December 16, 2005: Headlines: Figures: COS - Ethiopia: Insurance: State Politics: KXTV: Garamendi Wants Title Companies Investigated
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December 16, 2005: Headlines: Figures: COS - Ethiopia: Insurance: State Politics: KXTV: Garamendi Wants Title Companies Investigated
Garamendi Wants Title Companies Investigated
Insurance commissioner John Garamendi contends the companies' practice of setting fixed prices with home builders and realtors affects the ability of buyers to find lower prices for title searches and escrow services. John Garamendi is the State Insurance Commissioner for California. He served as a Peace Corps Volunteer in Ethiopia in the 1960's.
Garamendi Wants Title Companies Investigated
Garamendi Wants Title Companies Investigated
Written for the web by C. Johnson, Internet News Producer
California's insurance commissioner wants to launch an investigation into what he calls high prices for title insurance and escrow services for home buyers.
Insurance commissioner John Garamendi contends the companies' practice of setting fixed prices with home builders and realtors affects the ability of buyers to find lower prices for title searches and escrow services.
"[It's] rather an illegal relationship between the title companies and mortgage lenders, builders and realtors who get an illegal kickback direct to the title company," said Garamendi. "The consumer is unaware of prices, unaware they can shop around."
The insurance commissioner said because three title companies control 78 percent of title business in California, there is little competition to drive down prices. Those three companies are Fidelty, First American and Land-America.
Garamendi is basing his claims on a 111-page report prepared by a Texas economic consultant. The commissioner is calling for a hearing on industry practices before state lawmakers next month.
A spokesperson for the title company industry said the insurance commissioner is wrong. "We welcome the public hearings," said the California Land Title Association's Craig Page. "We're tired of the innuendos and the generalizations he's made about the industry. It's not a corrupt industry. The industry is highly competitive and had they done their homework, they'd realize that California rates are below the national average and below the larger states that have a population comparable to California.
Garamendi said this is the fifth time in 35 years the title industry has been called into question over its pricing policies.
When this story was posted in January 2006, this was on the front page of PCOL:
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Story Source: KXTV
This story has been posted in the following forums: : Headlines; Figures; COS - Ethiopia; Insurance; State Politics
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