PMI Guaranty Names Christopher C. Mortello as Managing Director of ABS

WALNUT CREEK, Calif., April 16 /PRNewswire-FirstCall/ -- PMI Guaranty Co. (PMI Guaranty), a wholly owned subsidiary of The PMI Guaranty Co. , announced today that Christopher C. Mortello has joined the company as Managing Director of Asset Backed Securities (ABS).

Mortello will be responsible for origination and new business development of structured finance transactions involving mortgage backed securities (MBS), ABS, and collateralized debt obligations (CDOs) at PMI Guaranty, a double-A rated provider of credit enhancement for mortgages and other asset classes that was launched in 2006 to expand The PMI Group's range of credit risk management and credit enhancement solutions.

Art Slepian, Chief Executive Officer of PMI Guaranty, said, "We seek to build a world-class underwriting team that will enable us to effectively expand our product offerings across the credit spectrum. We are confident that Chris's experience in negotiating complex credit enhancement structures across a broad array of asset classes will serve PMI Guaranty well." Winston Wohr, PMI Guaranty's Managing Director and Chief Operating Officer, added, "Chris not only adds to our capabilities in the MBS arena, but has a strong track record in consumer ABS and CDOs, as well as a range of other asset-backed securities. I am delighted that he has joined the PMI Guaranty team."

Mortello has more than 15 years' experience in financial services and insurance, 12 of which were in the structured finance area. Prior to joining PMI Guaranty, he spent ten years at bond insurer Assured Guaranty in a variety of underwriting and business development roles, most recently as Managing Director/SVP and co-head of consumer ABS. Before that Mortello spent seven years at Prudential Insurance, the last two of those as a structured finance analyst.

Mortello has a BS and MBA from Rider College in New Jersey and is a Chartered Financial Consultant and a Chartered Life Underwriter.

About PMI Guaranty Co.

PMI Guaranty Co. (PMI Guaranty), a subsidiary of The PMI Group, Inc. , provides credit enhancement at the mezzanine through remote loss level for assets including first lien mortgages, second lien mortgages/Home Equity Lines of Credit, and Net Interest Margin Securities (NIMS). PMI Guaranty is a licensed surety company offering both direct insurance to issuers and lenders, as well as reinsurance to financial guarantors. Domiciled in New Jersey, PMI Guaranty is rated AA by Standard and Poor's (Financial Strength & Financial Enhancement Ratings), Aa3 by Moody's, and AA+ by Fitch. For more information: http://www.pmiguaranty.com/.