C-BASS Names Diane Westerback to Its Surveillance Team.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 23, 2001

C-BASS, the established leader in servicing and securitizing credit-sensitive residential mortgages, and an affiliate of MGIC (NYSE:MTG) and Radian Group Inc. (NYSE:RDN), today announced that Diane S. Westerback has joined the firm as a Vice President in the Capital Markets/Surveillance group.

Ms. Westerback joins C-BASS after six years as a Senior Credit Officer at Moody's Investors Service, where she was responsible for rating and monitoring a variety of Residential Mortgage Backed Securities. Ms. Westerback developed Moody's rating process for residential servicers and was involved in the rating process of all securitized non-performing mortgages, including the HUD portfolios as well as other semi-performing collateral. She also developed the methodology for rating delinquent tax liens and small mixed-use properties.

"As one of the larger investors in subordinate and mezzanine bonds from mortgage-backed securities, we are constantly looking for ways to improve our surveillance department," said John Draghi, Chief Investment Officer of C-BASS. "As we continue to grow our positions, we need an increased number of people involved in surveillance efforts in order to not only manage, but look for hidden value in our positions. Diane is an excellent addition to our team."

Prior to joining Moody's, Ms. Westerback's experience in collateral evaluation evolved from her work over the previous 15 years dealing with real estate owners and investors who developed and operated a wide variety of commercial and residential properties, including an investor who purchased and actively worked out portfolios on non-performing commercial and residential loans.

"I'm very much looking forward to joining the C-BASS team and leveraging my background and experience to create some exciting opportunities for the firm," said Ms. Westerback.

C-BASS is a limited liability company capitalized by MGIC Investment Corporation (NYSE:MTG), Radian Group Inc. (NYSE:RDN), and C-BASS management. MGIC Investment Corporation, based in Milwaukee, WI is the parent of Mortgage Guaranty Insurance Corporation (MGIC), and Radian Group Inc., based in Philadelphia, PA is the parent of Radian Guaranty Inc.