Thursday, October 28, 2010

Title insurers dropping demands on Banks

Some good news on the foreclosure-gate. 
The title insurers said they would evaluate home-sale records on a case-by-case basis before writing a title insurance policy covering the new lender and owner.
"We have concluded that it is prudent to continue to insure sales of REO [real estate owned] properties," said First American Financial chief executive Dennis J. Gilmore.
He said one reason for the decision was push-back from lenders who service mortgages.
"It's our understanding that in the marketplace, some servicers have indicated under no circumstances will they provide an indemnification," Gilmore said.
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