PMI Mortgage Insurance Co. Announces Disaster Relief for Hurricane Katrina Victims, Financial Contribution to the American Red Cross

September 7th, 2005

WALNUT CREEK, Calif.–(BUSINESS WIRE)–Sept. 2, 2005–PMI Mortgage Insurance Co. today announced it will provide disaster relief for borrowers experiencing financial hardship as a result of damage caused by Hurricane Katrina. Additionally, the PMI Foundation will donate $50,000 to the American Red Cross to support relief efforts, as well as support employee donations to organizations serving the relief effort through its matching gifts program.

“PMI is committed to helping hurricane victims stay in their homes,” said Roger Haughton, Chairman and CEO of The PMI Group, Inc (NYSE:PMI). “Right now, homeowners need to focus on repairing damage and rebuilding lives after this tragedy. PMI will help make that possible by assisting in the clean-up effort and providing disaster relief options to borrowers.”

PMI will work with lenders and borrowers in regions declared a federal disaster area by the Federal Emergency Management Agency (FEMA) to avoid mortgage delinquency and foreclosure. PMI recognizes the same payment relief options offered by Fannie Mae and Freddie Mac, such as suspending or reducing mortgage payments, waiving late fees, and not reporting delinquencies caused by the disaster to credit bureaus. PMI’s Disaster Relief Policy outlines standard workout programs and procedures.

The PMI Foundation’s relief donation helps support the nearly 2,000 volunteers mobilized to the Southeast to provide food, water and shelter to affected residents. The American Red Cross is currently operating more than 250 shelters across seven states, providing a haven for nearly 42,000 evacuees — many of whom have been left homeless by Katrina.

Contact a PMI Servicing and Claims Specialist at 800-288-1970 for additional disaster relief information. Specialists will conduct case-by-case evaluations to establish payment alternatives for borrowers affected by the disaster.

PMI’s Disaster Relief policy is available at http://www.pmigroup.com/lenders/claims.html.

PMI Mortgage Insurance Co.

PMI Mortgage Insurance Co., a subsidiary of The PMI Group, Inc. (NYSE:PMI), is a leading U.S. residential mortgage insurer, licensed in all 50 states, the District of Columbia, and Puerto Rico. Private mortgage insurance expands home ownership opportunities by enabling borrowers to buy homes with down payments of less than 20% and facilitates the sale of low down payment mortgages in the mortgage capital markets. PMI is incorporated in Arizona and headquartered in Walnut Creek, CA. For more information: www.pmigroup.com.

The PMI Foundation

The PMI Foundation is a private nonprofit organization established by The PMI Group, Inc. (NYSE:PMI). Its goal is to foster home ownership and provide access to affordable housing for underserved areas. 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. The PMI Foundation is located in Walnut Creek, CA. For more information: www.pmigroup.com.

Entry Filed under: PMI News