LAWSUITS NEWS & LEGAL INFORMATION
M.D.C. Holdings Inc., WL Homes and Chesapeake Title Reinsurance Co.
Denver-based M.D.C. Holdings Inc., which builds under the name Richmond American Homes, Newport Beach, Calif.-based WL Homes, which does business as John Laing Homes, and Chesapeake Title Reinsurance Co., a subsidiary of Citibank, were accused of violating a law against illegal kickbacks. They were allegedly involved in captive title reinsurance, a practice whereby a title insurance company transfers a portion of the risk and title premium to a company owned by the builder, lender or real estate broker referring the title business. The two major homebuilders and a national mortgage lender agreed to settle for $1.6 million with the U.S. Department of Housing and Urban Development (HUD). (Jul-19-06)
[DENVER BUSINESS JOURNAL]
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