Contact: MICA (202) 393 5566
Email: pat@micadc.org
Smith Named MICA Vice President
Washington, D.C. January 7, 2004 -- L. Stephen Smith, president and chief executive officer of PMI Mortgage Insurance Co., has been named Vice President of the Mortgage Insurance Companies of America (MICA).Smith will also continue to serve as MICA's Secretary/Treasurer, a post he assumed last July.
In his capacity as MICA's Vice President and Secretary/Treasuer, Smith will serve alongside MICA President William V. Nutt, Jr., president and chief executive officer of United Guaranty Corporation (UGC).
"I am very pleased to have Steve assume a greater role in the governance of our industry trade association," said Nutt. "We will continue to do our part to keep the nation's housing finance system strong and vibrant."
"Mortgage insurers play an important role in our housing finance system by helping low and moderate income families and first-time home buyers purchase a home sooner with less money down," added Smith.
Smith's career in the housing finance industry covers 32 years. He joined PMI in 1979.
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.