Fannie, PMI Ally to Boost Housing

Fannie Mae has entered into a unique $50 billion affordable housing partnership with PMI Mortgage Insurance Co. of Walnut Creek, Calif. that will continue through the end of 2006.The "Gateway to Homeownership in a New Century" community lending alliance "is the first of its kind between a mortgage insurance company and a secondary mortgage market company" aiming to create more affordable housing opportunities for underserved communities and low- and moderate-income families nationwide, according to Fannie Mae.