Bulletin: AK000014

Date:
July 31, 1992
To:
All Alaska Agents
RE:
RTC and FDIC Inferior Liens

Dear Associates:

Both the RTC and FDIC have adopted Statements of Policy that it is not necessary to obtain their consent to a foreclosure when they hold an inferior mortgage or deed of trust from a failed financial institution.

They have also agreed not to exercise any greater redemption rights than provided for by state law.

RTC and FDIC mortgages and deeds of trust can now be handled the same as any other creditor in foreclosure proceedings, both judicial and nonjudicial. These Statements of Policy reverse earlier positions taken by the RTC and FDIC. These Statements are retroactive to include previously completed foreclosures.

Please contact me if you have any questions.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
12.28 Mortgages
 
12.32 Mortgage Foreclosures
Exceptions Manual:
AK Mortgages
Forms:
None