Federal Advocacy

January 13, 2011
ALTA Seeks Clarification from FDIC on IOTA Accounts
ALTA wrote a letter to the FDIC on January 13th, 2011, seeking confirmation that the Corporation will continue to recognize that Interest on Trust Accounts are the functional equivalent of Interest on Lawyers Trust Accounts and will receive the same unlimited deposit insurance protection provided when President Obama signed HR 6398.

January 11, 2011
ALTA and Joint Trades Warn Against Narrow Qualified Residential Mortgage (QRM) Definition
On January 18, 2011, ALTA wrote a letter to top federal banking officials on the implementation of Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. ALTA expressed its views on the characteristics of a Qualified Residential Mortgage as regulations are issued to exempt QRMs from the risk retention requirements of the Act.

November 15, 2010
ALTA Briefs Congressional Staff on the Foreclosure Crisis
In October and November, ALTA staff briefed the Senate Banking Committee, House Financial Services Subcommittee on Housing and Community Opportunity, House Financial Services Subcommittee on Financial Institutions and Consumer Credit and House Financial Services Subcommittee on Oversight and Investigations, and the Troubled Assets Relief Program's (TARP) Congressional Oversight Panel (COP) on the impact of foreclosure deficiencies on real property records and the title insurance process.

November 10, 2010
ALTA Supports Improvements to RESPA and TILA Disclosure Forms
ALTA joined several other organizations on November 10th, 2010, in writing to Treasury Secretary Timothy Geithner, Federal Reserve Chairman Ben Bernanke, and HUD Secretary Shaun Donovan concerning their efforts to improve disclosures to mortgage borrowers under the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA). Treasury staff members have begun discussions internally and with stakeholders to combine the two disclosures into a single, integrated disclosure, and ALTA understands that effort will be a first priority of the new Consumer Financial Protection Bureau.

October 28, 2010
ALTA Advises Secretary Geithner on the Closing Process
ALTA wrote a letter to U.S. Treasury Secretary Timothy Geithner and Professor Elizabeth Warren on October 28, 2010, providing recommendations based on ALTA members' experiences in working with consumers when they purchase or refinance their home and encouraging drafters to consider a number of points when they redesign the current GFE and TILA disclosure forms into a single, simple consumer disclosure.

October 15, 2010
ALTA Offers Comments to FHFA on Private Transfer Fee Covenants
On October 15th, 2010, ALTA provided comments to the FHFA on its guidance to the enterprises on the growing use of private transfer fee covenants and their effect on Fannie Mae, Freddie Mac and Federal Home Loan Bank mortgage purchases, and especially consumers.

September 23, 2010
ALTA Defends Lien Priority of Mortgage Lenders
On September 23rd, 2010, ALTA cosigned a letter with the National Association of Real Estate Investment Trusts and The Real Estate Roundtable directed to the top members of the U.S. Senate Committee on Energy and Natural Resources. The letter informed the committee of how two new bills could seriously affect residential and commercial real estate markets. These bills would potentially place federally guaranteed debt ahead of all other obligations. Traditionally, the lender has had the primary lien on any property and is first to receive payment in the event of default. Changing this hierarchy could have a harmful effect on the availability of credit.

September 1, 2010
ALTA Advises HUD on Required Use
ALTA supports the U.S. Department of Housing and Urban Development's (HUD) efforts to strengthen and clarify the Real Estate Settlement Procedures Act's (RESPA) "Required Use" prohibition. Consumers and industry stakeholders benefit from a level playing field and we congratulate HUD for studying how to create clearer guidance and enforcement on this subject.

June 16, 2010
ALTA Supports the Extension of the Homebuyer Tax Credit
On June 16th, 2010, ALTA authored a letter urging Congress to extend the homebuyer tax credit. The credit is set to expire on June 30th, leaving an estimated 55,000 to 75,000 potential homebuyers unable to close in time. An extension to September 30th would be the fairest course of action for homebuyers who have qualified for the credit and done everything they can only to have a lengthy closing period push them past the deadline.

June 15, 2010
ALTA Supports the Reauthorization of the National Flood Insurance Program (NFIP)
In a letter sent to Capitol Hill on June 15, 2010, ALTA joined a coalition of 21 other national trade associations urging congress to immediately reauthorize the National Flood Insurance Program (NFIP). Five and a half million taxpayers depend on the NFIP as their main source of protection against flooding, the most common natural disaster in the United States. Without flood insurance, no federally-related mortgage loans may be made in nearly 20,000 communities nationwide.

