Kickback scheme charge at title insurer
Florida's second-largest title insurance company will pay $5-million to settle charges that it ran an elaborate kickback scheme to build its business, state and federal officials said Friday.
Regulators say that First American Title Insurance Co. illegally paid real estate agents, mortgage brokers, banks and home builders for referrals by making them partners in sham title companies. Eighty-four of these companies were created to funnel business to First American and payments to those making the referrals, authorities said.
First American denied breaking any laws, but agreed to shut down the partnership companies. First American will pay $5-million to the three agencies involved in the investigation and settlement, the Florida Department of Financial Services, the Florida Office of Insurance Regulation and the U.S. Department of Housing and Urban Development. Look here for more on this story.
(Un)Real Estate offers a peek at the housing market usually reserved for insiders. While it focuses on the Tampa Bay area, it won't neglect dipping
into the rest of Florida and beyond. Its goal? Simple: To help you keep a roof over your head without losing your shirt.
The truth is finally coming out as the housing mess unfolds!
Not too long ago I posted that this was a major part of the housing mess problem. Now the truth is coming out so the public can see it first hand.
It is clear that the entire housing industry needs to be regulated and that those regulations need to be enforced to protect the consumer.
Posted by: Fuzzy Bear | November 19, 2007 at 03:21 PM
next stop law firms
Posted by: SIMPLE GUY | November 25, 2007 at 08:06 PM