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The PMI Foundation Joins Forces with NCRC to Support Affordable Housing in Cash-Strapped Communities

The PMI Foundation Joins Forces with NCRC to Support Affordable Housing in Cash-Strapped Communities

Published 06-08-05

Submitted by PMI Group, Inc.

Walnut Creek,CA- The PMI Foundation, a non-profit organization established by The PMI Group, Inc. (NYSE: PMI), announced today that it has made a $1 million contribution to the National Community Reinvestment Coalition (NCRC). PMI's contribution to NCRC is over 5 years.

NCRC brings together partnerships between lenders, community leaders and traditionally underserved populations to build stronger neighborhoods and better businesses. NCRC will use PMI's contribution to support its Campaign for Economic Equality. This initiative is designed to build the financial strength in underserved communities across the country.

Glen Corso, Group Senior Vice President of Corporate Capital Management and
Corporate Relations of The PMI Group, Inc. made the announcement during NCRC's Bankers Community Collaborative Council and Mortgage Finance Community Council meetings in New York City on behalf of Roger Haughton, PMI's Chairman and Chief Executive Officer.

"PMI's experience in the housing sector has taught us that families who participate in the American Dream of Homeownership improve the living standards of neighborhoods where they reside. NCRC has had considerable successes in increasing economic development in underserved communities. PMI and NCRC are natural business partners whose joint efforts will build stronger neighborhoods throughout the country," said Mr. Haughton.

"NCRC is very appreciative of PMI for supporting our Campaign for Economic Equality. PMI is a true leader in the affordable housing arena and ensures that economically challenged communities are well served in the mortgage lending industry. Together, we will continue to make significant impacts in underserved communities nationwide," said John Taylor, President and Chief Executive Officer of NCRC.

NCRC, formed in 1990, is at the forefront of a growing national community reinvestment movement that has community leaders across the nation, in urban and rural areas, becoming more educated and active. These efforts have positively affected the flow of credit and banking services into underserved neighborhoods.

The purpose of the PMI Foundation is to foster the goal of home ownership and provide access to affordable housing for underserved areas and populations. The PMI Foundation does this by supporting national and local organizations that create housing opportunities and help revitalize neighborhoods in communities throughout the United States and around the world.

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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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