American Land Title Association Statement on Committee Approval of Johnson-Crapo Housing Finance Reform

May 15, 2014

ALTA's Press Release In Response to Senate Banking Committee Vote Approving the Johnson-Crapo Housing Finance Reform Legislation

The American Land Title Association (ALTA), the national trade association of the land title insurance industry, released the following statement today from CEO Michelle Korsmo in response to the Senate Banking Committee 13-9 vote approving the Johnson-Crapo housing finance reform legislation.

“We are pleased the approved housing finance reform legislation that passed today in the Senate Banking Committee includes language to ensure that mortgages would be insured by a licensed title insurance company,” said Michelle Korsmo, chief executive officer of the American Land Title Association (ALTA). “Recognizing the value of title insurance is an important risk management standard in any future housing finance system. Additionally, as part of broader housing finance reform, we must preserve 30-year fixed-rate pre-payable mortgages, allow small businesses to compete and ensure that consumers, whether they live in urban, suburban or rural parts of the country, have equal access to credit.”