The First American Corp., Santa Ana, Calif., has announced that its wholly owned European title insurance subsidiary, London-based First Title Insurance PLC, has provided title insurance for the largest-ever multifamily commercial mortgage-backed securities transaction in Europe.The euro 5.4 billion (US$6.8 billion) debt issue has been secured against 164,365 apartments throughout Germany and by 800 separate mortgages, each one insured by First Title with a different policy. Title insurance played "a crucial role" in enhancing the rating for the CMBS vehicle, the first time title insurance has been used for this purpose in Germany, the company said. "This transaction is another great example of how title insurance can be used by real estate investors and their financiers to structure deals in better ways," said Phillip Oldcorn, chief executive officer of First Title Insurance PLC. "In Europe, title insurance can not only be used in emerging markets where land registry data is often unreliable, but also in sophisticated, mature markets such as Germany." The transaction was arranged by Citigroup and Barclays Capital and issued by Deutsche Annington.

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