Contact: MICA (202) 393 5566
Email: pat@micadc.org
MICA Officers Named: Nutt Tapped to Lead Association
Washington, D.C. August 5, 2003 -- William V. Nutt, Jr., president and chief executive officer of United Guaranty Corporation (UGC), has been elected President of the Mortgage Insurance Companies of America (MICA).Nutt succeeds Curt S. Culver, president and chief executive officer of Mortgage Guaranty Insurance Corporation, who continues to serve as a member of the association's executive committee.
"I welcome the opportunity to serve as MICA's president," said Nutt. "These are challenging times for the nation's housing finance industry and mortgage insurers will do their part to help lower income families and first-time home buyers purchase homes sooner and with less money down."
Nutt's career at UGC spans more than 25 years and has included a comprehensive range of positions in sales, capital markets and operations. A native of Greensboro, Nutt is a graduate of the University of North Carolina at Chapel Hill and its Executive Program at the Kenan-Flagler School of Business.
Serving with Nutt as MICA officers will be W. Roger Haughton, chairman and chief executive officer of PMI Mortgage Insurance Co., who has been re-elected as the association's Vice President and L. Stephen Smith, president and chief operating officer of PMI Mortgage Insurance Co., who will serve as MICA's Secretary/Treasurer.
Haughton is an industry veteran of 34 years and is a graduate of the University of California at Santa Barbara. He has a long history of volunteerism with affordable housing groups, including Habitat for Humanity.
Smith's career in the housing finance industry covers 32 years, with the last 24 years at PMI. He is a graduate of the Georgia Institute of Technology.
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.