Abode Mortgage Corporation

Abode Mortgage Corporation

June 07, 2007 06:00 ET

Abode Mortgage Corporation and PMI Canada to Offer Mortgage Insurance

Abode and PMI Canada to Provide Customized Solutions to Non-Conforming Market

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 7, 2007) - Abode Mortgage Corporation (TSX VENTURE:ABD), a new non-conforming mortgage lender, today announced that it has signed with PMI Insurance Company Canada (PMI Canada) to provide mortgage insurance on Abode's product offerings. A recent entrant into the Canadian market, PMI Canada offers loan-level primary mortgage insurance for residential mortgages and portfolio insurance applied to pools of mortgage loans. Based in Toronto, PMI Canada is a subsidiary of The PMI Group, Inc. (NYSE:PMI). Abode will be the first to offer PMI Canada's mortgage portfolio insurance.

PMI Canada and Abode offer separate but complementary products designed for underserved borrowers, such as the self-employed, those who have recently moved to Canada, or those with non-traditional credit histories.

"This relationship is a natural fit for us," said Janet C. Martin, President and CEO of PMI Canada. "PMI is known around the world for helping to bring homeownership within reach. Our underwriting and risk management expertise will help Abode extend mortgages to new and growing groups of Canadian homebuyers."

PMI intends to provide portfolio insurance on Abode's full suite of products, which will help consumers who are unable to find mortgage financing through traditional sources. Abode will now be able to write business with PMI in Alberta, Manitoba and Ontario before expanding to British Columbia and other regions of the country.

"Abode continues to innovate, offering services and benefits not available through other non-traditional lenders in Canada," said Mike Linehan, CEO of Abode Mortgage Corporation. "By providing portfolio insurance from PMI Canada, Abode will be able to offer a broader range of flexible programs to an increasing number of Canadian consumers. PMI's portfolio insurance not only provides us with a competitive advantage in the marketplace, but it also improves our access to capital markets and strengthens our securitization program."

PMI Canada received its Order to Commence and Carry On Business from Canada's Office of the Superintendent of Financial Institutions (OSFI) in April and has received most provincial licenses. License approvals are pending in British Columbia, Newfoundland and Labrador, Quebec, Saskatchewan, and Yukon.

About Abode Mortgage Holdings Corp.

Abode Mortgage Holdings Corp. is a public company trading on the TSX Venture Exchange under the symbol ABD, and through its wholly owned subsidiary, Abode Mortgage Corporation, provides mortgage services to the increasing number of Canadians who are unable to find mortgage financing through traditional sources.

Headquartered in Vancouver, Abode Mortgage Corporation is delivering a new standard of service excellence to the Canadian non-conforming residential mortgage industry by providing simplified products, consistent underwriting decisions, uniformed pricing and competitive compensation programs. The Company launched its lending operations in Western Canada in February, 2007. For more information: www.abodecorp.com

The PMI Group, Inc.

The PMI Group, Inc. (NYSE:PMI), headquartered in Walnut Creek, CA, provides innovative credit, capital, and risk transfer solutions that expand homeownership and fund essential services for our customers and the communities they serve around the world. Through its wholly and partially owned subsidiaries, PMI offers residential mortgage insurance and credit enhancement products, financial guaranty insurance, and financial guaranty reinsurance. PMI has operations in Asia, Australia and New Zealand, Europe, and the United States. For more information: www.pmigroup.com.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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