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Does attorney affidavit cure defects?
Posted Date: Monday, September 26, 2016
The Supreme Judicial Court of Massachusetts recently answered certified questions from the First U.S. Circuit Court of Appeals regarding the power and effect of an attorney affidavit in relation to a mortgage containing a defective certificate of acknowledgement. The First Circuit was hearing a case in which a bankruptcy trustee was trying to invalidate the mortgage based on the defect. Read on for more details.
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FIO annual report highlights cyber efforts
Posted Date: Monday, October 3, 2016
The U.S. Department of the Treasury’s Federal Insurance Office (FIO) released its fourth annual Report on the Insurance Industry. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, FIO must report annually to the president and Congress on the state of the insurance industry and any other information deemed relevant or requested. Among other things, the report highlighted the efforts being taken at the state, federal and international level to enhance cybersecurity.
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Insured disputes denial of coverage
Posted Date: Wednesday, August 24, 2016
After the second mortgage holder on property in North Carolina filed suit against it and a number of related parties, seeking to quiet title and extinguish its deed to the property, the insured first mortgagee filed a claim with its title insurer. When its claim was denied, the insured mortgagee filed suit for breach of duty to defend. Read on for more details.
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Misrepresented deed restriction at issue
Posted Date: Wednesday, September 7, 2016
While creating a redevelopment plan for property in Somers Point, N.J., a group of Somers Point residents halted the approval process, arguing that an 89-year-old deed restriction required the property to remain a golf course. The owner’s title insurer provided counsel for the ensuing lawsuit, but did not pay for monetary damages after the case was settled. The owner then filed suit for breach of the title policy.
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Insured sues over wrong deed
Posted Date: Wednesday, August 24, 2016
After tenants informed him that police informed them they were trespassing on property owned by his title company, an insured homeowner filed suit, seeking damages. Read on for more details.
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Insured, title insurer row over attorney’s fees
Posted Date: Wednesday, September 7, 2016
After being informed of several challenges to its insured’s title, a title insurer retained counsel to defend against the suits and began paying the legal fees. When the suits were over, the insured sought reimbursement of the attorney’s fees it incurred before the title insurer took over defense, as well as an additional attorney who assisted. Read on for more details.
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Small business cybersecurity bill passes House
Posted Date: Monday, September 26, 2016
The U.S. House of Representatives passed the Improving Small Business Cybersecurity Act of 2016, giving small businesses access to additional tools, resources and expertise to help protect their sensitive electronic data from cyberthreats.
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Couple arrested for mortgage fraud, conspiracy
Posted Date: Wednesday, September 21, 2016
A couple from New York were arrested for their roles in an alleged residential mortgage fraud scheme and extradited to New York from Canada. Read on for more details.
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Scheme organizer sentenced to 16 years
Posted Date: Monday, September 26, 2016
The manager of a mortgage modification service company was sentenced to 16 years in prison for his role orchestrating a massive mortgage modification scheme through which he and his co-conspirators defrauded thousands of American homeowners out of approximately $31 million. Read on for more details.
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New York DFS proposes zombie property reg
Posted Date: Wednesday, September 28, 2016
New York Gov. Andrew M. Cuomo announced that the Department of Financial Services has proposed a regulation that mandates banks and mortgage services report vacant and abandoned properties in accordance with a new law that curbs the threat posed to communities by zombie properties.
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Report shows increase in mortgage fraud risk
Posted Date: Monday, September 26, 2016
CoreLogic’s latest Mortgage Fraud Report shows a 3.9 percent year-over-year increase in fraud risk. Read on for more information from the report.
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Court bans mortgage relief scammers
Posted Date: Monday, September 26, 2016
The operators of an alleged mortgage relief scam that preyed upon distressed homeowners are banned from the mortgage loan modification and debt relief business under a court order obtained by the Federal Trade Commission. Read on for more details.
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Council offers cybersecurity feedback
Posted Date: Monday, September 19, 2016
After the president’s Commission on Enhancing National Cybersecurity asked for comments on the current and future states of cybersecurity, the Financial Services Sector Coordinating Council (FSSCC) chimed in, saying the topics referenced in the request for information were the same that shape FSSCC’s collaborations with federal and state partners.
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Michigan man sentenced for mortgage fraud conspiracy
Posted Date: Wednesday, September 28, 2016
A Charlotte, Mich., man was sentenced to time in prison for his role in a mortgage fraud conspiracy conducted in connection with his dealings with CDC Investments and Hometown Financial. Read on for more details.
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Wisconsin commissioner appoints new hire
Posted Date: Wednesday, September 28, 2016
Wisconsin Commissioner of Insurance Ted Nickel announces Elizabeth Hizmi has been appointed legislative liaison and public information officer at the Office of the Commissioner of Insurance.
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Florida pastor sentenced for wire fraud
Posted Date: Wednesday, September 28, 2016
A Florida pastor was sentenced to time in prison for wire fraud for participating in a scheme to defraud mortgage lenders. Read on for more details.
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