Industry News

First American gambled, lost on Mercury expansion

Dispute over Colorado subsidiaries lands in court
Published on Aug 13, 2008

Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

First American Corp. could wind up with little to show for bankrolling the growth of the title and escrow subsidiaries of Mercury Companies Inc. to the tune of nearly $100 million during the housing boom.

First American is writing off its investment in Mercury, which it had last valued at $37.3 million, after a judge declined to block the sale of Mercury's Colorado title operations to rival Fidelity National Financial Inc.

Comments