White House moves to remove the need for this insurance against fierce industry opposition
The Biden administration unveiled a new program on Thursday aimed at alleviating the financial burden on homeowners by slashing closing costs on select mortgages, reviving a proposal that faced opposition from the industry in the past. The initiative targets a significant expense associated with closing on a mortgage: title insurance. In a pilot program, Fannie Mae will waive the title insurance requirement on mortgage refinancings it acquires from certain lenders, according to a report by The Wall Street Journal. In a bold move that has stirred fierce debate across industries, the White House has announced plans to eliminate the requirement for a particular type of insurance. This decision, though lauded by some as a step towards deregulation and economic efficiency, has encountered vehement opposition from within the insurance sector. The insurance in question has not been explicitly identified, leading to speculation and uncertainty among industry insiders. However, it is clear t
