FRIEDMAN: UNCERTAINTY KILLING THE HOUSING MARKET AND THE ECONOMY

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The Uncertainty Tax

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If you want to understand why the unemployment rate has been stubbornly lodged around 9 percent, a good place to start is with the eye-popping mortgage statistics released last week by the economic analysis firm CoreLogic: 38 percent of homeowners with second mortgages are underwater. They borrowed against the value of their homes, and they now owe more than their houses are worth. The total number of underwater homeowners in America, with first and second mortgages, is a stunning 22.7 percent. In Nevada alone, 63 percent of all mortgaged properties are worth less than the owners paid; in Arizona 50 percent, Florida 46 percent, Michigan 36 percent and California 31 percent.

When people are so underwater, they find it hard to move to take new jobs, they find it hard to borrow or raise cash for education or start-ups, and banks become even more cautious about lending. Until we as a country figure out how to divvy up these losses on housing and let these markets clear and move on, they will be a serious drag on employment.

Indeed, this mortgage mess just feeds the three other big problems undermining U.S. job growth today: weak aggregate demand, structural impediments and an epidemic of uncertainty about what the future holds for everything from health care to the rate of taxation to Social Security and Medicare spending to the availability of credit to the general direction of the economy — the sum of which has people holding back and thus undermining the government’s stimulus.

We need to be working on all three at once, and urgently. How? Others have focused on the aggregate demand problem, so I’d like to address some of the structural impediments and uncertainty.

On Friday, the McKinsey Global Institute released a long study of the structural issues ailing the U.S. job market, entitled: “An Economy That Works: Job Creation and America’s Future.” It begins: “Only in the most optimistic scenario will the United States return to full employment before 2020. Achieving this outcome will require sustained demand growth, rising U.S. competitiveness in the global economy and better matching of U.S. workers to jobs.”

Over the last 20 years, McKinsey notes, with each recession more employers have used the downturn to replace workers with machines and software, so it takes much longer for full employment to come back. I’ve been working on a book that required talking to a lot of entrepreneurs and have been struck by how many told me some version of: “I used the recession to downsize and get really efficient. None of those jobs are coming back. I am doing a little hiring now, but for people with more skills.”

At the same time, you talk to U.S. companies doing advanced manufacturing and many will tell you they struggle even now to find workers with the blue-collar skills they need to replace their retiring employees. Thanks to a credit bubble over the last decade, we created a lot of jobs for people — in construction and retail — who did not have globally competitive skills or post-high school degrees. Those workers will need retooling.

McKinsey says its research found that “too few Americans who attend college and vocational schools choose fields of study that will give them specific skills that employers are seeking. Our interviews point to potential shortages in many occupations, such as nutritionists, welders, and nurse’s aides — in addition to the often-predicted shortfall in computer specialists and engineers.”

The report concludes, “Progress on four dimensions is needed: Ensuring that the work force acquires skills needed for the jobs that will be in demand, finding ways for U.S. workers to win ‘share’ in the global economy” — by encouraging more foreign investment in the U.S. and by getting companies who have off-shored jobs to take advantage of falling telecom prices to on-shore them to low-cost American cities and towns instead — “encouraging innovation, new company creation, and scaling up of industries in the United States, and removing unnecessary impediments that slow business investment and job creation.”

Today, everything from patent delays to overlapping or conflicting land use regulations inhibit start-ups and factory creation. According to the World Economic Forum, America now ranks 27th on the ease of getting a construction permit, behind Saudi Arabia.

But do not underestimate uncertainty as a silent jobs killer. Congress and the White House seem paralyzed in deciding the future of taxes and spending. Where are we going in these areas? Investors and companies who have to make hiring decisions have no clue. “The economy is paying a high uncertainty premium right now,” says Mohamed El-Erian, the C.E.O. of the world’s largest bond fund, Pimco. “With such uncertainty, people delay as many decisions as possible.”

Any good news? Yes, U.S. corporations are getting so productive and sitting on so much cash, just a few big, smart, bipartisan decisions by Congress on taxes and spending (and mortgages) and I think this whole economy starts to improve again. Workers with skills will be the first to be hired.

