It is worry-some to me that there are those who feel that it is government's obligation to solve the problems of their poor judgment.
The recent hurricanes are a good example. Owners chose to allow their homes and buildings to either be uninsured or under insured by third-party insurance companies against high winds and rains, or to not be insured at all for rising water.
There was no excuse for their mortgage companies allowing it. There was no excuse for the US Government allowing them to go without evidence of insurance. How many mortgages will be "walked" … (3 comments)
flood insurance: What Happened to Flood Insurance?
- 09/08/17 09:45 AM
In the mid-60s, I was an officer of a large savings and loan association. While branches in other parts of the State of Texas, the home office was in Galveston, where I lived and worked. In 1968, the US Government established the National Flood Insurance Program. Maps of the entire terrain of the United States were put together by the US Corps of Engineers, delineating all parts that met could possibly flood within the next 100-years. All federal insured banks, savings and loan, credit unions, and other lending institutions were then required to make flood insurance mandatory for real estate loans that they made on property within … (0 comments)
flood insurance: NATIONAL FLOOD INSURANCE -- REPLY FROM SEN. HUTCHISON
- 06/18/10 03:47 PM
Right now, most Americans who have real estate in flood prone areas of the U.S. are unable to renew their flood insurance under the National Flood Insurance Program, and the majority cannot find private carriers to step in and write it for them. Congress has not renewed the program. Those who can find a private underwriter are undoubtedly stuck with very high premiums, premiums that are too high for many to afford. This leaves the property owners in violation of their mortgage contracts and it leaves them self-insuring any lost due to flood. Let's think about this for a moment. Say … (3 comments)
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