Old Republic Will No Longer Insure JPMorgan and GMAC REOs

GMAC declined to comment, and Old Republic representatives did not return calls. GMAC has acknowledged legal missteps in processing mortgages, and JPMorgan Chase has acknowledged the possibility of missteps, and both have suspended all foreclosures in the 23 states where they need a court’s approval. That’s 56,000 in the case of Chase alone.

By Paul J Davies, Insurance Correspondent published: october 26 2010 22:27 | Last. By AddisonWiggin The Daily Reckoning Every month, JP Morgan chase.. gmac suspended foreclosure actions and REO sales in states where courts. Old Republic National Title Insurance to decide it will no longer insure titles to .

Only 11 de novo banks have opened since the end of 2009 and most of those were in the past 18 months. "To put this in perspective, prior to the financial crisis, the only time since the FDIC was established in 1933 that fewer than 20 new, insured banks opened in a single year was 1942, in the midst of World War II," McWilliams wrote.

But all of the sudden, the importance of title insurance is becoming crystal-clear. In recent weeks, big lenders like GMAC Mortgage, JPMorgan Chase and Bank. were growing concerned as well. On Oct.

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With billions in TARP funds, the FASB no longer requiring mark to market accounting. Part 4 of the plan had billions in TARP funds going to the likes of GMAC, Capital One and American Express so.

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Old Republic National last week told its agents not to insure properties foreclosed upon by JP Morgan and GMAC, after they became the first. The main thing this will do is make the process longer.”.

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