Metas
Naples Florida Real Estate News - 11/19/07
HOMEOWNERS INSURANCE - Allstate Insurance customers are safe from rate increases – at least for now. State officials say proposed increases by four Allstate insurance companies, ranging from just under 30 percent to more than 43 percent, don’t comply with a new state law.
Since at least 2003, the company had formed limited partnerships that acted as sham title companies, according to allegations in the settlement document. The businesses provided kickbacks to real estate agents, mortgage brokers, banks and homebuilders in exchange for title business referrals.
“Federal and state laws prohibit companies from taking unfair advantage of the market by providing payments to real estate agents and mortgage brokers for their referral of business,” said Florida Insurance Commissioner Kevin McCarty. “Such payments adversely impact the home-buying public by increasing the cost of buying a home . . .” he said.
The settlement document included a list of 87 limited partnership title insurance agencies in Florida with which First American had agreed to end relationships.
TITLE INSURANCE - The First American Title Insurance Co. has agreed to pay investigation costs of $5 million and submit to a year’s monitoring of its business practices as part of a settlement agreement with state and federal agencies.
BUILDERS - Even the Trump name isn’t bigger than the calamitous condo market. Donald Trump’s reputation as a real-estate developer could take a hit as some condominium projects in Tampa, Fort Lauderdale, West Palm Beach and elsewhere run into trouble.
ECONOMY - The latest forecast from the National Association for Business Economics says the housing market, along with the credit crunch, will weigh down economic growth in the final three months of this year and cause economic activity to lag in 2008.
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