PMI's Steve Smith Elected MICA President

WASHINGTON, July 27 /PRNewswire/ -- L. Stephen Smith, president and chief executive officer of PMI Mortgage Insurance Co., has been elected president of the Mortgage Insurance Companies of America (MICA).

Smith succeeds William V. Nutt, Jr., president and chief executive officer of AIG United Guaranty, who continues to serve as a member of the association's executive committee.

"I look forward to my term as MICA's president," said Smith. "With higher housing prices putting a home purchase out of reach for many, the nation's mortgage insurers will continue to do their part to help low and moderate income families achieve the dream of homeownership."

Smith's career in the housing finance industry covers 34 years. He joined PMI in 1979. PMI Mortgage Insurance Co. is a subsidiary of The PMI Group, Inc. . PMI is located in Walnut Creek, CA and online at http://www.pmigroup.com/.

Serving alongside Smith as MICA Vice President and Secretary/Treasurer will be William A. Simpson, Chairman of Republic Mortgage Insurance Company. He is a past president of MICA.

MICA is the trade association representing the private mortgage insurance industry. Its members help loan originators and investors make funds available to home buyers for low down payment mortgages by protecting these institutions from a major portion of the financial risk of default.

For more information visit http://www.privatemi.com/. This news release is available online at http://www.micanews.com/.