California

First American Posts $67 Million Loss 

The First American Corp. [stock FAF][/stock] on Thursday reported a $66.9 million — or 72 cents per share — net loss in the fourth quarter, driven by $50.7 million in increased reserves, $13.7 million in intangible asset impairments and $11.3 million in employee separation and other restructuring costs. This compares with an $8.3 million net loss posted in the third quarter. The Santa Ana, Calif.-based title insurer and real estate information services giant posted a $26.3 million net loss for all of 2008, up dramatically from the $3.1 million net loss in 2007.