Posted on 09/30/2010 10:26:19 PM PDT by Future Useless Eater
The real property title insurance business is driven by a combination of abstract legal doctrines and prudential considerations. For title insurers, even a remote legal vulnerability can be a severe insurance risk if a large class of policies are subject to it. A single court decision that reopened foreclosures across the state could put the insurers on the hook to provide a lawyer to pay damages or clear and defend property title for many thousands of title insurance holders.
Funny story for me, years ago, I was doing a refi. Set my appointment up for 1PM as I did not want to get caught in commute traffic from Dallas. I cooled my heals in the waiting room till after 3, when the closer came back from a long lunch. The embarrassed receptionist pointed to me and said, your 1PM is waiting for you. She said no problem this will only take a few minutes to do while casting an annoyed look at her for noting she was late. She came back with my closing file and we went into a conference room. That was when I put on my reading glasses to read every word and took out my calculator to check every calculation. I did find a math error which she had to fix herself as the staff had left! She kept babbling this is not necessary as any mistake will be fixed under the law that allows for that. We finished after 7PM. When I departed, I said I hope you enjoyed your lunch and have a nice late dinner date!
this could become a big mess
When I bought my first house in the early 90’s I had to sign 5 documents at the bank to close. When I bought my current house in 2001 my hand got cramps from all the signing required...
You so ba-a-a-ad....
(GMAC / Ally), (JpMorgan / Chase), and BofA.
Wells has been demanding releases from its buyers for title defects - so now by refusing to allow things to settle out in order to complete a short sale the buyer has to take a potentially-clouded or even unmarketable title for which they will have NO RECOURSE.http://market-ticker.org/akcs-www?post=168041If you're doing business with Wells in any capacity at this point, you are, in my opinion, dumber than a box-o-rocks.
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didn’t they also all take TARP $ ?
I believe US Bank was one that refused.
they first have to show “standing”. if they can’t do that, they have no right to be in the courthouse. hint: most of them can’t prove standing.
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