18 Responses

  1. […] FRIEDMAN: UNCERTAINTY KILLING THE HOUSING MARKET AND THE ECONOMY MOST POPULAR ARTICLES GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE — EVIDENCE COUNTS!!! The Uncertainty Tax By THOMAS L. FRIEDMAN If you want to understand why the unemployment rate has been stubbornly lodged around 9 percent, a good place to start is with the eye-popping mortgage statistics released last week by the economic […] […]

  2. Unfortunately Neil, you, along with everybody else, are only bringing up half of the problem. There are MANY MILLIONS of americans who have actually paid off their homes over a 20 and 30 year period of time, and they ARE IGNORED by EVERYBODY from bloggers such as yourself to the media.

    However, these millions of american homeowners could be caught in the strange situation of being between jobs and not be able to tap any of their home equity.

    Or, they may have tapped a relatively small percentage of their home equity but can no longer tap anymore because they are presently jobless. The additional problem is that there probably are millions of americans who are jobless because they have to stay close to home to take care of another family member.

    70 million americans take care of a family member. 15 million americans take care of a family member with alzheimer’s and it is pretty certain that they had to give up a job since they probably can’t leave the family member alone for more than a short while.

    The issue of the banks swooping in on ANYBODY who has made a down payment on a home and also has built up home equity should be what we all focus on. Every time the bank repossesses somebody’s home and in the process makes home equity and the home deposit disappear, the economy grinds closer to stopping.

  3. With Intent is how the MERS diabolical weapon of mass desruction occurred.

    PRIA (Property Records Industry Association)
    Partnership – Knowledge – Results
    2501 Aerial Center Parkway
    Suite 103
    Morrisville, NJ 27560

    ‘Access to Sale in Bulk of Land Records” Whitepaper Approved
    (Government, Title & Banks, All Industry Segmenets come together and develop the best practices for the industry). Excerpts below taken

    A “public record” is defined as “A record that a governmental unit is required by law to keep, such as land deeds kept at a county courthouse. Public records are generally open to view by the public

    Documents
    2. (pl.) The deeds, agreements, title papers, letters, receipts, and other written instruments used to prove a fact.

    Information the Public owns land records and County Recorders/Clerks are Custodians. Title Plants may purchase data surrounding land records, and legislation must be enacted that they acknowledge with each purchase they are NOT the owner of the data, nor the property and any falsified records filed with the County Clerk/Recorder are felonious acts.

    http://www.pria.us/files/public/Committees/Records_Access/Bulk_Records_Access/Bulk_Records_Adoption_Final.pdf

    What are land records?
    Land records are a subset of public records. Most people are aware that in any real estate transaction, documents are created to convey rights or obligations one to another. Those documents are then presented to the Recorder for recording.

    For the majority of the recording jurisdictions across the county, the land records include documents such as deeds, mortgages, assignments of mortgages, liens, and satisfactions of mortgages and liens. These documents show who owns the land and who has an interest in that land. These records have always been permanent, meaning that the Recorder has a responsibility to keep them forever.

    Recorders do not change the content of documents: their responsibility is to keep and maintain a true and accurate copy.

    Additionally, these records have always been public records, able to be searched, viewed, and copied in the Recorder’s office during regular business hours.

    In most states, the Recorder’s index is statutorily required and specific elements are set forth.

    Quoting Supreme Court Justice Louis Brandeis, from his book, Other People’s Money – and How Bankers Use It (1914), “Publicity is justly commended as a remedy for social and industrial diseases. Sunlight is said to be the best of disinfectants; electric light the most efficient policeman.”

    Since the land records in the United States have been open to the public from the beginning of this country, who owned the land and who had an interest in it has been readily accessible and available information.

    The right to own real property is one of the greatest freedoms we enjoy as U.S. citizens. The preservation of this right was a key element of both the Declaration of Independence and the U.S. Constitution. Our founding fathers understood that constructive notice, through public recordation of real property records, was integral to the preservation of this right.

    The certainty of land ownership and the ease of its transfer are commonly recognized as the roots of America’s historic economic dominance. The certainty of ownership rights provided by public land record laws allows real estate to be used as collateral for credit, thus unlocking trillions of dollars of capital to fuel our economic engine.

