American Land Title Association News
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Wachtell, Lipton, Rosen & Katz advised PVH Corp., the owner of the Tommy Hilfiger brand, in its agreement to buy Warnaco Group in a $2.9 billion transaction, creating a company with $8 billion in sales and bringing all Calvin Klein-branded apparel under one roof. Skadden Arps Slate Meagher & Flom LLP advised Warnaco. Kirkland & Ellis LLP represents the Peter J. Solomon Company, financial adviser to PVH Corp.
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Frank Pellegrini, a lawyer who started a title insurer in Illinois, was named president of the industry’s trade group.
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Title insurers are in talks with banks and regulators to obtain warranties from lenders assuring they followed proper procedures before selling foreclosed homes, said Kurt Pfotenhauer , head of the insurers’ trade group.
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U.S. courts are clogged with a record number of foreclosures . Next, they may be jammed with suits contesting property rights as procedural mistakes in those cases cloud titles establishing ownership.
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Fidelity National Financial Inc. , the largest U.S. title insurer by market share, will require lenders to sign a warranty assuring their paperwork is sound before backing sales of foreclosed homes.
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Jessica McEwen was hired as director of government affairs for the group representing U.S. title insurers.
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Bank of America Corp. is among a group of lenders that may face a wave of new lawsuits claiming cash-strapped counties were cheated out of millions of dollars by a system used for more than a decade to register mortgages.
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Fidelity National Financial Inc. , the largest U.S. title insurer, canceled a requirement for lenders to guarantee proper foreclosure procedures amid “heightened review” processes by banks.
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A Massachusetts man who bought property in a faulty foreclosure sale isn’t the true owner and so doesn’t have the right to sue over it, the state’s high court ruled.
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The U.S. Consumer Financial Protection Bureau is close to revealing the details of its marquee project: reducing the reams of paperwork that borrowers must hack through when getting a mortgage.
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