I think the fire insurance pays off the mortgage and gives you your
equity. My lawyer friend who was burned out three years ago took his
equity, sold the lot, and bought a nicer house a half-mile away.
Brent
On 1/11/2025 11:17 AM, Alan Grayson wrote:
What isn't being discussed is the likely banking crisis as a result of
these fires. With entire neighhoods burning out of existence, I
wouldn't be surprised if there's a Trillion+ dollars of bad debt being
created, as homeowners default on their mortgages. The banks will
demand payments, but overwhelmingly they won't be coming. And, of
course, private insurers will opt out of insuring for fire -- it
started before the current fires -- and the government will have to be
the insurer of last resort to keep the mortgage busines continuing to
exist, since banks will refuse to write mortgages for uninsured homes.
The saving grace is that we can depend on our brilliant new president
to meet these challeges with wisdom (what he's known for) and plenty
of gusto. AG --
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