New York title insurers are being investigated in connectionwith alleged market conduct improprieties, a New York InsuranceDepartment official confirmed today.
"We are investigating along with the attorney general's officethe market conduct practices of certain title insurers that operatein the state," said department spokesman Mike Barry. He would notelaborate.
New York is the latest state to examine title insurers'activities. They have been probed in Colorado, California andWashington, and have paid more than $50 million to settleallegations that they have paid disguised kickbacks to mortgagebrokers, developers and other sources to have business steeredtheir way.
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