American Land Title Association
Print Friendly
Home  >  News Room
News Room

SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

Senate Passes American Homeownership and Economic Opportunity Bill

December 7, 2000

Sent to White House

H.R. 5640, American Homeownership and Economic Opportunity Act was approved by the Senate today and sent to the White House for the President?s signature.

The bill, which the House passed by voice vote Tuesday, includes housing legislation authored by Rep. Rick A. Lazio (R-NY), Chairman of the House Housing Subcommittee.

H.R. 5640 is the culmination of three and a half years of discussions with consumers, housing and industry advocates, and public policy makers.

Among the bill?s provisions is authority for local housing officials to allow families receiving Federal rental assistance to aggregate up to a year?s worth of assistance to use toward downpayment and closing costs in the purchase of a home. Recent studies have shown that downpayment costs are among the most significant barriers to homeownership. Three million families receive Federal rental assistance under the Department of Housing and Urban Development?s "Section 8" voucher program.

"Our proposal builds on a successful nonprofit demonstration project in my home district on Long Island to help families build personal equity and a sense of pride" Lazio stated. "The family home is where we teach our children right from wrong, our sanctuary from the rush of the outside world, and where we draw strength for the pursuits of life."

The bill also includes provisions to assist elderly Americans and individuals with disabilities immensely through construction and financing of more facilities for these populations. The legislation provides additional housing opportunities for residents of rural America, Native Americans and Native Hawaiians, and updates the Federal manufactured housing regulatory regime to improve consumer protection and safety.

Banking sections of the bill include a number of regulatory relief and agency streamlining provisions. In addition, the bill would continue some 45 reporting requirements from Executive Branch and bank regulatory agencies, including the regular reports to Congress by the Federal Reserve Board of the conduct of monetary policy.

Finally, the bill increases the annual salaries of the members of the Federal Reserve Board of Governors, with the Chairman?s salary being raised to the level of Cabinet Secretaries, currently $157,000 and the other Governors to the level of Deputy Secretaries, currently $141,300.

Source: Senate Banking Committee

Print Friendly

How To Find Us:
American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
Copyright © 2004-2016 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment