Closing Agent Must Indemnify FDIC, Federal Judge Rules

WEST PALM BEACH, Fla. - The Federal Deposit Insurance Corp., as the receiver for the failed BankUnited F.S.B., has established that a closing agent has breached closing protection letters (CPLs), a federal judge ruled Oct. 7, awarding $235,421.07 in losses to the FDIC (Federal Deposit Insurance Corp. v. Property Transfer Services Inc., et al., No. 12-80533, S.D. Fla.; 2013 U.S. Dist. LEXIS 144663).

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