[With profound apologies to our clown friends at AAHMES Temple]
From Matt Carter at the Inman Blog: California's new insurance commissioner, Steve Poizner, announced today he would continue the pursuit of excessive rates and charges in the title and escrow businesses begun by the previous Commissioner, John Garamendi. Best line, although the entire press release is worth a read:
...real estate agents, lenders, and homebuilders steer homeowners to particular title companies. Title companies lavish legal and illegal inducements on those intermediaries to obtain the homeowners' business and then pass those costs on to the unaware homeowner.No doubt one of the reasons realtors are more relaxed about their six percent becoming five. They're getting a cut of every service involved in a transaction, even if it's just tickets to a ball game. Rates have increased 160% since 2006, every cent of which comes from the consumer's pocket, and Poizner's looking for a rollback of a billion dollars if the industry does not comply.
· California Insurance Commish sees Title-oply [Matt Carter, Inman Blog]
· Press Release [CA Department of Insurance]