Archive for October 2nd, 2010

New York Times and USA Today – recognizing the title insurance quagmire

The New York Times and USA Today are now reporting what I’ve been writing here for quite some time (quoting me in both articles) – all of the problems we’re now seeing with BofA, GMAC, Chase, etc. … it’s all tied to the title insurance industry.  

New York Times 

USA Today

Sadly, I’ve been arguing this to judges for nearly two years, but only now is the story getting out.  To illustrate, here’s a quote from my Certiorari Petition (on a Motion to Disqualify Counsel) to the Second District that I filed in July: 

“…[T]he real estate market in Florida will collapse even further than it already has once title insurance companies have to pay claims where the actual holder of a Note emerges after a different bank has already foreclosed. It’s not hard to foresee, once that happens, title insurance companies will stop issuing policies altogether, as they’d have no way to do so with any confidence that the foreclosure sales provided clear title to the purchaser. Respectfully, this is a problem that must be avoided.”
The judiciary should have realized, long ago, that it couldn’t push through millions of foreclosure judgments, essentially all at once, in what everyone now knows to be a sloppy, haphazard manner, without running the risk of destroying the title insurance industry.

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