MICA Elects New Prez

L. Stephen Smith, president and chief executive officer of PMI Mortgage Insurance Co., Walnut Creek, Calif., has been elected president of the Mortgage Insurance Companies of America.Mr. Smith succeeds William V. Nutt Jr., president and chief executive officer of AIG United Guaranty, who continues to serve as a member of the association's executive committee. MICA said Mr. Smith's career in housing finance spans 34 years. He joined PMI in 1979. Serving as MICA vice president and secretary/treasurer will be William A. Simpson, chairman of Republic Mortgage Insurance Co. and a past president of MICA. The organization can be found online at http://www.micanews.com.