Forbes Magazine Blasts Title Industry

The following was sent to us from the American Land Title Association: The upcoming issue of Forbes Magazine includes an article about title insurance that is untrue, unsupported and damaging to our industry. Scheduled to hit the news stands next week, you can read an advance copy of the article, "Inside America's Richest Insurance Racket," on the Forbes Web site at: www.forbes.com (see the Magazine tab on the lower right side of the home page). You need to log in, but it's free to access the story and the sidebar.

We spent considerable time with the reporter explaining the title insurance business, and were assured that the article would be balanced and fair. When we later learned that it had taken a negative direction, we contacted the reporter and a number of individuals at the publication requesting an opportunity to address any and all issues. Forbes declined our request.

We are writing a letter to Forbes expressing our opinion that the publication has acted irresponsibly by grossly misrepresenting the title industry, and has done a disservice to its readers by misinforming them about the vital importance of title insurance.

We must respond to this character assassination of our industry. We encourage you to write a letter expressing your concerns to: Bill Baldwin, Editor, Forbes Magazine, 60 5th Avenue, New York, NY 10011 and cc Forbes Editor-in-Chief, Steve Forbes.

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P.S. I especially found the statement "The Title Industry is very politically powerful." to be quite amusing.