Markup Scheduled for Bipartisan Housing Finance Reform

April 1, 2014

Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) announced the committee will markup bipartisan housing finance reform on Tuesday, April 29. “From the start, Members of the Committee have been extremely engaged on the issue and have demonstrated a sincere interest in advancing reform in a bipartisan manner,” Johnson said. “I look forward to a thoughtful debate in Committee as we seek to move reform one step closer to the finish line.”

In March, Johnson and Crapo unveiled a bipartisan housing finance reform proposal that used Sen. Bob Corker and Mark Warner’s bill (S.1217) as the framework. Johnson and Crapo’s proposal is designed to protect taxpayers from bearing the cost of a housing downturn; promote stable, liquid, and efficient mortgage markets for single-family and multifamily housing; ensure that affordable, 30-year, fixed-rate, prepayable mortgages continue to be available, and that affordability remains an important consideration; provide equal access for lenders of all sizes to the secondary market; facilitate broad availability of mortgage credit for eligible borrowers in all areas and for single family and multifamily housing types.

As introduced, ALTA was successful on its main focus to ensure that the bill includes standards requiring title insurance in the future housing finance system.

The legislative text can be foundhere, the section-by-section of the legislation can be foundhere and a detailed summary can be found here.


Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro, based in Raleigh, NC, offers a mature suite of products, designed specifically for the closing and title industry. Our mission is to serve our client base, with best-in-class products and services. Our products are modular so we don't force you to buy anything you don't need. You can always add on as your business grows. Unlike other software companies, we view the sale as the beginning of the relationship rather than the end. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.