I am writing today to announce the closure of the New Mexico Independent. After three and a half years of operation in New Mexico, the board of the American Independent News Network, has decided to shift publication of its news…
While environmental activists played their part yesterday during demonstrations at the capitol building, going so far as to dress up as solar panels and to sing the tune of “You Are My Sunshine,” their counterparts, the anti-cap-and-trade contingency who has…
Roughly one quarter of University of New Mexico students are unimpressed with the state’s flagship public school, according to a survey that questioned college students about their higher education experiences.
Title insurance reform is an issue that many in New Mexico have been working on for years, and one that gained some momentum on Friday when it was approved on a vote of 59-0 by the House.
The Business and Industry Committee substitute for House bills 488 and 357, sponsored by House Speaker Ben Lujan, D-Nambé, now heads to the Senate.
“Friday’s unanimous, bipartisan vote in favor of the speaker’s bill is a big step toward lowering title insurance costs for homebuyers and homeowners seeking to refinance a mortgage. It is especially urgent given this challenging economic environment,” said Fred Nathan, executive director of Think New Mexico, which has led the charge for title insurance reform.
New Mexico has the eighth-highest closing costs in the nation. One of the largest elements is title insurance. The state currently allows the state insurance superintendent to set rates for title insurance, which eliminates the cost-reducing effect of competition.
The reform bill would strip the insurance superintendent of the power to control rates and replace that with regulations that govern other types of insurance.
The bill has not yet been scheduled for a Senate hearing; it must make its way through two committees before a full Senate vote.