    These land records have also become part of the critical infrastructure of our information economy, which, in turn, contributes to the public good. In order to grant credit rapidly and appropriately, the collection of information on consumers available through public land records is necessary for businesses to make fair and objective risk assessments. Data is efficiently compiled by the recorders. However, banks, title underwriters, and others often want to format the data in a different way (such as by geographical location, rather than by grantor/grantee) and to combine the data with other sources of data (information beyond land ownership and interest such as credit-worthiness information). Being able to download and manipulate data into various formats allows Buyers to reduce costs and improve delivery speed to their clients and customers. Together the chain of improved data helps to combat land fraud.

    Who owns the land records?
    An issue arises with discussions of access to, or sale in bulk of, land records: who owns the land records? By definition, it is the public. The Recorder, being in physical possession of the formal copy of the records, is the custodian of the records on behalf of the public. Some people explain the difference between the owner and the custodian by saying that the people (owner) elect the government (custodian), and thus have a vote in who implements, monitors and enforces the laws on their behalf.
    Providing individuals access to the land records
    The land records are owned by the people, but managed by the Recorder.

    Business use of land records
    Title Insurance companies and their agents – by insuring property owners, lenders, and others with an interest in real property – perform a critical service of identifying and verifying ownership and encumbrances prior to a new conveyance or new loan transaction. They insure the owner or lender against claims which may arise from a defect in title not identified in the title insurance policy. Title insurance provides the confidence necessary for private citizens, investors, lenders, and the secondary mortgage market to purchase or collateralize real property. To instill this confidence, title insurance companies depend upon quick and cost effective access to a Recorder’s public land records.

    In many areas of the country, especially the larger urban areas, title companies have created “title plants” to facilitate the examination of public land records. Title plants generally acquire or copy, in bulk, all of a Recorder’s public land records over a large historical time period. Title plants are designed to make the search and examination process as efficient and accurate as possible. They do this through many methods, including:
    • Use of standardized indexing procedures across multiple counties.
    • Use of standardized, more comprehensive geographic indexing to ensure that any document affecting title to a parcel of real property is indexed to that property.

    • Integration with internal title policy production systems.
    • Use of software specifically designed to simplify the title search process.
    Title insurance companies have utilized title plants for decades. The technologies used have advanced accordingly over time, much like that of the Recorders, evolving from handwritten ledgers and paper document copies to microfilm, advanced database technologies, and electronic document images.

    Title insurance companies are not the only industry reliant upon the public land records. Oil and gas companies, utilities, land appraisers and surveyors, real estate agencies, credit bureaus, genealogists, and other government agencies, to name a few, rely upon the public land record to perform their services. For additional information on how the public land records are used, please see Privacy and Public Land Records: Making Practical Policy (2006). This document is available on the PRIA web site.

  4. oh, I forget, sign here, PROMISE TO PAY. Sent in my tax form once, and completely forget to sign it in the rush of it all. Two months later, get a notice saying you forgot to sign, please sign. I found that interesting. Wow, I must sign it .

  5. “Indeed, this mortgage mess just feeds the three other big problems undermining U.S. job growth today: weak aggregate demand, structural impediments and an epidemic of uncertainty about what the future holds for everything from health care to the rate of taxation to Social Security and Medicare spending to the availability of credit to the general direction of the economy — the sum of which has people holding back and thus undermining the government’s stimulus.”

    CAN WE SPEAK ENGLISH PLEASE SO THAT EVERY HUMAN CAN UnDERSTAND, MORE DOUBLE TALK WITH WORDS IF YOU WILL???????????????

    Let’s define DEMAND as taken from above statement, stated as “weak aggregate demand” coupled with prior job growth:

    http://en.wikipedia.org/wiki/Demand_(economics)

    Please realize part of the definition includes “the ability to pay for it,” PLEASE NOT BORROW FOR IT.

    “structural impediments” – what the fook is that supposed to mean????????

    “epidemic of uncertainty about what the future holds for everything from health care to the rate of taxation to Social Security and Medicare spending to the availability of credit to the general direction of the economy ”

    REALLY??????????????? And CREDIT, availability of, so in other words more debt which = money created per the Money Master video’s and WEB of Debt.com

    Here we got some explanation for causes of killing the mortgage market and the economy.

    Well, I will tell you this: Keeep in mind the definition of DEMAND:

    Why is APPLE booming, why are other companies still surviving very well? This is why:

    The Whole story of marketing is told in just a few words:

    ONE FINDS OR STRENGTHENS OR CREATES A DEMAND.

