The PMI Foundation Helps Daly City Family Achieve Homeownership Through Cooperation with Mortgage Bankers Association, Peninsula Habitat for Humanity

Business Wire, August 8, 2005

WALNUT CREEK, Calif. -- The Laquindanum family of Daly City achieved their dream of homeownership Saturday thanks to the PMI Foundation, the Mortgage Bankers Association, and Peninsula Habitat for Humanity. Charles Broom, president of The PMI Foundation and senior vice president of Human Resources for The PMI Group, Inc., offered heartfelt congratulations to Rosalinda and Ramon Laquindanum at the dedication ceremony for their recently completed home.

Each year, the Mortgage Bankers Association sponsors the construction of a Habitat home in the host city of their annual convention. Supported by grants from the PMI Foundation and others, mortgage bankers from around the country broke ground and built the frame of the house in October 2004, preceding their 91st annual convention in San Francisco. The Laquindanum home is one of seven houses that make up Peninsula Habitat for Humanity's "Habitat Way" project in Daly City and one of four "MAKE it REAL" houses built by individuals and companies in the real estate industry. The houses and play area are situated on the site of a former flower nursery, which closed in 1994. Daly City acquired the land in 2004 and donated it to Peninsula Habitat for Humanity for affordable, ownership housing.

Homeownership has long been a dream for Rosalinda Laquindanum, a mail carrier, and her husband Ramon, as well as for Rosalinda's mother Juanita and their children. The family's many relatives in the area pitched in to help invest the 500 hours of sweat equity the family needed.

"PMI is committed to facilitating homeownership. We've contributed to over 100 Habitat for Humanity homes worldwide so that deserving families, such as the Laquindanums, are able to realize their dreams of homeownership. It's a special thrill to be able to do this in our own back yard, where housing is prohibitively expensive for many families," said Charles Broom. According to a report by the Housing Leadership Council, only 12% to 15% of households in San Mateo County can afford to purchase a single-family home.

MBA member companies that co-sponsored the Laquindanum home, in addition to the PMI Foundation, were Buyers Fund-Neighborhood Gold, First Horizon Home Loans, Future Leaders of MBA, Gallagher Financial Systems Inc., GreenPoint Mortgage, MidAmerica Bank, New Century Financial Corporation, and Option One Mortgage/H.R. Block Mortgage.

The PMI Foundation is a private, nonprofit organization established by PMI Mortgage Insurance Co., a subsidiary of 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.

MBA is the national association representing the real estate finance industry, headquartered in Washington, D.C. For additional information, visit mbaa.org.

Peninsula Habitat for Humanity serves San Mateo County. Its success in making homeownership a reality in one of the nation's most expensive real estate markets is due to the overwhelming support received from corporations, businesses, foundations, faith communities, civic groups, individuals, and the community at large. In 16 years Peninsula Habitat has constructed 89 homes, affecting more than 360 family members. For more information visit peninsulahabitat.org.