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## Notes to Consolidated Financial Statements - (Continued) 

## Radian Group Inc. 

At December 31, 2012 and 2011, we did not have the intent to sell any debt securities in an unrealized loss position and we determined that it is more likely than not that we will not be required to sell the securities before recovery of their cost basis. 

Impairments due to credit deterioration that result in a conclusion that the present value of cash flows expected to be collected will not be sufficient to recover the amortized cost basis of the security are considered other -than-temporary. Other declines in fair value (for example, due to interest rate changes, sector credit rating changes or company-specific rating changes) that result in a conclusion that the present value of cash flows expected to be collected will not be suf ficient to recover the amortized cost basis of the security also may serve as a basis to conclude that an OTTI has occurred. To the extent we determine that a security is deemed to be other -than-temporarily impaired, an impairment loss is recognized. 

We have securities in an unrealized loss position that we did not consider to be other -than-temporarily impaired as of December 31, 2012. For all investment categories, the unrealized losses of 12 months or greater duration as of December 31, 2012, were generally caused by interest rate or credit spread movements since the purchase date. As of December 31, 2012, we expected the present value of cash flows to be collected from these securities to be suf ficient to recover the amortized cost basis of these securities. As of December 31, 2012, we did not intend to sell these investments, nor did we believe that it was more likely than not that we will be required to sell these investments before recovery of our amortized cost basis, which may be at maturity; therefore, we did not consider these investments to be other -than-temporarily impaired at December 31, 2012. 

The contractual maturities of fixed-maturity investments are as follows: 

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(1) Actual maturities may dif fer as a result of calls before scheduled maturity . 

(2) RMBS are shown separately, as they are not due at a single maturity date. 

