First American Corp, one of the nation’s largest sellers of home title insurance said it would eliminate 1,300 full-time jobs and cut some executive perks to trim costs during the ongoing housing slump.  At the end of Wednesday, shares dropped $1.15, or 2.7 percent, to $40.25.  The job cuts planned for the third quarter amount to 3 percent of the 40,000 employees at the Santa Ana-based company, which eliminated 600 jobs in the second quarter.

First American Corp expected to eliminate a total of 1400 jobs.  This set of job cuts is expected to save the company $108 million annually.

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