First American Can't Cut Losses In $4.5M WaMu Title Row

Law360, Chicago (October 27, 2011, 7:12 PM EDT) -- First American Title Insurance Co. lost a bid in Michigan federal court Wednesday to minimize damages it owes the Federal Deposit Insurance Corp. as receiver for Washington Mutual Bank, in a suit holding First American liable for a sham mortgage that cost WaMu $4.5 million.

U.S. District Judge Marianne O. Battani denied First American's motion for partial summary judgment on the question of damages, ruling that the starting point for measuring the FDIC's actual loss began at the full $4.5 million value of the bogus home...
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