BN.com Gift Guide

The American Title Insurance Industry: How a Cartel Fleeces the American Consumer

Overview

After World War II, banks and other mortgage lenders began requiring insurance to protect them against flawed or defective real estate titles. Over the past sixty years, the title insurance industry has grown steadily in size, power, and secrecy: policies are available for both lenders and property owners and many title insurers offer an array of other real estate services, such as escrow and appraisal. Yet details about the industry?s operational procedures remain closely ...

See more details below
Other sellers (Hardcover)
  • All (9) from $30.77   
  • New (8) from $32.39   
  • Used (1) from $30.77   
The American Title Insurance Industry: How a Cartel Fleeces the American Consumer

Available on NOOK devices and apps  
  • NOOK Devices
  • Samsung Galaxy Tab 4 NOOK 7.0
  • Samsung Galaxy Tab 4 NOOK 10.1
  • NOOK HD Tablet
  • NOOK HD+ Tablet
  • NOOK eReaders
  • NOOK Color
  • NOOK Tablet
  • Tablet/Phone
  • NOOK for Windows 8 Tablet
  • NOOK for iOS
  • NOOK for Android
  • NOOK Kids for iPad
  • PC/Mac
  • NOOK for Windows 8
  • NOOK for PC
  • NOOK for Mac

Want a NOOK? Explore Now

NOOK Book (eBook)
$24.49
BN.com price
(Save 42%)$42.50 List Price

Overview

After World War II, banks and other mortgage lenders began requiring insurance to protect them against flawed or defective real estate titles. Over the past sixty years, the title insurance industry has grown steadily in size, power, and secrecy: policies are available for both lenders and property owners and many title insurers offer an array of other real estate services, such as escrow and appraisal. Yet details about the industry’s operational procedures remain closely guarded from public exposure.

In The American Title Insurance Industry, Joseph and David Eaton present evidence that improvements in recordkeeping over the last sixty years—particularly the advent of computers—have reduced the likelihood of a defective title going unnoticed in a property transaction. But the industry’s flaws run deeper than mere obsolescence: in most states, title insurers are allowed to engage in anticompetitive business practices, including price-fixing. Among the findings in this meticulously researched study are instances of insurers charging premiums well above the amount necessary to compensate them for assuming the risk of defect and identical policies with identical risk that vary in price by hundreds of percentage points for different geographic locations.

The authors also examine the widely ignored role that the federal and most state governments play in perpetuating the title insurance industry’s unfair practices. Whereas most private industries prefer as little government intervention as possible, title insurers welcome it. Federal statue exempts title insurers from anti-trust liability, opening the door for price-fixing and destroying any semblance of free-market competition or market power for consumers.
A landmark study for elected officials, and all those involved in the insurance, real estate, and brokerage industries, The American Title Insurance Industry brings to light a long-neglected problem—and offers suggestions for how it might be remedied.

Read More Show Less

Editorial Reviews

From the Publisher
-,

“[A] work that provides newly detailed history and analysis of title insurance, a little-studied industry.”
-Library Journal

Library Journal

Joseph Eaton (emeritus, economic & social development studies, Univ. of Pittsburgh; The Privacy Card: A Low-Cost Strategy To Combat Terrorism) and son David J. Eaton (natural resources policy studies, Univ. of Texas, Austin; The State of the Rio Grande) have coauthored a work that provides newly detailed history and analysis of title insurance, a little-studied industry. During the post-World War II era, banks and mortgage lenders started to require insurance to protect themselves against flawed real estate titles. The drawbacks of title insurance are critically analyzed here by the authors. These insurers, for instance, overcharge for premiums and are involved in fraud and anticompetitive pricing. Although most of the work covers the era since World War II, the Eatons do briefly place title insurance in its historical context, going back to clay tablets and parchment. They provide over two dozen tables and figures with statistical data, including, e.g., the title insurance loss ratio in selected states and title insurance premium changes. There is an extensive bibliography and a foreword by Tom Miller, attorney general of Iowa. Recommended for libraries supporting business and economics collections, especially those supporting an extensive curriculum in risk management.
—Lucy Heckman

Read More Show Less

Product Details

  • ISBN-13: 9780814722404
  • Publisher: New York University Press
  • Publication date: 8/1/2007
  • Pages: 304
  • Sales rank: 898,203
  • Product dimensions: 0.81 (w) x 6.00 (h) x 9.00 (d)

Meet the Author

Joseph W. Eaton is Professor Emeritus of Economic and Social Development Studies at the University of Pittsburgh.

David J. Eaton is Bess Harris Jones Centennial Professor of Natural Resources Policy Studies at the University of Texas at Austin.

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)