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PMI Mortgage Insurance Co. and Partners ''Bridge the Gap'' From Homelessness to Permanent Affordable Housing; Corporate Venture Provides Habitat for Humanity With Funds to Build Home

PMI Mortgage Insurance Co. and Partners ''Bridge the Gap'' From Homelessness to Permanent Affordable Housing; Corporate Venture Provides Habitat for Humanity With Funds to Build Home

Published 10-22-02

Submitted by PMI Group, Inc.

ST. CHARLES, Illinois - PMI Mortgage Insurance Co. (NYSE:PMI) announced a $25,000 contribution to help combat homelessness in St. Charles, Illinois. PMI's financial commitment to the Pottawatomie Habitat Partnership, affiliated with Habitat for Humanity of Northern Fox Valley, will help fund the construction costs of a Habitat home in St. Charles in 2003.

PMI made this announcement in collaboration with two partners, the Mid America Bank, and the Illinois Association of Mortgage Brokers during a press conference at the Lazarus House, a homeless shelter in St. Charles.

PMI Chairman and CEO Roger Haughton explained that undertakings such as this are exactly what the private sector needs to do.

"Hopefully this jump starts private-sector involvement," Haughton said. "Time and time again we see the lesson that home ownership builds families. One of the missing pieces is corporate outreach. I don't think it's up to the government. It's the private sector and everybody working together. It's a tremendous thing to see. I'm proud to be out here."

Last month, PMI was named a Cornerstone Partner with Habitat for Humanity in Habitat's "More Than Houses: Rebuilding Our Communities" campaign. PMI's contribution to the Pottawatomie Habitat Partnership by way of Habitat for Humanity of Northern Fox Valley was the first of its cornerstone pledge directed to a Habitat build.

"PMI is honored that our Cornerstone Partnership and pledge with Habitat International is being put to immediate use in this community," said Haughton.

PMI's commitment to support initiatives and organizations that foster greater access to affordable housing for underserved groups and minorities ties directly into the federal Housing and Urban Development sponsored "Continuum of Care."

Continuum of Care is designed to deliver housing and services to meet the specific needs of the homeless as they move toward stable housing and self-sufficiency.

Lazarus House, which oversees its own Continuum of Care program, announced during the press conference that it has received $250,000 from Housing and Urban Development to build a transitional-housing wing.

Lazarus's services provide step-one, emergency shelter to persons connected with the Kane County community who are homeless or in need. HUD's grant to Lazarus will enable it to provide step-two, transitional housing. Step three is to place families into permanent affordable housing.

"We need to do more," Lazarus House Director Darlene Marcusson said. "Transitional housing is the next step. The final step is to provide permanent, affordable housing. PMI and Habitat for Humanity are wonderful, but they can't do it alone."

PMI Mortgage Insurance Co., based in Walnut Creek, California, is one of the largest private mortgage insurers in the United States.

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PMI Group, Inc.

PMI Group, Inc.

For more than 30 years, PMI has combined its risk management expertise and financial strength to serve the evolving needs of our customers and the world’s financial markets. PMI's insurance products support the mortgage finance system by providing protection to lenders and investors around the globe in the event of borrower default. By protecting mortgage lenders and investors from credit losses, PMI helps to ensure mortgages are available to prospective homebuyers. Through its strategic investments in the financial guaranty industry, PMI supports the infrastructure on which homeownership depends, including transportation, schools, hospitals, and utilities.

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