PMI's Roger Haughton Recognized for His Commitment to Community Service.Business EditorsWALNUT CREEK Walnut Creek, residential city (1990 pop. 60,569), Contra Costa co., W Calif., in the San Francisco Bay area; inc. 1914. It is the trade and shipping center of an extensive agricultural area where walnuts are among the major product. , Calif.--(BUSINESS WIRE)--April 7, 2004 The East Bay Community Foundation has presented Roger Haughton, chairman and chief executive officer of The PMI Group, Inc. (NYSE NYSE See: New York Stock Exchange :PMI See Private Mortgage Insurance. ), with its inaugural Power of Effective Giving award. Mr. Haughton received the award in recognition for his overall commitment to philanthropy, both personally and professionally, and for his dedicated commitment to community service. The East Bay Community Foundation asked 53 of its grant recipients to nominate individuals who give of their energy and their resources to improve communities. Mt. Diablo Habitat for Humanity Habitat for Humanity, nonprofit ecumenical Christian organization that enables low-income people to own affordable, livable housing. Headquartered in Americus, Ga., it was founded in 1976 by businessman Millard Fuller and his wife. nominated Mr. Haughton who was then selected by the East Bay Community Foundation committee to be the recipient of the inaugural award. "Giving back to our communities is beneficial in so many ways...not just because it makes us feel good, but also because it makes good business sense. It provides strength in our neighborhoods thereby creating greater strength in our local economies. PMI's hope is that we set an example for other companies to contribute in underserved communities," said Mr. Haughton. When Mr. Haughton was appointed chief executive officer he was determined to make affordable housing a priority for the company. Under his direction, PMI supports a number of organizations that foster greater access to affordable housing. PMI's approach to affordable housing is to develop products and services that assist responsible borrowers who may not qualify for mortgage loans under traditional underwriting practices. PMI's 'Cornerstone' partnership with Habitat for Humanity is one example. PMI's involvement with Habitat has taught the company important lessons about the value that low-to-moderate income families place on homeownership, their determination to become homeowners, and the sacrifices they will make to achieve that goal. PMI has contributed to over 65 homes worldwide and, more importantly, has inspired others within the mortgage finance industry to also become involved. In recognition for his award, Mr. Haughton received a $5,000 grant from the East Bay Community Foundation to be distributed to organizations of his choice and in his name. The $5000 grant will be split between Habitat for Humanity ($3500); Animal Rescue Foundation Tony La Russa's Animal Rescue Foundation ("ARF") is a "No-Kill" animal shelter based in Walnut Creek, California. ARF saves abandoned and injured animals, as well as running programs to bring dog and cat visits to abused children, hospital patients, seniors and shut-ins. ($500); Danny Foundation ($500); and Kennedy-King Scholarship Fund ($500). In addition, Mr. Haughton personally added a matching grant matching grant Academia Non-peer-reviewed funding in which a commercial enterprise, foundation, or philanthropy, federal government, contributes a sum of money that 'matches' a financial contribution made by an institution, university or hospital. of $500 to each of the $500 donations. The East Bay Community Foundation is a nonprofit charitable organization through which individuals, families and businesses carry out their charitable giving, and nonprofit organizations and programs seek funding. By acting as a conduit between the two, the Foundation achieves its mission of enhancing the lives of all East Bay residents. Founded in 1928, the East Bay Community Foundation is the oldest community-based philanthropic organization in Northern California. The PMI Group, Inc., headquartered in Walnut Creek, California Walnut Creek is a largely affluent suburb several miles east of Oakland in Contra Costa County, California, USA, in the East Bay region of the San Francisco Bay Area. While not as large as the neighboring Concord, Walnut Creek serves as the business and entertainment hub for the , is an international provider of credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing products that promote homeownership and facilitate mortgage transactions in the capital markets. Through its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. and unconsolidated strategic investments, the company offers residential mortgage insurance and credit enhancement products domestically and internationally, financial guaranty insurance and financial guaranty reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. . |
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