    The whole story of economics is told in a few words:

    “ONE SUPPLIES OR DOES NOT SUPPLY A DEMAND AND GETS ADEQUATELY PAID OR DOES NOT GET PAID FOR IT”

    There’s that demand word again, “ability to pay for it”.

    Welcome to the world of banks and governments getting you to pay for things via credit – borrowed money. And if you have been following market-ticket.org, he, Karl, states repeatedly about borrowing money and it’s effects.

    From above “epidemic of uncertainty” – what does this mean. I’ll tell you, people are in debt and they don’t know what to do. Simple ————-create your own demand and don’t ever borrow. Keep credit as a second cushion. And if you need to borrow, borrow from a friend or family member w/o interest or some amount that is NOT COMPOUND INTEREST.

    HaHaHaHa,

    the secret is not a secret.

  6. Is that why Hilary wants to be head of World Bank???

  7. Are you ready for QE3? Here’s a ZEROHEDGE article showing where the $600B we just printed went ,, That’s right boys and girls ,, it went to foreign banks … If we’re giving all this money to European banks , mostly to cover MBS losses, what does that mean for the US investors that lost nearly everything on these investments? Can CALPERS sue the Fed Reserve?

    http://www.zerohedge.com/article/exclusive-feds-600-billion-stealth-bailout-foreign-banks-continues-expense-domestic-economy-

  8. Dear Dewayne, on June 12, 2011 at 11:26
    Here is link on LL: : http://livinglies.wordpress.com/2011/04/26/mary-cochrane-gives-details-on-first-magnus/ and more information. Hope it helps you.

    11/30/2004
    Corporation Statement of Change of Known Place of Business Statutory Aent

    1. First Magnus Consulting LLC
    2. Charter Insurance Group, Inc.
    3. First Magnus Financial Corporation (checked)
    4. FMHM Mortgage, LLC
    5. Vantage Mortgage Group, LLC
    6. FMLC Mortgage LLC and
    7. FMFC Lender Services LLC

    Jessica Whitney
    Legal Assostant
    12/2/2004
    First Magnus Financial Corporation
    President now CEO

    Statutory Agent: Gerald G. Hawley
    Corporate Name:
    First Magnus Financial Corp. &First Magnus Liquidating Trust
    4909 North 44th Street
    Phoenix, AZ 85018
    Toll Free Number: (888) 744-5100
    Direct Number: (520) 618-9255
    Fax Number: (520) 901-7963

    On May 1, 2008, First Magnus Financial Corporation went out of business. First Magnus Financial Corporation operates as a mortgage banking company in the United States. It serves borrowers and lenders/vendors. The company was founded in 1996 and is based in Tucson, Arizona

    Cease & Desist information from State of Connecticut:
    September 2007 Update from Consumer Credit Div Admin Orders Connecticut Department of Banking:

    First Magnus Financial Corporation, – September 21 2007
    First Magnus Financial Corporation
    d/b/a Charter Funding 43 Golec Ave, Shelton CT 06484 2003 and d/b/a
    Starwin Mortgage Services (not registered in CT)

    New Jersey – Starwin Mortgage Services, 31 Newton Sparta Rd, Newton NJ 07860 – 2006 Private Mortgage Bankers and Loan Correspondents 1 to 5 employees under $500K. 973-383-1250, 13 Adams St, Newton, NJ 07860 Mortgages & Contracts.

    Charter Funding Corp
    First Magnus – No longer funding or originating any mortgage loans

    ‘Temporary Order to Cease and Desist
    Notice of Intent to Issue Order to Cease and Desist
    Notice of Intent to Impose Civil Penalty
    Notice of Right to Hearing

    II. MATTERS ASSERTED

    1. First Magnus Financial Corporation is an Arizona corporation with its principal place of business at 603 North Wilmot Road, Tucson, Arizona.

