FORM 4 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 OF SECURITIES 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 * CALAMARI JOHN   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) Senior Vice President (Last) (First) (Middle) RADIAN GROUP INC., 1601 MARKET STREET 3. Date of Earliest Transaction (Month/Day/Year) 09/08/2005 (Street) PHILADELPHIA, PA 19103 4. If Amendment, Date Original Filed(Month/Day/Year) 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 (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 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 09/08/2005   M   2,000 A $ 35.81 2,000 D   Common Stock 09/08/2005   M   5,000 A $ 35.79 7,000 D   Common Stock 09/08/2005   S   7,000 D $ 51.2 0 D   common stock               728 I Owned by the 401K stock fund

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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 (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

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 (Month/Day/Year)

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

dividend equivalent rights

$ 0 (2)

(3)

(3)

common stock

1

0

D

stock option

$ 48.39

02/08/2006(4)

02/08/2012(5)

common stock

10,000

10,000

D

stock option

$ 45.95

02/10/2005

02/10/2014

common stock

8,000

8,000

D

phantom stock unit

$ 0 (2)

02/10/2005

02/10/2014

common stock

467

0

D

stock Options

$ 35.81

09/08/2005

M

2,000

11/06/2001

11/06/2011

common stock

2,000

(1)

1,500

D

stock Options

$ 35.79

09/08/2005

M

5,000

01/30/2004

01/30/2013

common stock

5,000

(1)

5,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
CALAMARI JOHN RADIAN GROUP INC. 1601 MARKET STREET PHILADELPHIA, PA 19103			Senior Vice President

Signatures

Howard S. Yaruss /s/ Howard S. Yaruss (power of attorney		09/08/2005
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	n/a
(2)	1-for-1
(3)	dividend equivalent rights accrued on phantom stock units and become exercisable proportionately with the options to which they relate.
(4)	Shares vest 25% per year over four years beginning on the first anniversary of the grant
(5)	amended due to incorrect expiration on original Form 4 filed 2/10/05

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