I couldn't agree with you more, George.  The title industry is now finding itself in the position of having to defend its practices to a congressional committee, which seems to doubt its value.  One of the industry's main arguments is that it undertakes curative actions prior to insuring - thereby minimizing the amount paid in claims.

At the same time this argument is being made, the major underwriters are drifting away from the very practices that would support that argument.  Not only are they outsourcing the abstracting work offshore, but the underwriters are offering a casualty-based insurance product that uses only a cursory check of title records, if any at all.

I have told of our company's recent encounter with this ugly product, known as lien protection insurance a/k/a mortgage impairment insurance, in the April NALTEA newsletter.  If you care to see the details, you can find the article at http://www.naltea.org .  Click on Newsletters on the left-hand side of the home page.  Feel free to download a copy of the NALTEA membership application while you are on the site.