Published: February 01, 2012
American Land Title Association Commends President's Plan to Help Responsible Homeowners
WASHINGTON - (BUSINESS WIRE) - The
American Land Title Association (ALTA), the national trade
association of the land title insurance industry, commends President
Obama's plan to bring relief to millions of struggling homeowners and
heal our depressed housing market.
"In order to see more movement in the housing market, there should be
solutions presented for the problems of responsible homeowners who are
current on their mortgages but underwater with their mortgage because of
the drop in their home value," said Michelle Korsmo, ALTA's chief
executive officer. "Improving access to simple, low-cost refinancing is
vital to rebuilding a stronger housing market, and ALTA will work with
Congress and the administration to put this plan in motion and keep
hardworking families in their homes."
As part of his plan, Obama discussed the creation of simpler mortgage
disclosure forms that will help borrowers better understand the loans
they are getting. The Consumer Financial Protection Bureau (CFPB) is in
the process of developing new disclosure forms to replace current forms
that are confusing for borrowers.
"To feel confident in the largest purchase they will make, homebuyers
should be able to easily understand where their money is going," Korsmo
said. "Just like when you go out to dinner, your check doesn't just give
you a total price. Rather, each item is listed giving you a breakdown of
what you pay for. Purchasing a home should have the same transparency.
"ALTA members are the real estate professionals responsible for
providing these important disclosures to consumers at the closing table.
We will continue to work with the CFPB and others to make these forms as
useful and transparent as possible," Korsmo continued.
About ALTA
The American Land Title Association, founded in 1907, is a national
trade association representing more than 4,000 title insurance
companies, title agents, independent abstracters, title searchers, and
attorneys. ALTA members conduct title searches, examinations, closings,
and issue title insurance that protects real property owners and
mortgage lenders against losses from defects in titles.
ALTA
Jeremy Yohe, 202-261-2938
Cell: 202-590-8361
jyohe@alta.com
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