Also Cramer said, Radian is writing profitable new policies. According to his research, by the end of the year, Radian's post 2009 business will represent 75% of their exposure.
On top of that Cramer sees another catalyst.
"The Federal Housing Administration, which is Radian's largest competition with 15.8% of the overall mortgage insurance market, has repeatedly raised prices and flat out said that they plan on reducing their market share back to its old average of 8 to ten percent."
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In other words, the FHA is giving business away, Cramer thinks Radian will grab most of it.
All told Cramer likes what he sees. "I think this one has more room to run."