I think they are getting a lot of kinks worked out of the HAMP program and I have seen it work. There are still some problems with the program and it is far from perfect, but in its current form I think it will do more good than a simple debt forgiveness program for underwater borrowers.
As for Marcy Kaptur's bill... I am still supporting her efforts. I know that ALTA was intrumental in creating MERS, but MERS has been the real failure. We now know the harm that is caused when mortgage lenders try to remove themselves from the recordation process. The Kaptur bill will fix that by requiring all MERS mortgages to be assigned to the real holder of the note and prohibit Fannie, Freddie, and Ginnie from having anything further to do with them.
But for ALTA's involvement in MERS, I find it hard to believe that a title industry organization could really oppose requiring lenders to follow clear state laws requiring recording of mortgage assignments. Shouldn't they be in favor of transparency in our real estate records??
The study of a federal land system is just that... a study. If Congress ever tried to pass a bill requiring a federal land title recording system, I'd be with them in opposing it. But there is no harm in a study.
EVERYONE in the title business should be SUPPORTING H.R. 6040.
Best,
Robert A. Franco
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