    2. Until August 16, 2007, Respondent held 14 licenses (Nos. 9795, 15938, 16893, 18969, 19344, 17109, 19874, 19877, 15209, 19372, 15211, 17111, 14970 and 20145) as a first mortgage lender/broker under Part I(A) of Chapter 668 of the Connecticut General Statutes, “Nondepository First Mortgage Lenders, Brokers and Originators” (“First Mortgage Act”) and 14 licenses (Nos. 9796, 15939, 16894, 18970, 19345, 17110, 19875, 19878, 15210, 19373, 15212, 17112, 14971 and 20146) as a secondary mortgage lender/broker under Part I(B) of Chapter 668 of the Connecticut General Statutes, “Secondary Mortgage Lenders, Brokers and Originators” (“Secondary Mortgage Act”). Effective August 16, 2007, Respondent surrendered all such licenses.

    3. As of August 17, 2007, Respondent had failed to fund two loans secured by a first or secondary mortgage on real property located in Connecticut that had been executed.

    4. As of August 17, 2007, Respondent had failed to transfer to the account of its attorney loan proceeds for 14 loans, including refinancings, to be secured by a mortgage on real property located in Connecticut at the scheduled date and time for the closing of such loans or, in the case of refinancings, by the disbursement date.

    5. As of August 17, 2007, Respondent had issued commitments for at least 276 loans to be secured by a first or secondary mortgage on real property located in Connecticut, which it failed to close.

    6. As of August 17, 2007, Respondent had issued commitments for at least 22,922 loans to be secured by a first or secondary mortgage on real property located in states other than Connecticut, which it failed to close or fund.

    ..1. Respondent’s failure to fund two loans …
    2. Respondent’s failure to transfer loan proceeds for 14 loans, …
    3. Respondent’s failure to close at least 276 loans secured by a mortgage on real property in Connecticut and close or fund 22,922 loans to be secured or secured by a mortgage on real property in states other than Connecticut for which it had issued commitments …

    The Commissioner intends to impose a civil penalty upon Respondent not to exceed Two Hundred Thousand Dollars ($200,000), subject to Respondent’s right to a hearing on the allegations set forth above.
    hearing will be held on October 25, 2007, at 9 a.m., at the Department of Banking, 260 Constitution Plaza, Hartford, Connecticut.

    3. Immediately place with one or more qualified lender(s) or broker(s) as appropriate, based on the status of the application and with no loss to applicants, the following: (a) Respondent’s entire portfolio of Connecticut residential mortgage loans which were closed by Respondent, and remain unfunded as of the effective date of this Temporary Order; and (b) Respondent’s entire pending application lists of Connecticut residential mortgage loans. “No loss to the applicant” shall mean that any loan, which may have been closed by Respondent and remains unfunded, as well as any pending application which has been approved by Respondent but has not yet closed, shall be placed with a lender willing to fund or close the mortgage loan under the same terms and conditions extended by Respondent. In the event that no such placement can be made, Respondent shall either independently fund the mortgage loan under the same terms and conditions extended by the Respondent, or buy down the mortgage loan offered by the lender so that the applicant does not incur a loss as a result of such placement. Respondent shall obtain the prior approval of the Commissioner before placing such applications with the qualified lender(s) or broker(s).

    4. Reimburse each Connecticut consumer the amount necessary to put the consumer in the same position as if Respondent had funded the mortgage loan under the terms and conditions agreed upon at the closing of the loan, in any instance in which Respondent failed to fund a loan closed by Respondent and in which the consumer obtained funding through an alternate lender prior to the effective date of this Temporary Order.

    5. Immediately secure all pending Connecticut mortgage loan application files and, to the extent that any original documents is forwarded to the relevant lender or broker, a copy of such document, correspondence, or paper relating to the mortgage loan shall be retained in Respondent’s books and records, and shall be available to the Division, in their entirety, immediately upon request on the date and time specified by the Division.

    http://www.ct.gov/dob/cwp/view.asp?a=2246&q=396602

    Fiirst Magnus Exec Starting New Mortgage Company: Stonewater Mortgage 2/15/2008, 1650 E River Rd, Suite 202, Tuscon AZ 85718 (520)247-4134.
    (Checked 5/31/2011 Delinquent Annual Report; last updated 7/6/2010, a Delaware Corp. Matthew Thresher, 333 N. Wilmot Rd, Suite 340, Tucson, AZ 85711. 2/15/2008

    Michael Olver reported. With ties to a DE holding co, Karl F.W. Young, http://www.stonewatermortgage.com (Gforce-1, partnership GS Jaggi and Young. First Magnus was a leading mortgage company selling the now infamous “option ARM’s” and other sup-prime products on a large scale.
    Ad on page ‘No credit check; no SSN required 2.7% (2.875% APR!. Qualify Free! BestMortgageRefinanceInc.com

