Fox Business reported SunTrust Bank to pay huge fines for their mortgage practices. More coming on this story.
Old Republic is a title insurance company doing business in Florida. Old Republic may have other business interests however, for this article, we are looking at Old Republic’s subsidiary Republic Mortgage Insurance Company. See full copy at The Property Patrol.
Started in 1972 Republic Mortgage Insurance Company claims they protect lenders across the United States from losses due to defaults on first mortgages for single-family residential properties. Head-quartered in Winston-Salem, North Carolina, RMIC is an independent national provider of private mortgage insurance for first mortgage loans. It appears RMIC has over exposed themselves in Fannie Mae and Freddie Mac mortgages.
The Florida division of Republic Mortgage Insurance of Florida has been down-graded in their financial strength to an (E) rating. Financial ratings are based on an (A) being the best and an (F) as a failed institution. So a rating of an (E) is the last step before failure.
In American housing, the chart below shows what areas Old Republic is exposed and Republic Mortgage Insurance Company is included in the chart calculations.
This came from our sister site: http;//thepropertypatrol.com/ You can read the other posts showing even more title companies in license trouble.
Some Florida Real Estate Title companies have lost their license. Under new leadership, Florida’s Jeff Atwater, Chief Financial Officer cracks down on violators of Florida licensing laws.
Real Estate Title companies hire abstracters to research property titles. The title insurance company issues a title policy based on the abstracter’s report. When possible improprieties occur, the chief financial officer is held accountable. Usually, the title company, not the abstracter, has done something to violate Florida financial laws and the title company is disciplined.
Below is a list of Florida Real Estate Title companies that have been fined or had their license suspended or revoked due to alleged improprieties.
Company Name Location Action Taken
Citrus Land Title, Spring Hill Suspended 3 mos.
Emerald Title Tamarac Suspended 3 mos.
Fellowship Title Bunnell Suspended 3 mos.
LMT Title of So. FL Miami Suspended 3 mos.
People’s Title Tampa License Revoked
Trinity Title Hialeah Suspended 3 mos.
If you need more information regarding the disciplinary actions against a company or individual, please comment in the post or click the contact The Property Patrol link here.
Bank Failures Continue in 2011 in spite of press reports claiming improved economic conditions. January 2011 saw eleven bank failures in January 2011 and three already in February 2011. The list of failed banks for 2011 appears below.
A little off point: The Tea Party has started a new social networking site. What we found interesting about the site:
a.) Stay current on legislation
b.) Focus on candidates
Here is the link provided by Dick Armey. Here is the post
FreedomWorks new social networking site puts in action change for liberty minded people Join me at
Failed Banks List:
Community First Bank Chicago Chicago IL
North Georgia Bank Watkinsville GA
American Trust Bank Roswell GA
First Community Bank Taos NM
FirsTier Bank Louisville CO
Evergreen State Bank Stoughton WI
The First State Bank Camargo OK
United Western Bank Denver CO
The Bank of Asheville Asheville NC
Community South Bank & Trust Easley SC
Enterprise Banking Company McDonough GA
Oglethorpe Bank Brunswick GA
Legacy Bank Scottsdale AZ
First Commercial Bank of Florida Orlando FL
September 2010 saw 9 banks fail and October isn’t over yet and 12 banks have already failed. So how are we doing for the year. Here is the report.
Bank Failures 2010 Bank Failures 2009
January 2010 – 15 banks failed ————– 6
February 2010 – 7 banks failed ————— 10
March 2010 – 19 banks failed —————- 5
April 2010 – 23 banks failed —————– 8
May 2010 – 14 banks failed —————- 7
June 2010 – 8 banks failed —————- 9
July 2010 – 22 banks failed —————– 24
August 2010 – 10 banks failed —————— 15
September 2010 – 9 banks failed —————— 11
October 2010 – 12 banks have failed so far. ———– 20
November 2010 – —————– 9
December 2010 – —————– 16
That makes 139 banks have failed since January 1, 2010. From January 1, 2009 until December 31, 2009 140 banks failed. If you look at the bank failures you notice the bailouts did NOT stop bank failures as alleged. What banks failed in this October? Here is the list:
I know this is a little off our normal topic but with the election just a few days off, I thought this video hit home.
I know our readers are smart enough to know the Method of Operation (MO) by Liberals is:
1. They try to bribe you – if that doesn’t work then they
2. Threaten you with physical danger or lawsuits – if that doesn’t work then they
3. Attack you personally and attack yor character even if they have to make up lies.
Remember the saying – “The Truth Will Set You Free” and the truth wins in the end. Please share these two videos and thanks to our loyal readers for indulging me with this post.
Floridians should take note regarding Alex Sink and Rick Scott. Watch this video from the debate Monday night October 25, 2010. Just so you know – I endorse Rick Scott.