Old Republic Announces That It Will Not Insure Properties Foreclosed by J P Morgan Chase and GMAC.

Posted By Cliff Tuttle | October 5, 2010

No. 513

Aha! Now it is starting to make sense.  It seemed a little strange that J P Morgan Chase and GMAC had halted foreclosures in judicial foreclosure states pending an investigation of practices that they must have known have been going on for years.  Well, now we are starting to see why.

Reading the advance sheets around the country, Title Insurance company Old Republic has announced that it will not insure properties that have been foreclosed by JPM-C and GMAC because the foreclosures may be called into question after the fact.

It is not too hard to recognize that Old Republic must have been in conference with the lenders prior to the announcement of the internal investigation.  And so, Morgan and GMAC announced their investigation before the news about Old Republic broke — damage control.

In related news, Bank of America, who also has joined the internal investigation trend, announced that it was discontinuing the Countrywide brand.  The times, they are a changin’.

And since this news broke, look for the others — Fidelity National, Stewart, First American, the whole gang — to weigh in on the subject.

CLT

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CLIFF TUTTLE has been a Pennsylvania lawyer for over 45 years and (inter alia) is a real estate litigator and legal writer. The posts in this blog are intended to provide general information about legal topics of interest to lawyers and consumers with a Pittsburgh and Western Pennsylvania focus. However, this information does not constitute legal advice and there is no lawyer-client relationship created when you read this blog. You are encouraged to leave comments but be aware that posted comments can be read by others. If you wish to contact me in privacy, please use the Contact Form located immediately below this message. I will reply promptly and in strict confidence.

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