Title insurance
Title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens.
New York Sues Banks Over Mortgage Registry System[MERS]
Posted by admin / Under Title Insurance In The United States
New York Attorney General Eric T. Schneiderman sued three of the nation's largest banks over a private national mortgage registry system, contending it has resulted in a wide range of deceptive and fraudulent foreclosure filings. The lawsuit, filed in New York State Supreme Court in Brooklyn, names units of Bank of America Corp., J.P. Morgan Chase & Co. and Wells Fargo Corp. as defendants, as well as MERSCorp., which owns and operates the Mortgage Electronic Registration Systems, known as MERS. In his complaint, Mr. Schneiderman alleges that MERS has effectively eliminated the public's ability to track property transfers because those...
Published on Thursday 9th of February 2012 11:23:45 PM
Anwar al-Aulaqi gets new designation in death
Posted by admin / Under Title Insurance In The United States
Anwar al-Aulaqi (AP/Muhammad ud-Deen) U.S. officials have given Anwar al-Aulaqi a newly elevated designation on the day of his death by drone strike, describing him as “chief of external operations” for al-Qaeda’s affiliate in Yemen. The new title, cited by officials at the White House and the CIA, reflects Aulaqi’s evolution from Muslim cleric to alleged terrorist plotter, as well as a desire by American officials to persuade the public that the extraordinary killing of a U.S. citizen overseas was warranted. U.S. officials also disclosed what they said were new details about Aulaqi’s operational role, saying that he personally had...
Published on Thursday 9th of February 2012 11:23:45 PM
How accurate are property records?
Posted by admin / Under Title Insurance In The United States
A Utah court case in which the owner of a Draper townhouse got clear title to the property, even though he still owed $132,000 on it, raises new legal and financial questions about a property-records database created by mortgage bankers. The award of a title free of liens means that whoever owns the promissory note on the Draper property — likely a group of faraway investors — no longer has the right to foreclose to collect on a delinquent loan. Indeed, the townhouse owner has sold the property and kept the money. Those who own the promissory note probably don’t...
Published on Thursday 9th of February 2012 11:23:45 PM
How a mortgage clearinghouse became a villain in the foreclosure mess
Posted by admin / Under Title Insurance In The United States
In the early 1990s, the biggest names in the mortgage industry hatched a plan for a new electronic clearinghouse that would transform the home loan business - and unlock billions of dollars of new investments and profits. At the time, mortgage documents were moved almost exclusively by hand and mail, a throwback to an era in which people kept stock certificates, too. That made it hard for banks to buy and sell packages of home loans to investors. By contrast, a central electronic clearinghouse would allow the companies to transfer thousands of mortgages instantaneously, greasing the wheels of a system...
Published on Thursday 9th of February 2012 11:23:45 PM
Results of mortgage probe expected in 2011--'Robo-signing', other activities under investigation.
Posted by admin / Under Title Insurance In The United States
A working group of attorneys general and banking officials from all 50 states has gathered evidence in its probe of potentially improper or illegal lending and servicing practices. The group met with representatives of five top mortgage lenders and servicers — GMAC/Ally, J.P. Morgan Chase, Citibank, Wells Fargo and Bank of America. "We are having ongoing discussions with these institutions. We have also met with groups of investors and a number of consumers … We are well under way with that process." The investigation came together quickly in the fall, after complaints arose about lenders and servicers using "robo-signing" practices...
Published on Thursday 9th of February 2012 11:23:45 PM
Does the Patient Protection and Affordable Care Act need title reform? ('Obamacare' too polarizing)
Posted by admin / Under Title Insurance In The United States
Does the Patient Protection and Affordable Care Act need title reform?By Marilyn Serafini Kaiser Health News Sunday, December 26, 2010; 9:46 PM Puh-pack-uh? Is that some kind of llama? In fact, it's the ungainly acronym of the new health-care law - PPACA, the Patient Protection and Affordable Care Act. Many people who support the law, or are neutral toward it, call it "puh-pack-uh" or "pee-pack-uh." Others call it the Affordable Care Act or plain old health-care reform. But those less-than-inspiring monikers aren't much help to Democrats trying to convince the public that "Obamacare" - the Republicans' pejorative name for the...
Published on Thursday 9th of February 2012 11:23:45 PM
Pelosi's new position for Clyburn to avert Dem battle: 'Assistant Leader'
Posted by admin / Under Title Insurance In The United States
Pelosi's new position for Clyburn to avert Dem battle: 'Assistant Leader' By Molly K. Hooper - 11/13/10 04:00 PM ET House Speaker Nancy Pelosi (D-Calif.) asked her colleagues Saturday to support Majority Whip James Clyburn (D-S.C.) for "Assistant Leader," a newly created third-ranking position at the leadership table. In a letter to her fellow Democrats, Pelosi wrote "should I receive the privilege of serving as House Democratic Leader, I will be very honored to nominate our outstanding colleague, Congressman Jim Clyburn of South Carolina, to serve in the number three House Democratic position. I will also ask the Caucus to...
Published on Thursday 9th of February 2012 11:23:45 PM
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