Oh Oh.... Does Someone Smell Something?

The Market Ticker ^ | 9-20-2010 | Karl Denninger

[I cannot think of a name]

We bought a house earlier this year. It was not a foreclosure. The Realtor actually asked me, “do you want to do a title search and buy title insurance?” I said, “why heck yes, who the hell would buy a house without title insurance?”

His casual reply was, “oh lots of people do to save money, especially if you know the previous owner has been in the house for twenty years or more.”

Obviously I don't belong in these times.

[phockthis]

rut-roh

[babble-on]

Every sentence, including the title, ends in a question mark. Presumably Denninger wants us to assume the answer in every case is “Yes” but with absolutely no evidence provided. I don’t care for that journalistic or analytical style.

[Bronzy]

Title insurance saved me $3000.00 during the closing of a house in 2006. I was told the property had a lien. I produced my title insurance which showed a clear title. I did not have to pay the supposed lien.

[blam]

Me too.

Title insurance is cheap.

[Lurker]

I'll wager that almost none of these mortgage companies could produce a Title if they were ordered to by the Courts.

L

[nina0113]

As best I recall from the LONG list of fees associated with buying the house in the 90’s, title insurance was a tiny little number. Why would anyone NOT buy it?

[KarlInOhio]

The mortgages were sliced, diced and julianned in so many ways to divide up the risk and terms of interest payments that many forgot that the mortgage is an actual legal document that they needed to keep track of who still held it. I expect that many foreclosures could be stopped just by the demand that the foreclosing company produce the actual mortgage to prove that they actually held it rather than a share of the rights to the interest through some investment vehicle.

[al_c]

Oh Oh.... Does Someone Smell Something?

What's Obama cooking now?

[Red Badger]

In time like these, Title Insurance is very important...........

[dangus]

*sniff* *sniff*

I detect a whiff of ozone, and kitten,...

(Nah, only teasing.)

[kcvl]

$229 on a house costing $132,000 in our county in Arkansas. I just looked it up, so about 1.75%.

[Oratam]

Could it be that Obama ‘liened’ on them to stop foreclosing on the Dem voter base?

[William Tell]

kcvl said: "$229 on a house costing $132,000 in our county in Arkansas. I just looked it up, so about 1.75%."

That would be 0.175 %.

[kcvl]

Yes, I realized that once I posted it.

Thanks for correcting it for me.