First American Title Insurance and Fidelity National Title Stop Insuring the Sale of Foreclosed Properties in Washington DC

At issue is one sentence in the council’s legislation:

“Each foreclosure sale in violation of this act shall be void.”

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District effort to help distressed homeowners could halt foreclosure sales

A District effort to help distressed homeowners threatens to bring a halt to the sale of foreclosed properties in the city, depress home prices and cast new uncertainty on the local housing market.

The District implemented regulations in May requiring lenders to enter into mediation with a homeowner before foreclosing on a home. But now, two large title insurers, which have about 80 percent of the D.C. market share, have stopped insuring the sale of foreclosed properties, saying the law makes it too risky.

Without title insurance, obtaining a home loan is extremely difficult. The policy protects mortgage lenders from challenges to the title of a property. The problems could move beyond the foreclosure market to all home sales if lenders decide that any District home that could potentially fall into delinquency would face a similar problem down the road, according to industry officials and local lawyers. If these foreclosed properties linger on the market, unable to be sold, they could bring down neighborhood prices, they said.

These laws “are in­cred­ibly destructive economically. They’re really creating a dead zone in the housing market,” said Kurt Pfotenhauer, chief executive of the American Land Title Association, an industry group.

You can check out the rest of this report here…

But first…

Kurt Pfotenhauer… Now where have I heard that name before?

Oh yea, from MERSCORP, Inc. Board of Directors…

Hey Kurt, I think you have it backwards. You and your strawman company (MERS) “are in­cred­ibly destructive economically.”

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4closureFraud.org

Comments
22 Responses to “First American Title Insurance and Fidelity National Title Stop Insuring the Sale of Foreclosed Properties in Washington DC”
  1. withament says:

    TRILLIONS OF REASONS …….. http://www.youtube.com/watch?v=cOoAPeRKjhQ

    Trillions and Trillions of Reasons Part 2 … https://www.youtube.com/watch?v=QzQcPhvojlw

    Part 2 of Episode 2 ….. The Subprime of it …. http://www.youtube.com/edit?ns=1&video_id=FAgQKPEKhqs

    Look Forward toFfuture Episodes from The Bat Cave

  2. pamelag says:

    ok when we get these buggars in jail, i want them to eat GMO and serve them floride water that has been fracked.

  3. phildj says:

    They want us to revolt. They’ve been working on this plan for years they knew mers wouldn’t hold up in county and state causing this backlog of foreclosure getting are hopes up about getting A free house so how mad do you think every one will be when obama signs an executive order to fix the economy people will take it to the streets then he’ll’ declare marshal law and use his mercenaries that they used in katina to put the rioters in prison the ones they have built all over america if you google american concentration camps you get 365,000
    pages.We have to keep it out of the street if mers can record 60 million loans why can’t we do an electronic petition if we have any hope at all we need to educate every one we can

    • D Jankowski says:

      You obviously don’t understand the purpose for MERS. It was created as an electronic registry so mortgages could be transfered more efficiently reducing everyone’s cost and making mortgage money more available.

  4. Readdocs says:

    Here’s an interesting article about real estate and the oncoming financial storm.

    http://dont-tread-on.me/30-reasons-to-get-out-of-real-estate-and-into-real-assets/

  5. MARCO BARRAZA says:

    This is a joke Fidelity National is the puppet master of lps that does these fraudelent foreclosures. Someone need to take fidelity national to court and breakup their monopoly.

  6. angry & NOT TAKIN IT! says:

    according to “industry officials” and “local lawyers” oh yea …THEM!
    look here Poindexter…go pedal your bullshit & snake oil to the carnies at the genital fair .
    as your children will be a challenged as you, and your rhetoric will carry the same defect your dna does.
    please return the rock this bug crawled out from under…sheesh… RAAAAAAAAAAAID!!!!

  7. Readdocs says:

    Strategic defaults are one answer in fighting the deals being passed out in Washington DC.
    Another, go Galt.

