The Ohio Association of Independent Title Agents filed a lawsuit with the Ohio Supreme Court against Mary Jo Hudson, the director of the Ohio Department of Insurance. The suit claims that the director and her department have failed to enforce currently existing rules prohibiting banks, Realtors and mortgage brokers and their subsidiaries, also known as controlled business arrangements, from engaging in the business of title insurance. The association seeks to prevent the spread of kickbacks and referral schemes in the real estate industry by asking the Ohio Supreme Court to compel Hudson's office to comply with current laws.

Fidelity recently unveiled its newest fraud mitigation and compliance solution, which was created to help financial institutions comply with the Fair and Accurate Credit Transactions Act.

The company's white paper encourages title companies to endorse a Web-based, automation solution for conducting title searches rather than relying upon more traditional methods.

Stewart Title and the Asian Real Estate Association of America began a 12-month partnership to translate common real estate documents into Chinese, Korean and Vietnamese.

The North American Securities Administrators Association and the Securities and Exchange Commission reached a settlement with Bank of America over auction rate securities.

Weekly developments in the title insurance industry (October 4 - October 10, 2008)

Bankrate reported that mortgage rates remain volatile as heightened economic worries continue to stir fear; some feel the credit crunch will only create greater uncertainty in mortgage rates.

The charges against nine Florida residents who allegedly operated a mortgage fraud ring in South Florida could result in lengthy prison terms should they be found guilty.

The International Consortium of Real Estate Associations and SecondSpace recently formed a multi-year technology and marketing partnership to benefit their members.

The Bristol City Council voted in favor of using eminent domain to obtain construction easements for a pending sewer project if negotations with local property owners fail.

The American Land Title Association reported an operating loss of $204.7 million, compared to an operating gain of $64.1 million for same period in 2007.

The Market Composite Index rose 2.2 percent on both the seasonally adjusted basis and an unadjusted basis from the previous week. Yet, it remained 28.6 percent lower than it was one year ago.

A U.S. district judge sentenced a resident of St. Charles, Missouri to 18 months in prison following the man's June 2008 guilty plea to one felony count of wire fraud.