Thursday, October 28, 2010

Foreclosure-Gate: Title Insurers Drop Demands

by Bill McBride on 10/28/2010 09:49:00 PM

From Elizabeth Razzi at the WaPo: Title insurers drop demands on mortgage lenders in foreclosure cases

Three major title insurance companies - First American Financial, Old Republic International and Stewart Information Services - told Wall Street analysts in conference calls Thursday that they had decided not to demand written indemnifications from lenders re-selling foreclosed homes. Combined, the three companies account for 52 percent of the title insurance market.
This is means that the buyers of REO (lender Real Estate Owned) will be able to obtain title insurance, and that the new owner can sell the property. There was some concern that buyers would shy away from REOs.

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