01.04.08

Title Insurance Mafiosa - a true crime book

Posted in Money and Finance, Mortgage and title Fraud, Real Estate fun, Value of a title searcher at 2:42 pm by Jeanne

Ten years ago, who would have believed the sleepy little Title Insurance business could be the subject of an amazing true crime book. Yes, we’re all reminded daily of the problems in our industry: greed, fraud, forgery, gluttony, sub-prime lending, phoney appraisals and more, but now here’s a real life tell-all.

A Family Cursed: The Kissel Dynasty, a Gilded Fortune and Two Brutal Murders uncovers classic Title Mafioso. The author, Kevin McMurray covers the life of two wheeling-dealing brothers. Andrew Kissel was convicted of forging mortgage deed releases and other fake documents to subvert millions in order to live an excessive lifestyle.

But Fidelity National Title recognized Kissel’s mortgage scam. By searching title to property, Fidelity found several active mortgages on property being used as collateral to secure a $6 million mortgage loan. Kissel gave Fidelity falsified mortgage releases to show the loans were paid off. Creating the bogus documents was as easy as the click of a mouse, McMurray accurately writes. Had it not been for a thorough Title Underwriter (You’ll have to read the book to find out how they figured it out) Kissel would probably still be perpetrating his real estate fraud. He was charged with federal bank fraud obtaining tens of millions in fraudulent loans from banks and other institutions.

I am an avid reader of mysteries, etc. but this one really hits home not because it’s just plausible, but because it happened and continues to happen every day.

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