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Flip scam leads to escrow dispute
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Court Report
Thursday, January 5, 2017
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The Federal Deposit Insurance Corp., acting as receiver for a lender, filed suit against a title insurer for its conduct as an escrow agent for four flip transactions designed to allow the purchasers of the properties to circumvent the bank’s requirements that they make downpayments on the properties. The FDIC claimed the title insurer acted negligently and breach contractual and fiduciary duties in its role as closing agent. Read on for more details.
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