The Alliance to Defend Affordable Homeownership is pleased that the Biden administration is moving ahead with a variety of proposals and programs that will make homeownership more affordable. Owning a home is a cornerstone of the American Dream. President Biden is taking important steps to make the dream more accessible to low- and moderate-income families, especially people of color.
One of its ideas, as we have stated before, is off kilter. The administration is making a mistake by moving ahead with a pilot program to waive the requirement for lender’s title insurance on certain refinances. The proposal exposes vulnerable families to more and needless financial risk without making a meaningful dent in closing costs.
The Alliance embraces President Biden’s sentiment and many of his housing proposals, including a $5,000 tax credit for first-time homebuyers and support for building more affordable housing. These are programs that America needs. The title insurance waiver pilot does not belong with these other initiatives.
