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.
Sure they will. There's reason every mortgage requires fire insurance
of the property.
Brent
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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