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HARLINGEN — U.S. Reps. Vicente Gonzalez, D-Brownsville, and Andrew Garbarino, R-New York, are introducing a bipartisan bill called the Protecting America’s Property Rights Act aimed at protecting prospective homebuyers by requiring title insurance on mortgages purchased by Fannie Mae and Freddie Mac.
“At a time when owning a home has become even more unattainable for the average American with high mortgage rates and borrowing costs, prospective homeowners shouldn’t be put at risk for costly title defects on their property,” Gonzalez said in a press release. “This bipartisan bill would ensure folks who use government-backed mortgages, like veterans or low-income home buyers, are protected from unforeseen risk and high legal fees.”
“Title insurance agents work every day to educate consumers about their options to protect their property rights and investment in their home,” Garbarino said. “Removing title agents from the closing process could leave consumers at risk, as they may not receive the proper education or options about protecting themselves. This legislation would protect consumers and ensure that Fannie Mae and Freddie Mac remain vigilant in their chartered mission of ensuring stability and liquidity in the secondary mortgage market, not expanding their business to self-insure the loans they purchase and taking on unnecessary risk.”
“We thank Representatives Garbarino and Gonzalez for their bipartisan leadership in introducing the Protecting America’s Property Right Act. They know the vital role that title insurance professionals play in protecting consumers and lenders and ensuring the integrity of property rights nationwide. The American Land Title Association looks forward to continuing to work with Congress to enact this legislation and promote homeownership opportunities for all Americans,” officials with the American Land Title Association said.
