Fitch Affirms Stewart’s Ratings; Outlook Remains Negative

September 14, 2010 | Business Wire

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CHICAGO–(BUSINESS WIRE)– Fitch Ratings has affirmed the ‘BBB-‘ Issuer Default Rating (IDR) and ‘BB+’ senior unsecured debt rating of Stewart Information Services Corp. (SISCO). Fitch has also affirmed the ‘BBB+’ Insurer Financial Strength (IFS) ratings of Stewart Title Guaranty Company (STG) and its wholly owned subsidiary Stewart Title Insurance Company (STIC), collectively referred to as Stewart. The Rating Outlook for all ratings remains Negative.

Pennsylvania Man Charged with Fraud and Identity Theft

Anthony Iacono, Jr. has been charged with fraudulently obtaining over $2 million in cash, real and personal property. The seven-count Information charges wire fraud, credit card fraud and aggravated identity theft. It identifies five separate loans fraudulently obtained as well as a set of credit card transactions that Iacono made with a credit card he fraudulently obtained, all with applications in the names of relatives and businesses owned by relatives, sometimes using fraudulent powers of attorney. To obtain the credit card used in the identified credit card transactions, Iacono used, without permission, another person’s means of identification, that is, that person’s social security number.

If convicted Anthony Iacono faces a maximum possible sentence of 117 years imprisonment, including a mandatory consecutive two year sentence for the unauthorized use of another person’s social security number, in connection with the credit card fraud, a $1,750,000 fine, five years supervised release, and a special assessment of $700.

United States Attorney Zane David Memeger announced the charges.

The case was investigated by the FBI and is being prosecuted by Assistant United States Attorney Pamela Foa.

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MyClosingSPACE.com Announces Nationwide Expansion of Its Title Insurance and Closing Services Business » Another Way

September 15, 2010 admin

Business Wire, March 13, 2008

Move is Made After Online Title Business Proves Successful in Four State Test

HILLSIDE, N.J. — MyClosingSPACE.com, the country’s first online title insurance and closing services company, has announced it is now available to new homebuyers, mortgage refinancers, attorneys, lenders, and realtors nationwide. The decision was made after the title company successfully test marketed its innovative online business in New Jersey, Florida, Pennsylvania, and New York.

MyClosingSPACE.com opened in November of 2006, offering title insurance and closing services in New Jersey and Florida as a test for what it called a revolutionary new title industry business model committed to the lowest rates allowable by state and federal laws, the absence of junk fees, and faster service. The company expanded into Pennsylvania several months later, and six months ago, the move into New York was made.

Company president, Gregory Schmidt explains why myClosingSPACE.com’s expansion comes at the right time. “Obviously, this is a challenging time for the housing industry, and no one really knows what changes will come as a result. But, one thing is certain – real estate professionals and consumers will have to become more efficient and smarter, and that certainly includes buying title insurance and closing services.”

In keeping with its philosophy of creating smarter shoppers, myClosingSPACE.com provides customers with the ability to purchase title insurance and closing services online. Traditionally, title insurance is bought for the consumer by either a lender, attorney, or realtor. While the individual has always had the legal ability to purchase their own title insurance, the service has never been marketed directly to the buyer or refinancer. Due to widespread consumer ignorance, the industry has been plagued by allegations of backroom deals and influence peddling. Aside from ongoing investigations from various state attorneys general, the title industry was the subject of a recent GAO investigation and numerous stories from national media.

In addition to its online purchase capability, the company’s site provides other pioneering title-related services, such as an instant quote page, which those simply looking for a house can use to calculate closing costs for a potential purchase. Buyers and refinancers can use the online, guaranteed quote page to itemize exact mortgage closing costs.

A document storage service is available to those who have made a down payment on a purchase or begun the refinancing process
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