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Old Republic International Corporation Message Board

  • titleman_usa titleman_usa Nov 1, 2006 12:37 PM Flag

    Forbes article; did Yeager lie to Congress

    Earlier this year, Mr. Yeager testified that most of the title insurance premium is used for risk prevention and risk elimination.

    Within a week, the Washington Post published a letter that asked how that could be true, when 50-80% of the premium regularly goes to a third party -- a lender, a builder, or a realtor. The Post captioned the letter "Title Insurance Trickery."

    Yeager had tried to explain that away by calling it "marginal business," but it's not marginal; in many regions of the country (D.C. and surrounding VA and MD for one!) it's the case for nearly all title insurance business.

    Now comes the Forbes article, which is at odds with Yeager's assertion, right down to its "Corruption 101" graphic. A pro-business publication such as Forbes does not allege corruption lightly.

    Yeager's dishonest (or willfully ignorant) testimony was ill-advised, and Old Republic would be well-advised to show him -- and its title insurance division -- the door.

    And to tell James Maher that if he wants someone to lie to Congress, to do it himself next time.

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