Contracts
Ticor Sues Countrywide in Bad Loan Case; Trend Could Create ‘Chaos,’ Expert Says
Posted Aug 18, 2008, 12:39 pm CDT
By Martha Neil
A lawsuit filed in Illinois by a major title company against a major mortgage lender concerns just one Chicago mortgage.
But, if plaintiff Ticor Title, or other title insurers, start taking the same approach to other troubled properties, there could be big implications for the rest of the country, the Chicago Tribune reports.
"You would have chaos," predicts attorney Tom McNulty of Neal, Gerber & Eisenberg.
Ticor, one of the largest title insurers in the country, says in the Cook County Circuit Court suit that it shouldn't have to honor a title policy it provided concerning a graystone in the ritzy Kenwood neighborhood of Chicago's South Side. That's because Countrywide was "reckless and grossly negligent in its… Continue reading...
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