MGIC Investment Corp. (ticker: MTG, exchange: New York Stock Exchange (.N))
News Release -
CHFA, MGIC and NOAAH Partner to Make Affordable Homeownership EasierLeading Housing Advocates Say Colorado Housing Counselors Essential
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.
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
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.
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.
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,
firstname.lastname@example.org , Milroy Alexander of CHFA, +1-303-297-7302,
email@example.com , or Ryan Daniels of MGIC, +1-414-347-6436,