Hurricane Ian

[poorthang]

biggest problem is where it started. not long ago, banks would not lend to buy or build in a flood plane unless you guaranteed to keep flood coverage. and if you ever filed a flood claim, no company would provide to you again.
when did this change, and why? there lies the answer. its not about the best way to provide communally. that always fails.

 

[LDUBS]

biggest problem is where it started. not long ago, banks would not lend to buy or build in a flood plane unless you guaranteed to keep flood coverage. and if you ever filed a flood claim, no company would provide to you again.
when did this change, and why? there lies the answer. its not about the best way to provide communally. that always fails.

I'm not sure it has changed. About 50% of all mortgages are federally backed. Federally backed mortgages must require flood insurance. Privately backed mortgages are not legally required to include it but some do. People with prior claims can get coverage via the NFIP. That has been around for a long time, maybe 50+ years. Private flood insurers might be able to underwrite against prior claims, but I would guess not a lot of private insurers are going to do business in risky flood zones if they want to stay in business.

 

[poorthang]

I'm not sure it has changed. About 50% of all mortgages are federally backed. Federally backed mortgages must require flood insurance. Privately backed mortgages are not legally required to include it but some do. People with prior claims can get coverage via the NFIP. That has been around for a long time, maybe 50+ years. Private flood insurers might be able to underwrite against prior claims, but I would guess not a lot of private insurers are going to do business in risky flood zones if they want to stay in business.

but but but, you cant descriminate. that is why in some areas, some peoples, have some loans on houses that are under water most of the year. then, they become a beauty shop, then , a restaraunt, then, a .................. and everytime it changes names, they get a fresh mortgage. the problem is not the phukkin water.

 

[LDUBS]

Who can't discriminate and what is being discriminated against? I'm not following. I find it hard to believe banks are issuing mortgages on uninhabitable property. Is it some kind of scam?

 

[poorthang]

Who can't discriminate and what is being discriminated against? I'm not following. I find it hard to believe banks are issuing mortgages on uninhabitable property. Is it some kind of scam?

the federal govt, the banks, any entity that would loan money to anyone likely to holler discrimination. we see it all the time. socialist guaranteed loans to help the "suppressed" . of course its a scam. define uninhabitable. why is it uninhabitable? did the bank actually send someone out to actually walk the property? did they demand to see the title search from the attorney? that would be discriminating. you see a $500,000 house over the hill? with no driveway? well, thats not a house, its a business. bought and paid for with a small business loan, grant , or other funding to spend our tax dollars on someones 6ooo square foot, 5 bedroom, 6 bath wig shop.