[Congressional Record Volume 151, Number 147 (Tuesday, November 8, 2005)]
[Extensions of Remarks]
[Page E2294]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      RECOGNITION OF THE PMI GROUP

                                 ______
                                 

                         HON. ELLEN O. TAUSCHER

                             of california

                    in the house of representatives

                       Tuesday, November 8, 2005

  Mrs. TAUSCHER. Mr. Speaker, I rise today to commemorate The PMI 
Group's tenth anniversary as a publicly traded company. The PMI Group's 
company headquarters is located in Walnut Creek, California, which is 
in my district. Ten years ago when the company first went public it was 
the sixth-largest IPO in the New York Stock Exchange's history. In the 
past decade it has grown from one of the nation's leading providers of 
private mortgage insurance to a global provider of credit enhancement. 
PMI has helped to push homeownership rates to a historic high, while 
consistently providing a strong average return on shareholders' equity.
  Founded over 30 years ago, The PMI Group, Inc., offers residential 
mortgage insurance and credit enhancement products that promote 
homeownership and facilitate mortgage transactions in domestic and 
international capital markets. Currently the company has over $5.2 
billion in total assets, serves two million families worldwide and has 
been recognized as one of the best places to work in the Bay Area of 
California.
  Under the leadership of Chairman and CEO Roger Haughton, The PMI 
Group's mission is to put people in homes--and keep them there. They 
have been integral in helping low and moderate income families become 
homeowners by developing affordable mortgage programs that help them to 
realize their dreams of homeownership. Now with operations in 
Australia, New Zealand, Hong Kong and Europe they have taken that 
commitment globally. The company's management is committed to the 
belief that homeownership helps build strong families, which in turn 
builds strong communities.
  The company's commitment to facilitating homeownership goes beyond 
its fundamental business model to its relations with the communities in 
which it operates, exemplified in the generous spirit of their 
foundation. The PMI Foundation supports national and local 
organizations that create housing opportunities and revitalize 
neighborhoods. Most notably the company has been a part of building 
over 125 Habitat for Humanity homes worldwide. They have also led the 
business community in initiatives to reinvest in inner-city and rural 
communities. Most recently, PMI stepped up to the plate and contributed 
a $2 million relief package for the victims of the Gulf Coast 
hurricanes.
  I greatly appreciate everything The PMI Group, Inc. has done for the 
citizens of my district, as well as our citizens nationwide. 
Facilitating homeownership is an admirable business, so I ask my fellow 
Members of Congress to join me in congratulating The PMI Group on a 
very successful 10 years as a publicly traded company and I wish them 
many successful years to come.

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