  9. With Intent is how the MERS diabolical weapon of mass desruction occurred.

    PRIA (Property Records Industry Association)
    Partnership – Knowledge – Results
    2501 Aerial Center Parkway
    Suite 103
    Morrisville, NJ 27560
    877-997-7742

    Colorado attains 100% Engagement

    ‘Access to Sale in Bulk of Land Records” Whitepaper Approved
    (Government, Title & Banks, All Industry Segmenets come together and develop the best practices for the industry). Excerpts below taken

    A “public record” is defined as “A record that a governmental unit is required by law to keep, such as land deeds kept at a county courthouse. Public records are generally open to view by the public

    Documents
    2. (pl.) The deeds, agreements, title papers, letters, receipts, and other written instruments used to prove a fact.

    2011

    Information the Public owns land records and County Recorders/Clerks are Custodians. Title Plants may purchase data surrounding land records, and legislation must be enacted that they acknowledge with each purchase they are NOT the owner of the data, nor the property and any falsified records filed with the County Clerk/Recorder are felonious acts.

    http://www.pria.us/files/public/Committees/Records_Access/Bulk_Records_Access/Bulk_Records_Adoption_Final.pdf

    What are land records?
    Land records are a subset of public records. Most people are aware that in any real estate transaction, documents are created to convey rights or obligations one to another. Those documents are then presented to the Recorder for recording.

    For the majority of the recording jurisdictions across the county, the land records include documents such as deeds, mortgages, assignments of mortgages, liens, and satisfactions of mortgages and liens. These documents show who owns the land and who has an interest in that land. These records have always been permanent, meaning that the Recorder has a responsibility to keep them forever.

    Recorders do not change the content of documents: their responsibility is to keep and maintain a true and accurate copy.

    Additionally, these records have always been public records, able to be searched, viewed, and copied in the Recorder’s office during regular business hours.

    In most states, the Recorder’s index is statutorily required and specific elements are set forth.

    Quoting Supreme Court Justice Louis Brandeis, from his book, Other People’s Money – and How Bankers Use It (1914), “Publicity is justly commended as a remedy for social and industrial diseases. Sunlight is said to be the best of disinfectants; electric light the most efficient policeman.”

    Since the land records in the United States have been open to the public from the beginning of this country, who owned the land and who had an interest in it has been readily accessible and available information.

    The right to own real property is one of the greatest freedoms we enjoy as U.S. citizens. The preservation of this right was a key element of both the Declaration of Independence and the U.S. Constitution. Our founding fathers understood that constructive notice, through public recordation of real property records, was integral to the preservation of this right.

    The certainty of land ownership and the ease of its transfer are commonly recognized as the roots of America’s historic economic dominance. The certainty of ownership rights provided by public land record laws allows real estate to be used as collateral for credit, thus unlocking trillions of dollars of capital to fuel our economic engine.

    These land records have also become part of the critical infrastructure of our information economy, which, in turn, contributes to the public good. In order to grant credit rapidly and appropriately, the collection of information on consumers available through public land records is necessary for businesses to make fair and objective risk assessments. Data is efficiently compiled by the recorders. However, banks, title underwriters, and others often want to format the data in a different way (such as by geographical location, rather than by grantor/grantee) and to combine the data with other sources of data (information beyond land ownership and interest such as credit-worthiness information). Being able to download and manipulate data into various formats allows Buyers to reduce costs and improve delivery speed to their clients and customers. Together the chain of improved data helps to combat land fraud.

    Who owns the land records?
    An issue arises with discussions of access to, or sale in bulk of, land records: who owns the land records? By definition, it is the public. The Recorder, being in physical possession of the formal copy of the records, is the custodian of the records on behalf of the public. Some people explain the difference between the owner and the custodian by saying that the people (owner) elect the government (custodian), and thus have a vote in who implements, monitors and enforces the laws on their behalf.
    Providing individuals access to the land records
    The land records are owned by the people, but managed by the Recorder.

