May 8, 2006, SANTA ANA, Calif.
The First American Corporation (NYSE: FAF), the largest provider of business information in the United States and the leading provider of title insurance services internationally, today announced the formation of First Title Istanbul Inc. in the Republic of Turkey. First Title Istanbul has been established to 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. 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 foster new and significant real estate activity in Turkey by residents and foreign purchasers and lenders,” said Phillip Oldcorn, European Underwriting director of First Title, plc, a wholly owned subsidiary of The First American Corporation. “With the expertise of First Title and its local partners, First Title Istanbul is uniquely positioned to provide the title underwriting and warranty services necessary to encourage and expand the Turkish real estate market.”
First Title Istanbul was formed by the association of First Title plc, Barbaros Mühendislik Ticari Danismanlik San. Tic. Limited and Trans-Euro Asia Services LLC. The establishment of First Title Istanbul represents another step in implementing international practices in Turkey and First American’s international title expansion strategy. With more than 1,000 title employees in Canada, Australia, Europe and Asia, First American continues to grow beyond the United States by adapting its product offerings to meet the regulatory guidelines and land conveyancing policies of international markets.
About First American
The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889, is America’s largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information, and Risk Mitigation and Business Solutions. With revenues of $8.1 billion in 2005, First American has approximately 2,100 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com.
About First Title
First Title plc has five offices in the United Kingdom employing more than 700 staff. It provides a wide range of innovative products that enable solicitors, mortgage lenders and estate agents to deliver more efficient and advanced service to their property clients. First Title is a wholly owned subsidiary of The First American Corporation.
About Barbaros Limited
Mr. Yaman Törüner, the principal shareholder of Barbaros, has extensive regulatory and business expertise. Between 1990 and 1994, he was the chairman of the Istanbul Stock Exchange; between 1994 and 1996, he was the governor of the Central Bank of the Republic of Turkey; and in 1996, he was the State Minister.
About Trans-Euro Asia Services LLC
Through Managing Director Jeff Monassebian, an attorney in New York, Trans-Euro Asia Services LLC actively works with companies in the United States and Europe to assist them in establishing operations in various countries.