Fueled by a strong housing market and scorching economy, Radian Group Inc. posted big numbers in its third quarter, reflecting the strength of the mortgage insurance business.

The Philadelphia-based Radian, formed in June of last year when Amerin Guaranty and Commonwealth Mortgage Insurance merged, boosted net income a whopping 40% in the third quarter, to $64.1 million, or $1.66 a share, beating analystsÂ’ consensus by 5 cents. For the first nine months, net income jumped almost 46%, to $184.5 million.

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