Tuesday, May 09, 2006

Congress subcommittee hearing on title insurance

The Subcommitte on Housing and Community Opportunity held a hearing on April 26, 2006 entitled, "Title Insurance: Cost and Competition." Also, note that GAO put out a report on the title insurance industry simultaneous with the hearing.

All of the usual kickback and controlled business schemes are covered...very eye-opening. The thing I learned from reviewing the various testimony was that only one state--Iowa--has banned the sale of private title insurance and replaced it with a state-administered insurance fund. Guess what? Title premiums there are less than half what they cost elsewhere.

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