EXHIBIT 99

                   THE FIRST AMERICAN CORPORATION DEFERS GAIN
                ON SALE OF ITS CONTOUR SOFTWARE, INC. SUBSIDIARY

          SANTA  ANA,  Calif.,  May 17,  2001 - The First  American  Corporation
(NYSE: FAF), the nation's leading,  diversified provider of business information
and  related  products  and  services,  today  announced  that it will defer the
one-time  gain on the  sale of its  Contour  Software  subsidiary,  rather  than
recognize  the full gain in the first  quarter  of 2001.  The  deferral  of this
one-time gain has no impact on the company's previously reported operational net
income of 30 cents per  diluted  share and will have no impact on the  company's
future operational net income.

          The  company's   public   accountants,   PricewaterhouseCoopers   LLP,
originally advised the company to recognize a $14.2 million pretax capital gain,
or 12 cents per diluted share on an after-tax  basis,  on the sale of Contour in
the first quarter of 2001. The company's  public  accountants have since advised
that  the  gain  should  instead  be  deferred  over  the  life of a  three-year
promissory note received as part of the consideration for the sale.

          The First American  Corporation,  based in Santa Ana,  Calif.,  is the
nation's  leading,  diversified  provider  of business  information  and related
products  and  services.  The  corporation's  three  primary  business  segments
include:  title information and services;  real estate information and services,
which  includes  mortgage  information  services  and database  information  and
services;  and consumer  information  and services,  which provides  automotive,
subprime and  direct-to-consumer  credit  reporting;  direct-to-consumer  public
records reporting;  resident screening;  pre-employment screening;  property and
automotive  insurance tracking services;  property and casualty insurance;  home
warranties;  investment  advisory;  and trust and banking services.  Information
about the  company  and an  archive  of its press  releases  can be found on the
Internet at www.firstam.com.

     Certain statements made in this press release,  including those relating to
     the deferral of the one-time  gain on the sale of Contour  Software and the
     lack of impact it will have on the company's future  operational net income
     are forward-looking.  Risks and uncertainties exist which may cause results
     to  differ  materially  from  those  set  forth  in  these  forward-looking
     statements. Factors that could cause the anticipated results to differ from
     those described in the forward-looking statements


     include: interest rate fluctuations; changes in the performance of the real
     estate  markets;  general  volatility  in the capital  markets;  changes in
     applicable  government  regulations;   consolidation  among  the  company's
     significant  customers and competitors;  legal proceedings commenced by the
     California attorney general and related litigation; the company's continued
     ability to identify  businesses  to be acquired;  changes in the  company's
     ability  to  integrate  businesses  which it  acquires;  and other  factors
     described in the  company's  Annual  Report on Form 10-K for the year ended
     Dec. 31, 2000,  filed with the  Securities  and  Exchange  Commission.  The
     forward-looking  statements  speak  only as of the date they are made.  The
     company does not undertake to update forward-looking  statements to reflect
     circumstances  or events  that  occur  after  the date the  forward-looking
     statements are made.