The American Land Title Association released a statement praising the White House for its efforts regarding the aid of homeowners who are struggling with their residential mortgages.
The industry organization noted that the government's actions could help improve the housing market tremendously, and such needs are vital in getting the industry back where it needs to be. The Obama administration is hopeful to make the mortgage application process easier by explaining to borrowers in simple terms what they are getting into. This will be done through new forms, developed by the Consumer Financial Protection Bureau.
"In order to see more movement in the housing market, there should be solutions presented for the problems of responsible homeowners who are current on their mortgages but underwater with their mortgage because of the drop in their home value," said Michelle Korsmo, chief executive officer for ALTA.
Not only did ALTA support the government's initiatives, but other members of the residential housing industry also felt positively. The Mortgage Bankers Association and the National Association of Home Builders released statements acknowledging the efforts as positive contributions to the industry.