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Article: State fines 3 title companies over kickback allegations; The Commerce Department fined the companies for creating what it said were sham companies intended to circumvent referral rules.(BUSINESS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- March 8, 2007
- Author:
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Copyright informationCOPYRIGHT 2007 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Susan E. Peterson; Staff Writer
As part of a yearlong investigation and crackdown on real estate title insurance companies, the Minnesota Commerce Department on Wednesday announced enforcement actions against four companies, including the California-based giant First American Title Insurance Co.
First American was fined $500,000 for operating what the department said were sham title agencies that provided illegal referral kickbacks to local real estate agents, mortgage brokers, developers and other industry players.
The department, working in cooperation with the U.S. Department of Housing and Urban Development, expects additional enforcement actions as ...