I've seen foreclosure cases where substantial liens or judgments showed up against a borrower that were never satisfied prior to recording the PMM.  This leads me to believe that either the searcher missed the liens or the title company looked the other way and just insured over the problem.

Mr. Franco makes an interesting point upthread about price caps.  None of these title companies seemed to care when we were all expressing our concerns about cheap titles and shoddy work done by a bunch of bargain-basement copy clerks who called themselves abstractors.  Now that this issue is coming full circle, we have a "foreclosure boom" and guess who's left to clean up the mess?

Regards,
Scott Perry