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Home-Purchase Index in U.S. Plunges to Lowest Level Since 2000
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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.
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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.
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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.
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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.
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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%.
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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
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Adjusted earnings per diluted share of 89 cents, or 75 cents including net realized investment losses
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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
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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.
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"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."
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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.
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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.
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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.
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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.
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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.
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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%.
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"First American's reckless conduct has allowed its agents to defraud people in the midst of a nationwide real estate crisis."
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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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