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

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Joseph W. Eaton and David J. Eaton With a Foreword by Tom Miller, Attorney General of Iowa The American Title Insurance Industry How a Cartel Fleeces the American Consumer a NewYork University Press • NewYork and London N E W YO R K U N I V E R S I T Y P R E S S New York and London www.nyupress.org Copyright © 2007 by New York University All rights reserved This book is the report of a study financed by the Foundation for Insurance Regulatory Studies in Texas (FIRST) based at the Lyndon B. Johnson School of Public Affairs at The University of Texas at Austin. Funding by FIRST does not imply its endorsement of this study’s findings or policy implications. Responsibility for any error or omission rests with the authors. We gratefully acknowledge a University Co-operative Society Subvention Grant awarded by The University of Texas at Austin toward the publication of this book. Library of Congress Cataloging-in-Publication Data Eaton, Joseph W., 1919– The American title insurance industry : how a cartel fleeces the American consumer / Joseph W. Eaton and David J. Eaton ; with a foreword by Tom Miller. p. cm. Includes bibliographical references and index. ISBN-13: 978-0-8147-2240-4 (cloth : alk. paper) ISBN-10: 0-8147-2240-7 (cloth : alk. paper) 1. Insurance, Title—United States. 2. Title companies— United States. I. Eaton, David J. II. Title. HG9999.3.E18 2007 368.8'800973—dc22 2007014383 New York University Press books are printed on acid-free paper, and their binding materials are chosen for strength and durability. Manufactured in the United States of America 10 9 8 7 6 5 4 3 2 1 ...