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Bank sues title company over extinguished lien
Posted Date: Wednesday, June 5, 2019
After its deed of trust was extinguished by a non-judicial foreclosure sale conducted by a homeowners’ association, the bank beneficiary under a deed of trust filed a claim under its title policy. When the underwriter denied the claim, the bank filed suit. Read on for more details.
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Firms announce First American investigations
Posted Date: Wednesday, June 5, 2019
Three law firms announced investigations into First American Financial Corp. and First American Title Insurance Co. regarding its reported data exposure. Read on for more details.
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First American releases data exposure FAQs
Posted Date: Wednesday, June 5, 2019
First American Financial on May 31, released a set of frequently asked questions regarding the data exposure that was uncovered earlier that week. Read on for more details.
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Florida CFO seeks OFR commissioner’s resignation
Posted Date: Wednesday, June 5, 2019
Florida Chief Finanical Officer Jimmy Patronis called for the resignation of Office of Financial Regulation Commissioner Ronald Rubin after hearing the Inspector General’s preliminary findings of recent allegations of sexual harassment. Read on for more details.
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Millions of records exposed on First American’s website
Posted Date: Wednesday, May 29, 2019
On May 24, KrebsOnSecurity reported that hundreds of millions of documents related to mortgage deals going back to 2003 were exposed on First American Financial Corp.’s website. Read on for more about the exposure and the steps First American is taking to address it.
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Lawsuit filed against First American for data exposure
Posted Date: Wednesday, May 29, 2019
On May 27, Gibbs Law Group LLP filed the first nationwide class action lawsuit accusing First American Title Company of failing to properly secure 885 million sensitive customer files, instead choosing to store them in a publicly accessible system. Read on for more details.
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Baltimore processes hundreds of deed applications in first week
Posted Date: Wednesday, May 29, 2019
During its first week using a manual workaround to process property deed applications, the city of Baltimore processed 462 applications, with the volume of applications processed on May 23 exceeding normal volume. Read on for more details.
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Title insurer sues surveyors for encroachment failure
Posted Date: Wednesday, May 29, 2019
A title insurer sued two surveying firms, seeking to recover funds it paid out in claims to an insured as the result of both firms’ failure to include a 12-inch encroachment in their surveys of the property. Read on for more details.
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Texas passes title insurance rate bill
Posted Date: Wednesday, May 29, 2019
The Texas Legislature passed legislation regarding hearings concerning title insurance rates and other matters relating to regulating the business of title insurance. The bill awaits the governor’s signature. Read on for more details.
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Bank CEO indicted for bribing Manafort
Posted Date: Friday, May 24, 2019
Bank CEO Stephen M. Calk was charged with financial institution bribery for corruptly using his position as the head of the bank to issue millions of dollars in high-risk loans to Paul Manafort in exchange for assistance in obtaining a senior position with the Trump administration.
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Four indicted for half-billion fraud, Ponzi scheme
Posted Date: Friday, May 24, 2019
A federal grand jury in Western New York returned a 114-count superseding indictment charging four men with conspiracy to commit wire fraud and bank fraud for their roles in a half-billion dollar mortgage fraud scheme. The defendants each face various additional charges such as wire and bank fraud, and money laundering. The same day, the Securities and Exchange Commission filed an emergency action charging one of the defendants with fraud for siphoning and misusing investor funds. Read on for more details.
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Homeowner seeks relief from tax lien foreclosure
Posted Date: Friday, May 24, 2019
After losing title to her home to a private purchaser of a municipal real estate tax lien for failure to pay real estate taxes assessed against a prior owner, the owner of a Massachusetts property sought relief from the judgment of foreclosure awarded to the purchaser. She argued that the holder of the tax lien went beyond strict application of the tax laws and crossed the line into a denial of due process in the manner in which the tax title lien was foreclosed. Read on for more details.
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FTC extends deadline for Safeguards Rule comments
Posted Date: Friday, May 24, 2019
The Federal Trade Commission has agreed to extend by 60 days the deadline for the public to submit comments on proposed changes to the Safeguards Rule, which requires financial institutions to develop, implement, and maintain a comprehensive information security program.
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New York DFS announces head of new Cybersecurity Division
Posted Date: Friday, May 24, 2019
Acting Department of Financial Services (DFS) Superintendent Linda A. Lacewell announced that Justin Herring will be appointed Executive Deputy Superintendent of the Department’s newly created Cybersecurity Division. The new division, which will focus on protecting consumers and industries from cyber threats, is the first of its kind to be established at a banking or insurance regulator. Read on for more details.
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ALTA alerts members to spoofed email
Posted Date: Friday, May 24, 2019
The American Land Title Association alerted members to a spoofed membership email, appearing to come from the association, that asks members to review a PDF of its membership directory. Read on for more details.
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