December 14, 2009
Wall Street Reform and Consumer Protection Act of 2009
ALTA opposed an amendment to the House version of HR 4173, the "Wall Street Reform and Consumer Protection Act of 2009," which would have allowed bankruptcy judges to "cram-down" or rewrite the terms of mortgages including the amount owed on a mortgage, change the interest rate, or stretch out the term of the mortgage. ALTA strongly opposed the amendment in the attached letter, which failed to pass the House.

ALTA Supports Pro-Consumer Mortgage Bill
The American Land Title Association announced its support for a bipartisan bill introduced in the House of Representatives by U.S. Reps. Melissa Bean (D-IL) and Shelley Moore Capito (R-WV) that would bring greater transparency to the mortgage lending process by allowing borrowers more time to review their closing documents.

Borrowers' Right to Inspect Closing Documents Act of 2009
Borrowers Get to See Documents in Bean-Capito Bill
Congresswoman Melissa Bean's Press Release
Borrowers Get Time for Proper Review of Documents in Bean-Capito Mortgage Rights Bill
Congresswoman Shelley Moore Capito Press Release

Commercial Real Estate Letter
October 28, 2009 letter signed by ALTA and other real estate trades to urge the House Financial Services Committee to customize regulatory reform proposals which are aimed largely at the residential/subprime market, but could also impact credit availability in the commercial real estate market, in order to support a recovery in commercial real estate.

ALTA Seeks Guidance from FTC Regarding Red Flags Rule
Read the letter here

Consumer Financial Protection Agency

Consumer Financial Protection Agency Proposal
On June 17, 2009, the Obama Administration proposed a new regulatory structure for the financial industry, including a new Consumer Financial Protection Agency that would draft and enforce regulations under the Real Estate Services Procedures Act (RESPA), the Truth in Lending Act (TILA), the Home Mortgage Disclosure Act (HMDA), the Home Ownership and Equity Protection Act (HOEPA), the Community Reinvestment Act (CRA), the Equal Credit Opportunity Act (ECOA), the Fair Debt Collection Practices Act (FDCPA), and any future consumer protection law addressing the consumer credit, savings, collection, or payment markets.

Financial Guns of August

List of August Town Hall Meetings on the Consumer Financial Protection Agency

Consumer Financial Protection Agency One Pager

Powers Proposed by the Consumer Financial Protection Agency

Click here for more information about the Consumer Financial Protection Agency.

American Land Title Association Urges Support of $15,000 Tax Credit

On June 26, 2009, ALTA sent the attached letter in support the Home Buyer Tax Credit Act of 2009, S.1230 and H.R. 1245, on behalf of the nearly 3,000 member companies of the American Land Title Association (ALTA). This legislation is key to stimulating the housing market and our struggling economy.

Read the Press Release
Read ALTA's Letter to Congress

Testimony

ALTA Testifies at House Financial Services Hearing on the Title Industry's Role in Detecting Mortgage Fraud

Frank Pellegrini Testifies ALTA Board Member Frank Pellegrini testified today at a House Financial Services Subcommittee on “Strengthening Oversight and Preventing Fraud in FHA and other HUD Programs.” Pellegrini, President of Prairie Title in Chicago, IL, told Members of Congress, "title professionals enjoy a unique vantage point from which to observe, identify and thwart instances of fraud. Title agents are the independent third party to the transaction whose only interest is to the integrity of the transaction and the protection of our customers. Through training and experience, we hone our ability to spot improper transactions every day."

Supporting Documents

ALTA Press Release

Frank Pellegrini Oral Testimony

Frank Pellegrini Written Testimony

WMA Audio File of Testimony
[Windows Media File]

mp3 Audio File of Testimony
[iTunes mp3 File]

Additional Issues

Below are additional issues on which ALTA is engaged.

Attorney Reporting

Terrorism Insurance

TRIA

Contact Government Affairs Staff

		Justin B Ailes Vice President of Government & Regulatory Affairs E-Mail: jailes@alta.org Phone: 202-296-3671 Ext. 215 Contact Me About: Federal Legislative and Regulatory Issues, NAIC
		Steve Gottheim Legislative & Regulatory Counsel E-Mail: sgottheim@alta.org Phone: 202-296-3671 Ext. 230 Contact Me About: Federal Legislative and Regulatory Issues, Legal Issues
		Nicholas Hacker Manager,State Government Affairs E-Mail: nhacker@alta.org Phone: 202-296-3671 Ext. Contact Me About: State Legislative and Regulatory Issues, Grassroots
		Jessica McEwen Director of Government Affairs E-Mail: jmcewen@alta.org Phone: 202-296-3671 Ext. 233 Contact Me About: Federal Legislative and Regulatory Issues, TIPAC