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ALTA Supports Senate Banking Committee Approval of Johnson-Crapo GSE Reform Bill

May 20, 2014

The Senate Committee on Banking, Housing, and Urban Affairs voted 13-9 on May 13 to approve the Johnson-Crapo housing finance reform bill. During ALTA’s Federal Conference earlier this month, more than 250 industry professionals lobbied Capitol Hill to ensure the following measures are part of any broader housing finance reform package:

  • Preserve the 30-year fixed-rate pre-payable mortgage
  • Allow small businesses to compete
  • Ensure that consumers—whether they live in urban, suburban or rural communities—have equal access to credit and competitive interest rates
  • Preserve title insurance as an important underwriting risk management standard
“We are pleased the approved housing finance reform legislation that passed in the Senate Banking Committee includes language to ensure that mortgages would be insured by a licensed title insurance company,” said Michelle Korsmo, ALTA’s CEO. “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.”



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