Before we begin, I would like to remind you that comments made during this call will include forward-looking statements. These statements are based on current expectations, estimates, projections and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially. For a discussion of these risks, please review the cautionary statements regarding forward-looking statements included in our earnings release and the Risk Factors included in our 2011 Form 10-K. These are also available on our website.
Now I would like to turn the call over to S.A.
Sanford A. Ibrahim
Thank you, Emily. And thank you, all, for joining us.Today, I will first provide brief highlights of our quarterly results then I will focus my remarks on the topics that we believe are most important to you: how we at Radian continue to expand our mortgage insurance franchise and capture our largest share of new high-quality business while effectively mitigating losses in our legacy portfolio, what we're doing to reduce our risk exposure in financial guaranty and provide important capital support for our MI business and how we are managing our capital and positioning Radian for success and a return to profitability. Next, Rob will cover the details of our financials, and then I'll provide a few summary points before we open the call to your questions. Earlier today, we reported a net loss for the second quarter of $119 million or $0.90 per diluted share. This includes the impact of fair value and other financial instrument losses of $95 million which consisted primarily of the impact from the April commutation of our troubled CDO of ABS transaction and certain TruPs exposure. As you know, commuting these exposures and removing this risk for Radian was a critical achievement that helped us further reduce our financial guaranty risk and preserve our capital. Bob will discuss the accounting implications during his remarks. At June 30, 2012, our book value per share was $6.75.
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