July 21, 2005 |
Three of the nation's largest title insurers agreed to pay $37.8 million in refunds and penalties for allegedly participating in kickback schemes that pushed up consumers' costs, state Insurance Commissioner John Garamendi said Wednesday. The settlements affect about 84,000 Californians who purchased or refinanced a home between 1997 and 2004 using title insurance from First American Corp., Fidelity National Financial Inc. and LandAmerica Financial Group Inc.
August 1, 2000 |
First American Corp., which operates the nation's second-largest title insurance company, said Monday that it has joined with a Richmond, Va., title insurer to create a standardized and centralized national network of title information databases. The Santa Ana insurer and LandAmerica Financial Group Inc. created Data Trace Information Services to provide online databases aimed at reducing title information costs by automating the system to improve efficiency.
March 10, 2005 |
California Insurance Commissioner John Garamendi said Wednesday that he had sent subpoenas to Wells Fargo & Co. and five other companies as part of a probe into possible fraud among title insurers. The subpoenas went to Wells Fargo Home Mortgage, Los Angeles-based builder KB Home, Newport Beach-based builder William Lyon Homes, real estate franchisor Re/Max International Inc., United Home Mortgage Corp. and Shea Financial Services.
February 13, 2008 |
First American Corp. of Santa Ana, the largest U.S. title insurer ranked by revenue, and 13 other insurers have been sued by homeowners in New York over claims that they fixed prices. The title insurers fixed prices in New York at rates about 67% higher than the U.S. average, says a class-action complaint filed Feb. 1 in federal court in Central Islip, N.Y. The Title Insurance Rates Service Assn., or TIRSA, a group of state title insurers, functions as a cartel, the suit alleges.
July 24, 2005 |
Three of the state's largest title insurers agreed to halt what officials called a kickback scheme that cost home buyers $25.4 million and will pay more than $38 million in refunds and fines, according to California Insurance Commissioner John Garamendi. Garamendi said the three companies -- LandAmerica Financial Group Corp., First American Title Insurance Co. and Fidelity National Financial Inc.
March 3, 2006 |
New York Atty. Gen. Eliot Spitzer is investigating whether title insurers such as Fidelity National Financial Inc. paid improper rebates, allegations similar to those settled in California last year. He also issued subpoenas seeking information on agent compensation, LandAmerica Financial Group Inc. said in a November filing. New York regulators are in the late stages of their probe and may bring civil charges, the Wall Street Journal said Thursday, citing people familiar with the investigation.