There’s a lot of misinformation out there. Here I am reading all this crap and forgetting to comment on it. First, It Takes a Thief. Why run a scam when you can just take the money and go? Why didn’t I think of that?
LandAmerica in their first big move cuts life and health insurance to the retirees. Ted, you’re an asshole. Some of those people that I know personally were with that company going all the way back to Transamerica Title. They took your golden parachute and now you’re giving it to them in the poop chute. When is the board going to fire this guy and his massive ego? Yeah, I know it’s a popular move for corporations in trouble to dump benefits for former employees, but you know what? Those people did their jobs for that company for years and years and years. That company needs to hold up their end of the bargain. And that goes especially for GM, Ford and Chrysler. The cost of one trip in each of those private jets is a year’s worth of benefits to a retiree.
Lots of prattle out there about LandAmerica prelims and commitments. It just shows me how little the people who use title companies know about who they do business with. LandAmerica doesn’t issue prelims. Commonwealth does. Lawyers Title does. Transnation does (did?) So while a prelim might (and I say might because I haven’t seen a LandAm pre in a couple of years) say LandAm on the front somewhere, the truth of the matter is that the policy that they’re going to issue is through Commonwealth, Lawyers etc. LandAm is not an insurance company, it’s a holding company. I haven’t heard for sure, but I would assume that Fidelity will reissue the prelims on their system and just keep going forward. Every time this happens a bunch of banks, mortgage people and realtors get up in arms about their deals. Very rarely is there even a hiccup in the transaction…with the noted exception of the mess that the Hauptmans leave in their trail, but that’s more of an ethics issue.
We all know I’m all about local. I had proof positive last week as to why I’m right. I have a deal with an escrow company that is located approximately 120 miles from the property, me and my buyer. Nice ladies and that prelim was kind of close to right the first time around, (although finding a Title Officer that could plot out the legal description was quite an exercise.) The Company, in all their wisdom failed to let us know that their good funds policy extended beyond get a “cashier’s check” and went on to be specific as to the type of cashier’s check. It’s mentioned nowhere in their paperwork. Apparently they won’t take a cashier’s check issued by a credit union. If it had been a local company, I could have spun by there, picked up the check and taken it to my client to replace for a wire. But they were 120 miles east of here, by the time I found out there was no time to drive 120 miles east of here to pick up the check and then drive 120 miles back to get it replaced with a wire. That’s what’s wrong with having this REO business done in these remote locations. It’s not customer centric.
Not so fast Billy. Looks like Fitch has you on a negative watch. Ouch. Conversely, my friend over at Old Repulsive had been downgraded a couple of months ago, just not as badly. FAF is wallowing around in the BBB+ area. Not pretty. I just can’t believe all these CEO’s failed to save up for a rainy day. Did they not know that business was cyclical? As far as I’m concerned it’s irresponsible on all of their parts. Oh yeah, and I blame Reagan for that stinkin’ thinkin’.
And here’s a little something to help OTG with his Christmas holiday shopping.