California Insurance Commissioner John Garamendi has upheld an administrative law judge's ruling that Radian Lien Protection is title insurance.Mr. Garamendi had rejected the decision in April and offered all parties the chance to offer additional evidence. In a portion of his ruling called "Determination of Issues," the commissioner ruled that none of the additional evidence "is relevant to the legal question presented" and therefore did not consider the evidence in reaching his decision. The next sentence tersely states: "The Radian Lien Protection Policy constitutes title insurance pursuant to California Insurance Code Section 12340.1." The ruling means Philadelphia-based Radian Guaranty cannot offer the product anywhere in the U.S. without risking the loss of its license in California. "Radian should become a licensed title insurer to issue this product and submit to the regulatory oversight that is in place to safeguard consumers," said James Maher, executive vice president of the American Land Title Association. Radian said it will appeal the order. "We are disappointed with Commissioner Garamendi's decision, and we respectfully disagree with his assessment of our product," said Howard S. Yaruss, Radian's executive vice president and general counsel. "Radian, along with various consumer groups, will take this fight to the California State Legislature, in order to break the title insurance industry's monopoly and put an end to years of price gouging."
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In its latest financial stability report, the Federal Reserve found that asset prices continue to exceed underlying fundamentals and leverage levels remain high, especially by hedge funds.
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Doug Duncan may be retired from Fannie Mae, but not from the housing market—his new firm is ramping up with writing, speaking, and advisory work.
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The way mortgage firms address distressed military borrowers will become less regimented as the Veterans Affairs Servicing Purchase program gets phased out.
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The trend is not the norm but there are growing opportunities to buy for less in some areas many people gravitate to, real-estate brokerage Redfin found.
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