“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.”
The proposed legislation aims to enhance transparency in home purchases, ensuring buyers are informed about potential risks. It addresses concerns such as inflated appraisals and undisclosed property defects, aiming to prevent financial exploitation. The bill underscores the significance of consumer protection in a competitive housing market, advocating for fair transactions. Through this initiative, Gonzalez, alongside Congressman Andrew Garbarino from New York, seeks to instill accountability and integrity in the real estate industry while empowering buyers with essential information for informed decision-making.
READ THE FULL ARTICLE HERE ON MyRGV.com (Rio Grande Valley)
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Back in the late eighties, in the days of Carlos Salinas de Gortari’s run as president of Mexico, while I was in Tijuana searching titles, I was approached by a gentleman who identified himself as Mr. Salinas’ baptismal godfather. He told me he was able to assure me that, given the right incentives, his godson could make title insurance mandatory in all real estate transactions in Mexico.
I was originally trained as a lawyer in Argentina before becoming a member of the Florida Bar, so my third world up-bringing may have played a role in my skepticism, but I did not even consider bringing this proposal up with my underwriter. However, somehow, the godfather got the ear of the underwriter’s board of directors. I was consulted by the board, and I explained to them why, no matter what the pretenses could be behind such a piece of Mexican legislation, it was bound to fail.
I never heard or even thought anymore about the matter until I received your email yesterday.
It is arguable whether we are still the (reluctant) leaders of the “free” world, but legislative efforts like the one put forward by representative Gonzalez -any.laws serving the interests of a particular industry and not the the public at large, for that matter- certainly place US as the undisputed leaders of the third world.
Wow, that is a very interesting story, and certainly a strong opinion. You made me think for sure, and I will reflect on this in the coming days. Thank you for your thoughtful reply.
How asininely 100% STUPID!!!!! NO LENDER will close a loan without a title policy. This is a total waste of time, money and SHOWS WHAT AN IDIOT Rep gonzalez AND Garbarino are and showing their stupidity!!!!!!!!! It is ONLY when someone pays cash that a title policy would not be required. It is very apparent, that these IDIOTS are trying to stick a “FEATHER in their bonnets” for absolutely nothing!!!!!!!! VOTE THE IDIOTS OUT!!!!!
Thank you for your impassioned reply Velinda. I have gotten some strong responses to this subject.