Title Insurer Fidelity National's Net Sinks 92 Pct

Reuters (07/24/08); Stempel, Jonathan
Fidelity National Financial Inc., parent company to one of the country's biggest title insurers, blames the housing slump and mortgage crisis for pushing its second-quarter profit down 92 percent to 3 cents a share from 38 cents a share in the 2007 second quarter. Reuters Estimates reports that analysts had anticipated revenue of 13 cents per share. Fidelity National additionally reports a 25-percent drop in closed title orders to 307,500 for the April-through-June period, a 26-percent decrease in opened title orders to 462,600 and a 23-percent decline in title and escrow premiums and fees to $1.04 billion.