $ 35.79 09/27/2006 M 18,750 01/30/2004 01/30/2013 Common stock 6,250 ( 3 ) 6,250 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other YARUSS HOWARD S 1601 MARKET STREET PHILADELPHIA, PA19103 Executive VP and Secretary Signatures Howard S. Yaruss 09/27/2006 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Shares owned by 401K stock fund ( 2 )Includes 106 shares purchased in the ESPP on June 30, 2006 ( 3 )N/A ( 4 )shares previously reported as gifted. As custodian Mr. Yaruss will continue to report these shares as an indirect ownership.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* 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).

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