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Dave Wirsching

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12 Nov 09

Home-Purchase Index in U.S. Plunges to Lowest Level Since 2000 - Bloomberg.com

  • Home-Purchase Index in U.S. Plunges to Lowest Level Since 2000
22 Oct 09

RTTNews - Breaking News, financial breaking News, Positive EPS Surprises, Stock research ....

  • Fidelity National Financial, Inc. (FNF: News ), reported a swing to profit in the third quarter on higher revenues and lower expenses. However, the profit per share was lower than Wall Street expectations.

Moore's amendment on credit insurance regulation draws fire - JSOnline

  • On Wednesday, the House Financial Services Committee approved the Milwaukee Democrat's amendment to exempt credit insurance - as well as mortgage and title insurance - from regulation under a new consumer agency.
15 Sep 09

Fitch Lowers Ratings On Fidelity National, Subsidiaries >FNF - WSJ.com

  • Fitch Ratings lowered its issuer default rating on Fidelity National Financial Inc. (FNF) further into junk territory, while cutting its ratings on nearly all of the company's title insurance subsidiaries to the brink of junk.
  • Fitch said the IFS ratings downgrade reflects continuation of an aggressive capital management strategy where the operating leverage of the underwriting subsidiaries has increased to a level beyond peer companies. But Fitch kept the ratings in investment-grade territory as its operating results were both historically, and through the first half of the year, better than its peers.

Fitch Downgrades Stewart Title Group's IFS to 'BBB+'; Outlook Negative

  • Fitch Ratings has downgraded the Insurer Financial Strength (IFS)
    ratings of Stewart Title Guaranty Company (STG) and its wholly owned
    subsidiary Stewart Title Insurance Company (STIC), collectively referred
    to as Stewart, to 'BBB+' from 'A-'. Fitch has also downgraded the Issuer
    Default Rating (IDR) of Stewart Information Services Corp. (SISCO), to
    'BBB-' from 'BBB'. The Rating Outlook for all ratings is Negative.
  • Fitch's rating action was primarily driven by Stewart's below average
    profitability relative to peers and declines in statutory surplus.
    Through the first half of 2009, Stewart's GAAP pretax operating margin
    was -7.7% compared to a peer average of 2.8%. Similarly, Stewart's
    statutory capital levels were down 13% since year-end compared to a
    dollar weighted peer average of positive 4%.
03 Aug 09

The First American Corporation :: The First American Corporation Reports Financial Results for the Second Quarter of 2009

  • Net income was $70.3 million, or 75 cents per diluted share, compared with $19.6 million, or 21 cents per diluted share, in the second quarter of 2008
  • Adjusted earnings per diluted share of 89 cents, or 75 cents including net realized investment losses
  • 3 more annotations...
30 Jul 09

Stewart Reports Financial Results for the Second Quarter 2009

  • The second quarter of 2009 includes pretax charges of $19.2 million
    relating to reserve strengthening adjustments for prior policy years
    and $22.4 million relating to several agency defalcations and large
    title losses
  • The second quarter of 2008 includes a reserve adjustment of $10.0
    million relating to prior policy years, $8.2 million relating to
    large claims and agency defalcations and a software impairment charge
    of $6.0 million.
  • 2 more annotations...
28 Jul 09

Fidelity National Financial, Inc. Reports Second Quarter 2009 EPS of $0.40 - Yahoo! Finance

  • "Overall, the title insurance market has improved considerably in the first half of 2009, albeit with some volatility, as the significant increase in open order volumes slowed down late in the second quarter as mortgage rates increased. Order counts in July have been consistent with the levels we experienced for most of the month of June and we believe we are in a position to continue to generate solid profitability in today's market environment."
03 Apr 09

Title insurers to issue refunds to 3,500 Coloradans - Denver Business Journal:

  • About 3,500 Coloradans will get refunds totaling $393,000 from title-insurance companies and agents, the state's Department of Regulatory Agencies announced Thursday.
  • It said Chicago Title Insurance has agreed with the state Division of Insurance to refund $266,000 to consumers, Chicago Title Insurance agents will refund an additional $115,000, and Fidelity National Title Insurance and agents will refund $12,500.
  • 1 more annotations...
13 Feb 09

NewsFeeds 2.12.09 | Richmond BizSense

  • LandAmerica unit wants funds access (Times-Dispatch)

    A LandAmerica Financial Group Inc. subsidiary wants access to customer funds to pay vendors and expenses while going through Chapter 11 bankruptcy proceedings. LandAmerica 1031 Exchange Services Inc. filed the request in U.S. Bankruptcy Court in Richmond and said if it is not granted, the company may be forced into Chapter 7 liquidation bankruptcy.
05 Feb 09

Suit alleges title insurance fraud in New Jersey | Philadelphia Inquirer | 02/04/2009

  • For example, Deborah M. Bonanni paid a $120 deed-recording fee and a $300 mortgage-recording fee for the Princeton house she bought for $418,000 in 2006.


    Mary Ann Kenny Pidgeon, the settlement agent hired for the closing, paid fees of $80 for the deed and $210 for the mortgage at the county office, according to court documents. Pidgeon did not respond today to e-mail and phone requests for comment.


    State law sets the recording fees at $30 for the first page and $10 for each additional page.


    The lawsuit, which named 13 corporations as defendants, covers consumers who have bought residential real estate in New Jersey since Jan. 22, 2003.


    Representatives of defendants Fidelity National Title Insurance Co., First American Title Insurance Co., and LandAmerica Financial Group Inc. said they would not comment on pending litigation.

04 Feb 09

LandAmerica shutting down headquarters | Richmond Times-Dispatch

  • LandAmerica Financial Group Inc. filed noticed with the state that all jobs at its corporate headquarters in western Henrico County would be phased out by Dec. 31.


    The first wave of layoffs -- 42 workers -- will come April 1. The biggest wave will happen two weeks later on April 16 when 139 people -- from accountants to technical support specialists -- will be let go.

22 Jan 09

Article - WSJ.com

  • The company's title-insurance division posted a wider loss as revenue fell 19% and premiums declined. The claims ratio edged down to 7% from 7.2%.
21 Jan 09

Suit Alleges That First American Title Insurance Company is Responsible for Its Agents' Fraud In $3 Million Claim

  • "First American's reckless conduct has allowed its agents to defraud people in the midst of a nationwide real estate crisis."
17 Jan 09

Class action suit targets LandAmerica, SunTrust | Richmond Times-Dispatch

  • A $330 million class-action lawsuit accuses LandAmerica 1031 Exchange Services and Sun Trust Banks Inc. of defrauding clients by using their money to pay off other clients.


    The lawsuit, filed Wednesday in U.S. District Court for the Southern District of California by four LandAmerica clients on behalf of about 400 customers, characterizes the companies' actions as a Ponzi scheme.

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