    Business use of land records
    Title Insurance companies and their agents – by insuring property owners, lenders, and others with an interest in real property – perform a critical service of identifying and verifying ownership and encumbrances prior to a new conveyance or new loan transaction. They insure the owner or lender against claims which may arise from a defect in title not identified in the title insurance policy. Title insurance provides the confidence necessary for private citizens, investors, lenders, and the secondary mortgage market to purchase or collateralize real property. To instill this confidence, title insurance companies depend upon quick and cost effective access to a Recorder’s public land records.

    In many areas of the country, especially the larger urban areas, title companies have created “title plants” to facilitate the examination of public land records. Title plants generally acquire or copy, in bulk, all of a Recorder’s public land records over a large historical time period. Title plants are designed to make the search and examination process as efficient and accurate as possible. They do this through many methods, including:
    • Use of standardized indexing procedures across multiple counties.
    • Use of standardized, more comprehensive geographic indexing to ensure that any document affecting title to a parcel of real property is indexed to that property.

    • Integration with internal title policy production systems.
    • Use of software specifically designed to simplify the title search process.
    Title insurance companies have utilized title plants for decades. The technologies used have advanced accordingly over time, much like that of the Recorders, evolving from handwritten ledgers and paper document copies to microfilm, advanced database technologies, and electronic document images.

    Title insurance companies are not the only industry reliant upon the public land records. Oil and gas companies, utilities, land appraisers and surveyors, real estate agencies, credit bureaus, genealogists, and other government agencies, to name a few, rely upon the public land record to perform their services. For additional information on how the public land records are used, please see Privacy and Public Land Records: Making Practical Policy (2006). This document is available on the PRIA web site.

    http://www.pria.us/files/public/Committees/Records_Access/Bulk_Records_Access/Bulk_Records_Adoption_Final.pdf

    UCC FORMS Available in PDF

    http://www.pria.us/i4a/pages/index.cfm?pageid=1

  10. Get that popcorn ready for the second in series of Mortgage Movies from the Hill:

    http://www.youtube.com/watch?v=rl4tS0W7RcQ

    SUNDAY, JUNE 12, 2011

    Legislative updates from Attorney Sonya Ziaja and KingCast/Mortgage Movies: Senators Pat Leahy and Kelly Ayotte.

  11. Get that popcorn ready for the second in series of Mortgage Movies from the Hill:

    http://www.youtube.com/watch?v=rl4tS0W7RcQ

    SUNDAY, JUNE 12, 2011

    Legislative updates from Attorney Sonya Ziaja and KingCast/Mortgage Movies: Senators Pat Leahy and Kelly Ayotte.

  12. Mary Cochrane

    You wrote an article about First Magnus Financial. I trying to find out some additional information about the company

  13. Until we as a country figure out how to divvy up these losses ??????????
    wtf…. the financial industry looted the country with the passive assistance of our own [ or maybe better phrased THEIR OWN”] gov , and also looted the rest of the planet , this was not only the US.
    The losses are being stored offshore & in the accounts of the the skanksters.
    divvy?????? yea right! F U ..
    WE ,OUR’S,as in losses , AS IN NOT THEIR losses is what he means. The entire world economy is rigged & controlled …to our detriment .

  14. eAppraiseIT (now known as CoreLogic Valuation Services) and its parent company, First American (now known as CoreLogic Inc.).[1] The FDIC has at the same time filed a similar suit against LSI Appraisal and its parent, LPS. Bringing these suits in its capacity as receiver of Washington Mutual Bank (WaMu), the FDIC alleges that these two appraisal companies supplied WaMu with defective appraisals, causing WaMu to suffer substantial losses.

  15. We are more worried about “Weiner’s” morals than the Banksters morals. Who would rather take a $1,000.00 fine than due the right thing. The Banksters pretty much are commiting Treason and Crimes against humanity

    And this is just one example.

  16. What the report failed to address is the fraud and corruption of leadership and billions of stolen tax payer money — blended with all of these factors = complete paralyization of the US public and private sectors. Fraud leads not only to uncertainty but to distrust. Both are bad and have devastated our economy. Debi

  17. It is all about being “Moral” Since the banksters and alot of “Politicians” are Immoral this will continue.

    I do believe in the American Spirit and the determination of the American People to straighten out this big mess.

    Please sign the petition and send it out to 5 friends

    http://www.ipetitions.com/petition/smokeandmers911/

    G-d Bless America

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