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MICA Member Companies Partner to Meet the Needs of Underserved Markets
Washington, D.C. (June 20, 2000) --- In testimony today before the Senate Housing and Transportation Subcommittee, the Mortgage Insurance Companies of America (MICA) emphasized the critical role of its member companies, working with industry partners, in expanding homeownership opportunities for low and moderate income families.
MICA Past President W. Roger Haughton noted that programs are in place to help underserved populations become homeowners and, he noted, the need is growing.
'In the coming decade, one third of all first-time homebuyers will be immigrants or minorities,' said Haughton. 'In addition, programs for affordable housing which succeed will also address specific geographic locations, such as inner cites and rural areas.'
The mortgage insurance industry works with lenders, community groups, state housing finance agencies and the government sponsored enterprises to expand homeownership. 'The business of mortgage insurance is the business of making homeownership more affordable,' he said. 'The result is neighborhood stability and stronger communities.'
Mortgage insurers have a common interest with borrowers while protecting lenders and investors from loss. The mortgage insurance industry, together with its several partners, has put programs in place to help consumers with special needs.
'In my own company,' said Haughton, who is CEO of PMI Mortgage Insurance Company of San Francisco, 'we have programs specifically designed to serve Native Americans, as well as immigrants and other minorities, whether in cities or rural locations.'
Haughton emphasized that successful affordable housing programs require risk sharing, homeowner counseling and flexibility. 'We are committed to creating homeownership opportunities for everyone able to assume the obligations of owning a home in the belief that homeownership leads to stronger families and stronger communities.'