Titles companies folded, will not require proof of legit title from banks. [View All]

[dixiegrrrrl]

From WaPo:

Three major title insurance companies - First American Financial, Old Republic International and Stewart Information Services - told Wall Street analysts in conference calls Thursday that they had decided not to demand written indemnifications from lenders re-selling foreclosed homes. Combined, the three companies account for 52 percent of the title insurance market.

snip:

"We have concluded that it is prudent to continue to insure sales of REO properties," said First American Financial chief executive Dennis J. Gilmore.

He said one reason for the decision was push-back from lenders who service mortgages.

"It's our understanding that in the marketplace, some servicers have indicated under no circumstances will they provide an indemnification," Gilmore said.

http://www.washingtonpost.com/wp-dyn/content/article/2010/10/28/AR2010102807356.html
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The "lenders/servicers" are the banks, and they are winning, folks. Your title will not be guaranteed.
So what is the reason for even having title insurers????

Read the above again. The banks refuse to provide proof of title and the title insurers just agreed to go along with the fraud!!!
I fear this is a clear indication that the fraud will be covered up all along the line.