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. First American's write-down dented the company's second-quarter earnings, which the company had originally estimated at $42 million in a preliminary earnings report (see story). In a regulatory filing, First American said its investment in Mercury is "permanently impaired," contributing to a reduction in net income for the quarter, to $19.6 million....
Get Inman via Facebook Messenger
Our top headlines delivered once a day.