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WALNUT CREEK, Calif., July 11, 2011
The PMI Group, Inc. (NYSE: PMI) today announced that Homeowner Reward Co., a PMI subsidiary, is launching an innovative new pilot program intended to support sustainable homeownership in certain hard-hit real estate markets.
Under the new program The PMI Group will offer cash incentives to some homeowners in negative equity to help prevent mortgage defaults.
Homeowner Reward Co. is working with Loan Value Group LLC to offer the
to a group of homeowners whose mortgages are insured by PMI Mortgage Insurance Co. (PMI-MIC).
This unique program addresses a serious problem for many homeowners who find that factors outside their control – particularly lower home prices in their cities and neighborhoods – have left them owing more on their mortgages than their homes are currently worth.
RH Reward seeks to address this problem through an incentive-based program that offers eligible homeowners a cash reward for staying current on their mortgages. There is no charge to borrowers to participate in the program.
“We are very pleased to have Homeowner Reward Co. offer this pilot rewards program as we continue to seek creative and effective loss mitigation strategies,” said Chris Hovey, PMI-MIC’s SVP of Servicing Operations and Loss Management. “PMI is committed to supporting sustainable homeownership in all the communities it serves. The interests of PMI are uniquely aligned with those of homeowners.
PMI is especially supportive of homeownership retention efforts in states that are facing unprecedented housing challenges.”
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