Radian Group Inc. Friday shaved its fourth-quarter and year-end earnings lower, after delaying the final calculations because of complications in evaluating the collateralized debt obligations in its financial guaranty portfolio.

In documents filed with the Securities and Exchange Commission, Radian said its earnings for the fourth quarter and year show an added loss of $103 million. As a result, Radian reported a net loss of $721 million for the fourth quarter, and $1.3 billion for the full year.

On Feb. 15, Radian had reported fourth-quarter losses of $618 million, and year-end losses of $1.2 billion, but said its fair-value reporting of CDOs in the financial guaranty portfolio could cause those numbers to change.

Radian Group is the parent of financial guarantor Radian Asset Assurance Inc. The bond insurer is rated Aa3 by Moody's Investors Service, AA-plus by Standard & Poor's, and A-plus by Fitch Ratings. All three agencies assign an outlook of stable.

Radian shares fell 12.68%, or $0.65, to $4.50, in New York Stock Exchange trading yesterday.

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