Congressman Visits ALTA® Offices During Planning and Finance Meeting

July 26, 2007

Rep. Ed Royce (R-CA) visited the planning and finance meeting at ALTA on July 25th to discuss issues of importance to the title industry. Rep. Royce serves on the House Financial Services Committee and the Committee on Foreign Affairs. He is the sponsor of the "National Insurance Act" that would create an optional federal insurance charter for life and property/casualty insurers. His bill includes a definition of title insurance and a monoline provision that, in effect, prevents property/casualty insurers from offering a mortgage impairment type product. Rep. Royce impressed the group with his understanding of the importance title insurance plays in the secondary capital markets by monetizing real property through the clearing of title and issuance of a title policy. He is a follower of Hernando DeSoto, who authored "The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else" which is very complimentary of the U.S. property and title system. Other issues discussed included predatory lending and regulatory reform of government sponsored enterprises (GSEs—Fannie Mae/Freddie Mac/Federal Home Loan Banks).

ALTA’s Finance and Planning Committee members were in town to discuss the budget and advance planning for 2008. Those results will be presented to the ALTA Board at their next meeting during the 100th Anniversary ALTA Convention in Chicago this October.