  8. Excellent memory 4F!

    More on good ole’ Kurt here: http://www.nailta.org/news/162-alta-ceo-now-chairman-of-mers.html

    ALTA CEO Now Chairman of MERS

    ALTA CEO Kurt Pfotenhauer was recently named Chairman of Board for the controversial MERS registry system, according to ALTA’s Justin Ailes. Click above to learn what this means.

    May 6, 2011 –

    NAILTA has confirmed through the American Land Title Association (ALTA) that ALTA’s CEO, Kurt Pfotenhauer, recently became the Chairman of the Board for MERSCorp, Inc. and its controversal subsidiary, MERS, Inc. (MERS). MERS is the mortgage recording registry that ALTA and the banking industry helped create back in the 1990’s. Since it’s creation, MERS has helped turn the foreclosure crisis upside down. MERS has been in the news for months after revelations over its structure and its questionable legal efficacy arose in courtrooms across the United States. Several state supreme courts have recently held that the registry improperly foreclosed on homeowners and lacks legal standing to prosecute foreclosure actions. The registry has also been the subject of scorn from county recorders who believe that MERS acted as a conduit to syphon county recorder fees from local governments and, in turn, allowed banks and mortgage entities involved in MERS to profit from the troubled registry. The registry has also come under fire from the land title industry, including NAILTA, NALTEA and others, who believe that the MERS registry destroyed the time-honored tradition of unity between the note and mortgage (i.e. once they are separated — as they are in the MERS registry — the mortgage is no longer enforceable).

    Pfotenhauer is no stranger to the mortgage industry having cultivated a long career lobbying for the Mortgage Bankers Association prior to his ascension to CEO for ALTA.

    What does this mean to the title insurance industry? Plenty. The titular head of the title insurance industry is now the Chairman of the Board of one of the most controversial and troublesome failures of the housing and mortgage collapse. The conflict of interest issue is inescapable.

  9. lvent says:

    Well sure, they know full well they would be insuring fraud. The titles are full of fraud and fraudclosures and the sale of fraudclosures cannot cover up for all of the fraud that these criminals have committed on homeowners..STEALING PEOPLES HOMES AND SELLING THEM DOES NOT HIDE THE FRAUD OR FIX A DESTROYED TITLE.. THAT IS WHY THEY WANT US TO SELL OUR HOMES OR THEY WILL TAKE A DEED IN LIEU. THE DEED WAS CONVEYED TO US AT ORIGINATION AND OUR SIGNATURES ARE THE ONLY THING THAT CAN CREATE A NEW CHAIN OF TITLE FOR THE CROOKS. THAT KOOL-AID IS NOT WORKING AND NO ONE IS BUYING HOMES BECA– USE THE HOUSING MARKET SUCKS SO THEY ARE FRAUDCLOSING AND THAT IS NOT A FIX FOR FRAUD..

    • Snowstorm says:

      I VENT. District of Columbia was going to do CERTIFICATIONS and canned out that theory as being TOO MUCH OF A RISK. Well, WHY NOT????? Alabama says there’s NO FRAUD here??? PIGS. Isn’t all this CRAP,,, evidence for the people to prove our cases. Now, I am not so sure any SECURITIZATION AUDIT will mean much. THE DEALS ARE COMING!!!!!!!!! WARN EVERYONE!!!!! THE DEALS ARE COMING!!!! Just a take off the British are coming? Back when OUR FREEDOM meant something.

      • lvent says:

        You are right Susan, anything to help MAINSTREET the NWO won’t have that. They will kill anyone that gets in the way of their evil plans to destroy us. Eric Holder called us a nation of cowards. He must have been talking about the U.S. GOVERNMENT.

  10. Bryan says:

    It is not like the laws were just passed. They changed the rules to suit their needs. Mers was their creation. Not by any law or regulation. When will the revolt start?

    • citizenaware says:

      @Bryan, sadly never… people can’t seem to come together collectively it appears for some strange reason.

      • lvent says:

        I was amazed at the amount of people at the ALL STAR game tonight. Was it free to get in or something? I don’t know how so many people are affording outings like that these days.

      • citizenaware says:

        Too funny Pamelag Hahhahh yes yes and YES!!!!! What is good for the goosed is good for the Gangsters They do keep us on our toes …..time to put them on their back looking UP!

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