Central Missouri News

Congressman Mark Alford has expressed concerns over a pilot program initiated by the Biden administration, which aims to remove title insurance requirements in certain real estate transactions. Alford, who serves as co-chair of the Real Estate Caucus and is a member of the Small Business Committee, criticized the policy in an op-ed published by the Washington Examiner.

Alford stated that this initiative could pose risks to homebuyers and lenders while increasing obstacles to homeownership for many Americans. "For most young Americans, buying a house is out of reach. In fact, a recent report found that the median age of a first-time homebuyer reached an all-time high of 38 years old this year. This is not the America that I grew up in, but now, with a much-needed change in leadership across the federal government, I believe we can reverse this trend," he remarked.

The congressman underscored the importance of title insurance as it offers protection against legal issues such as unpaid taxes, undisclosed liens, and fraudulent claims. He urged the Federal Housing Finance Agency (FHFA) to discontinue the pilot program, advocating for policies that enhance affordability and increase the availability of single-family homes.