Frank and Ernest by Thaves for January 26, 2010
January 25, 2010
January 27, 2010
Transcript:
Home Owners Insurance Claims Woman says, "No, flood insurance doesn't cover you being underwater and owing more on your mortgage than your house is worth."
Yes–insurers don’t make money paying out claims, and banks don’t make money by refinancing bad mortgages. Of course, they don’t make money by servicing bad mortgages or repossessing houses either, but they think they do. And by taking government bail-outs and delaying the refinancing they promised (and the bail-out was intended to allow).