FDIC Sues 2 Title Insurers Over $7.7M WaMu Fraud

Law360, New York (October 4, 2012, 6:12 PM EDT) -- The Federal Deposit Insurance Corp. filed two separate lawsuits seeking to recover $7.7 million from a pair of title insurance companies that defrauded Washington Mutual Bank FSB, with the latest coming Wednesday.

In a pair of complaints filed in federal court in Tampa, Fla., the FDIC, which is serving as the receiver for the failed scheme, said that licensed agents of First American Title Insurance Co. and Stewart Title Guaranty Co. each pled guilty to engaging in fraudulent home sales during Florida's housing bubble, and that...
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