DENVER, MILWAUKEE, and WASHINGTON, Nov 29, 2004 /PRNewswire via COMTEX/ -- (NYSE: MTG) -- A new program, which will significantly lower the cost of and expand access to first-time homeownership is being launched by the National Organization of African Americans in Housing (NOAAH) and the Colorado Housing and Finance Authority (CHFA), in conjunction with the Mortgage Guaranty Insurance Corporation (MGIC). The program was first unveiled during the recent National Association of State Housing Agencies' annual conference in Chicago, IL.

Combining elements from NOAAH's Homebuyer Preparation and Preservation Network (HPPN) and CHFA's affordable homeownership activities, this innovative new program will include more inclusive underwriting criteria, reduced mortgage insurance premiums and specialized homeownership counseling designed to ensure success for first-time homebuyers participating in this new program. MGIC's innovative SmartPath(TM) mortgage insurance product is also an important component of this initiative.

"The convergence of CHFA with NOAAH and MGIC in the initiative is of great significance because it enables us to expand our first-time homebuyer delivery system with a set of new partners," said CHFA Executive Director Milroy A. Alexander.

In recent years, numerous studies conducted by nationally recognized housing policy groups have documented that high-quality, targeted housing counseling can play a substantial role in creating successful homeowners. Colorado housing counseling agencies that become part of NOAAH's HPPN and are approved by CHFA have the increased capacity to boost homeownership by offering their clients an effective and affordable new option.

"This program represents an important opportunity for all low and moderate income families in Colorado who aspire to becoming homeowners," explains NOAAH Executive Director, Kevin Marchman.

CHFA is committed to providing homeownership opportunities to low and moderate income individuals and families, especially in underserved communities. NOAAH has been a leading advocate across the country in identifying and evaluating best practices in meeting the needs of these first-time homebuyers without resorting to subprime or predatory lending.

Both CHFA and MGIC (the nation's largest provider of private mortgage insurance) are members of NOAAH and its homeownership taskforce.

"We look forward to working closely with CHFA and NOAAH counseling affiliates to help more families attain affordable homeownership," said Rosa Dalia Hernandez, MGIC's Emerging Markets Manager-Pacific Region. "Our SmartPath(TM) program dovetails nicely with CHFA's mission, and we expect this initiative will help many Colorado Families achieve long-term successful homeownership."

About CHFA

The Colorado Housing and Finance Authority (CHFA) was established by the General Assembly in 1973 to provide housing financing for low- and moderate- income households in Colorado. In 1982 and 1987, the enabling legislation was amended to allow the Authority to provide financing for small business and economic development as well as housing. CHFA is NOT a state agency. It is self-supporting and its bonds and notes are not obligations of the state. Likewise, CHFA's operating expenses are paid from loan fees and interest charges, NOT from appropriated tax dollars.

About MGIC

MGIC ( http://www.mgic.com ), the principal subsidiary of MGIC Investment Corporation, is the nation's leading provider of private mortgage insurance coverage with $179.8 billion primary insurance in force covering 1.45 million mortgages as of September 30, 2004. MGIC serves 5,000 lenders with locations across the country and in Puerto Rico, helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality.

About NOAAH

NOAAH is a national non-profit membership organization and affordable housing advocate. Its membership includes public housing authority executives, state housing finance agency officials, and their senior staffs respectively, housing advocates, corporate and industry organizations and partners, housing professionals, financial institutions, housing service providers and affordable housing residents and their organizations. Founded in 1998, NOAAH has evolved in to a strong proponent for increasing affordable housing options for underserved communities and markets.

SOURCE Mortgage Guaranty Insurance Corporation; National Organization of African Americans in Housing; Colorado Housing and Finance Authority

Kevin Marchman of NOAAH, +1-202-544-1058,
kevinmarchman@noaah.org , Milroy Alexander of CHFA, +1-303-297-7302,
roya@colohfa.org , or Ryan Daniels of MGIC, +1-414-347-6436,
ryan_daniels@mgic.com

http://www.mgic.com