Title Insurance

Down to Isla Vista where police felt so harassed

This is rich.  Five former LandAmerica executives file claims in the bankruptcy for unpaid compensation.  Yes, your read that correctly.  Are you kidding me?  Guess who leads the pack?  NASCAR Teddy.  Boys, you ran an 83 year old firm into the ground.  You get nothing.  Now get the hell out of here.

Oh we had contracts, wah wah wah.  Isn’t that the same bullshit AIG told the government?  What about all the people at Alliance and Mercury who had contracts or more importantly were just screwed out of their vacation, commissions and severance?  You know what?  Piss off boys.  God help us if that bankruptcy court gives those morons a nickel.

And now for a few words about the banking industry.  Here’s a little something from the Merced Sun-Star to start us off.  And a few quick quotes from that article that have me seeing red this morning:

  • Major banks selling foreclosed homes sign contracts with industry giants, such as Fidelity National Title Insurance Co. and First American. They force buyers to use their services, often at a higher cost that local ones, Lawler explained.
  • TransCounty’s fees for a transaction usually fall between $800 and $1,000, she said. She’s seen statements charging twice or three times that much.

Now, I’m going to say it.  Lenders are bullies.  That’s right, straight up bullies.  They make up the rules, the consumer doesn’t have a damned thing to say about it and if the consumer wants to get in the game, they have to play by the bank’s rules.  But, the bank doesn’t have to play by anyone else’s rules.  And when shit gets sideways, the government gives them more of our money.  Bullshit.  Your credit cards, your bank accounts, your house, all tied up with banks.  And they tell you what to do, you don’t tell them.  I just had a deal where the bank told me they could close in 14 days.  They were 19 days late on a 14 day close.  We had to extend three times and my client paid $1900 in per diem because of a lender, who lied to him.  It was a full percentage point of the purchase.  Over a third of what I got paid.  Because a bank lied to him.  If you can’t perform, don’t take the deal.  They sit their all pious when a mortgagor can’t make the payment but when they can’t do the job it’s oh, we’re back logged, oh there’s so many refinances going on right now, oh this and that.  Oh, I forgot to pay my mortgage, I’ll get around to it when my back log isn’t so bad.  How about that you asshats?  Lenders are bullies.  And you know what?  I don’t care how many of them fail.  Let them all fail, they don’t deserve to survive.

Speaking of bullies…Andy Tolbert is located down in Florida.  God bless her for throwing this out on the internet.  Who knows who the actually title company is, but I know who the underwriter is. I get the issue and I’ve run into some people trying to do something along these lines.  Short sale it out to a BFP who rents it back to the owner at market rate, ok.  Short sale it out to a shell who gives it back to the original owner, not so sporty.  Either way you have a rights of parties in possession issue for sure and God knows that was my favorite catch all exception, next to terms and provisions in a document.

Inman is down this morning or I would link to some jewels over there.  Most importantly the one that says:

Fidelity National Financial Inc. has raised title insurance rates in 22 states and slashed $231 million in annual expenses by firing workers and closing offices since acquiring the underwriting subsidiaries of rival LandAmerica Financial Group Inc. in December.


…Fidelity disclosed that through the end of March it had fired 2,068 of the 5,500 workers formerly employed by LandAmerica subsidiaries Commonwealth Land Title, Lawyers Title and United Capital Title Insurance Co.


The $231 million in annual savings achieved triggers $20.4 million in bonus payments to company executives and employees who helped hit the target, the company said

Ohhhhh!  Now I get it.  Fire those nasty 2068 workers so you can get your bonus.  God bless America.  This is what we should be taking to the streets over, not some fantasy tax increase that only exists in Wonderland.  I mean seriously, the only people who got a tax increase (which incidentally doesn’t even go into effect yet) are those who make over $250k a year.  So these teabaggers are protesting on behalf of the guys who fired them.  Here’s your sign.


  • lidarose

    I’ve heard from some friends who are employed by Fidelity in Santa Clara County. They are being worked to death just to keep their jobs. They are workin 12-15 hour days, with no overtime pay, or comp. time. Fid. won’t hire any new employees, but an occasional temp., which they pay next to nothing.

  • Skip-itty-doodah

    Yes this seems to be the Kathy Lee Gifford approach to title/escrow production…thank god we’re not in China…wait?…it might actually be better over THERE now!

    The tell will be if they post profits like WFB did…Can you imagine that little’ol wine maker Bill toasting a glass of his swill to a reported profit in 2009?…well try to do it with an Indian Prelim stuffed up yer..but I digress….I see revolution kids..The Wine Dog has planted a depression garden which if the trend stays true…she’ll become the new source of all our groceries by 2012…Wine Dog call me if you need an over the hill bagger.

Leave a Reply