Industry News

First American opens title operations in Turkey

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The First American Corp. on Monday announced the formation of First Title Istanbul Inc. in the Republic of Turkey, which will provide title insurance for foreign investors and title guarantee programs for Turkish banks and consumers. The Republic of Turkey is expected to introduce the development of a conventional mortgage market in the next several months, according to a press statement. Turkey's State Minister and Deputy Prime Minister Abdullatif Sener said a bill regulating the implementation of Turkey's new mortgage system is one of the top priorities on the agenda during the 2006 parliamentary year. Currently, individuals seeking to finance a purchase of real estate in Turkey only have short-term loans available. Consequently, only a small amount of property acquisitions are financed. Pending legislation will enable financial institutions to offer mortgage loans with maturities of up to 30 years and for the securitization of mortgage loans. "The new regulatory environment will f...