Bravo!
Good reporting.
That was GREAT reporting. Where are your snarky detractors now Sarah?
It's much more complicated than that, actually. While they are affiliated, they are all separate corporations with some overlap in ownership. Kriedler would have to go after each one, unless he could "pierce the corporate veil," which is difficult to do.
The other side of the coin was not reported. It is against the law for the realty types to take referrals or kickbacks of this nature, and they all know it. It is also a serious violation of Federal law (see Real Estate Settlement Procedures Act, 12 USC Sec. 2607, in particular, on which I bet Washington's law is based).
The costs to consumers are real. The problem is systemic. Just another reason why real estate agents are making themselves increasingly obsolete.
Piss off SB. Insurance companies are slime. They make their money by not paying valid claims, not because they take in premiums.
This is some excellent reporting/slogging. The ethic at insurance companies is screwed up.
And as far as Sarah Mirk’s second rhetorical question goes, HELL YES it matters.
It's much more complicated than that, actually. While they are affiliated, they are all separate corporations with some overlap in ownership. Kriedler would have to go after each one, unless he could "pierce the corporate veil," which is difficult to
Dear Gribble: You're an ass and probably a realty type. My post was not about how upstanding insurance companies are. They aren't, and I'm certainly pissed that my insurance premiums are costly because of this B.S. However, insurance companies would have no temptation if those on the other end weren't also participating, which is also a serious violation of Federal law. And realty types know this, because they have to learn about the anti-kickback and -referral provisions before they get licensed.
Excellent!
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Kickbacks, sham operations, referral fees, gifts and give aways are problems all over the country. It's spread like an unchecked cancer through the real estate industry. Honest, law abiding, fairly priced real estate agents, mortgage lenders, and title insurers have been begging regulators to take action for years. Finally-we have the attention of the country. You are right to point out the there are two parties to each violation. Someone has to give and someone has to receive. They are both violating the law. Consumers have the power to protect themselves and help us fix the problem. Please shop for services. Compare pricing and services. Please do not rely on professionals to make a referral. Honest players will always give a full quote in writing. Ask for it and make your own choice.
The five companies you mention - Fidelity, Land America, First American, Stewart and Old Republic underwrite 92% of all the title insurance in the US... they are like a cartel. For more information on these title insurance companies and how I believe they should change please check: http://transparentre.com/2006/10/29/an-open-letter-to-the-title-insurance-industry.aspx
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