Question-and-Answer Session
Operator
Thank you. (Operator instructions) And we’ll go to the line of Steve Stelmach with FBR Capital Markets. Please go ahead.
Steve Stelmach -- FBR Capital Markets
Hi good morning.
S.A. Ibrahim
Good morning, Steve.
Teresa Bryce
Good morning.
Steve Stelmach -- FBR Capital Markets
Just real quickly on the new insurance written, is given your current capacity and your appetite, is the fourth quarter a pretty good run rate in terms of NIW or would you expect that go higher, lower of the course 2009?
Teresa Bryce
I think that it’s approximately in that same range.
Steve Stelmach -- FBR Capital Markets
Okay. And if you were to receive some TARP fund, how would we think about that number going forward?
Teresa Bryce
Well, I think that the first thing is obviously last year we were quite focused on underwriting guidelines and trying to make sure that we were writing business at the appropriate risk levels. So, if we were to get government capital, then I think we will want to make sure that we are maintaining sort of the right underwriting and risk parameters. So, within that it sort of depends on sort of what the market is within that. But obviously it would mean that we wouldn’t have to consider restricting business down the road and we would be able to continue writing within those guidelines.
S.A. Ibrahim
In other words, Steve, we would not compromise our commitment to credit quality, but with TARP funds we would seek opportunities to grow share as long as we can preserve our quality.
Steve Stelmach -- FBR Capital Markets
That makes sense. And then just lastly on that, based on your discussions with policy makers, where does it stand now in terms of receiving TARP capital? And I realize dealing with the government tends to be a pretty fluid situation, but in terms of timing, potential size, could you just give us some color on that as well?
S.A. Ibrahim
Steve, it’s a very – as you just said, it’s very difficult with the government to estimate any hard timing. The biggest positive statement to come out was the statement that Director Lockhart issued recently where he strongly endorsed the government supporting the mortgage insurance industry and made a statement about the vital role of the mortgage insurance industry. And we get the impression that there is a lot of sympathy for that statement at various levels on Congress and in the Treasury circles, but as you know, there is a handover from the older administration to the new administration going on, there is a lot of issues with banks and other things being dealt with. So, it’s very hard to estimate size and timing. All we can say is we are encouraged by Director Lockhart’s statement.
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