The House Financial Services Committee is pursuing allegations that the LandAmerica Financial Group might have used "indirect threats or pressure" to influence settlement negotiations with Colorado insurance regulators.At an April 28 hearing, Colorado Deputy Insurance Commissioner Erin Toll testified about her investigations into illegal captive title reinsurance arrangements and alleged that LandAmerica tried to discredit her efforts to negotiate a settlement. "I felt very nervous and threatened by that," she told the committee. The Richmond, Va.-based title insurer has denied the allegations. Committee Chairman Michael Oxley, R-Ohio, and Rep. Barney Frank, D-Mass., notified LandAmerica in a May 24 letter that they are looking into the allegations. The congressmen also made a formal request for LandAmerica to provide the committee with any company documents or records relating to Commissioner Toll. "We respectfully disagree with the characterization and substance of the assertions made recently by Ms. Toll," company spokeswoman Lloyd Osgood said. "LandAmerica has been and is committed to cooperating with all state regulators, and we are working to achieve a resolution with the Colorado Department of Insurance and will willingly cooperate with the House Financial Services Committee."
-
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
11h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
11h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25