Of course you are going to pay top-dollar to insure a foreclosed property; many of which are vacant, looted, and vandalized. Fannie and Freddie need to quit looking for a deep pocket and clean up their act!
In this case, I agree with you Libby. Are insurers supposed to insure vacant foreclosed property just like occupied residences? I don’t think there are many companies out there writing vacant dwellings these days and the specialty markets writing them will get a premium for them. Fannie & Freddie were responsible for much of this trouble with the financial meltdown and politicians like Bawny & Chris were saying they were sound right up to the time the crisis came down.
And one more to Libby List – Squatters. There are squatters right in Illinois now.
My Brother owns what was a rehab. He got in there fixed the place up and started the renting prcess. Before he knew it, someone ripped all the copper out of the house. Upwards of $50,000 in vandalism.
Hi FFA. Yes, as the economy gets worse, crime goes up. We had some copper theft in our area a few years back. Man, you can sure screw up a central A/C unit in a heart beat with that copper tubing. They caught several thieves and cracked down on the salvage yards who had been accepting the tubing.
By the way, did you see the new Commerce Dept admission that the GDP had declined by 2.9 % in April? Their first report was a 1% decline. They do have hopes for a rebound in the second quarter. You have been telling us for some time about the poor job performance in Illinois. Illinois lost 7,800 jobs in just April according to the Joint Economic Committee of Congress and the state over a year has anemic job creation. The leftists on this site said you should be happy that any jobs were created. They are perfectly happy with no growth or very little growth and don’t have a clue that Progressive economic policy and tax burden is the culprit. In this same one month period, Texas created 68,100 jobs and 324,000 for the preceding 12 months.
Quinn has more important things to worry about as the subpoenas went out this week. Some Repubs are screaming that two more main players should have been, but are being protected by the buddy system… So, biz as usual in Illinois.
Has Quinn’s computers crashed yet like the IRS & EPA? By the way, my IT guy could get those emails out in a heartbeat, but I think they put the hard drives in the incinerator. NSA could give them too since they monitor and record everything for everybody.
June 27, 2014 at 12:44 pm
Agent says:
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Hey FFA, wasn’t your esteemed Chicago Mayor the one who coined the phrase – Never let a good crisis go to waste when he worked for Obama? I wonder what benefit Liberals think they are getting out of so many going on at the same time. Do they think people will take their eye off the ball about how bad the policies are? All they can do is call them “phony” scandals. It amazes me how the Liberal mind works.
June 27, 2014 at 1:59 pm
FFA says:
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Well, Some repubs want Quinn on the witness stand. He is hiding behind his pals. Apparently, one of these organizations that got this money never existed…
June 27, 2014 at 3:18 pm
Libby says:
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Hey, Agent. How about your teajadist party representative that committed suicide when he was caught in his own scandal? There are crooks on both sides.
June 27, 2014 at 6:29 pm
txmouthbreatherboogereatertx says:
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Libby,
That is not why he did that. He was told there would be 72 virgins waiting for him according to Allah Reagan
June 25, 2014 at 1:30 pm
James says:
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It OUGHT to be illegal for any lender to be involved in the insurance industry anyway. We all know they have a vested interest in insuring their own loans because they are allowed to charge higher fees for force-placement of insurance policies. The wolf is guarding the henhouse and simultaneously running the small agents out of the insurance business.
You are right James. I was never a fan of banks getting in the insurance business. They thought they had a captive audience for people they did loans for. I think many have not seen the type of return on investment that they expected.
I agree with both Agent and Libby. While it is convient to blame the insurance industry for the mistakes of other it is not correct to do so. Barney and Chris along with Obama were well aware of the financial issues that both Freedie and Fannie were in but did little to broadcast such warnings. In fact as recent as one month ago the current administration still floats the idea of returning to their old ways of lowering the standards needed to obtain a mmortgage. Now we hear that Fannie and Freddie may decide to sue some of the insurers for the climate that they created. It is like the fox guarding the hen house.
J.S., you do realize that Pelosi was in charge of the House and Reid in the Senate, don’t you? Bawney and Chris were warned repeatedly that Fannie & Freddie needed to be looked at, reigned in and they were the ones in charge of oversight. We also had the bureaucracy of the SEC not doing their job either. By the way, was Obama the Senator doing anything other than running for President during that time?
J.S., I have a bulletin for you. The GDP just declined 2.9% in the month of April. We have been in the throws of a recession for almost 6 years now. Politicians are responsible for most of that and particularly Progressive Keynsian big spenders who thought that TARP and the Stimulus would restore jobs and get the economy moving again. I am afraid we will have to wait 2 more years to get someone in office that knows how to restore America. We have a leaderless President and Administration that does all the wrong things. You bet I am angry. It didn’t have to be this way.
June 26, 2014 at 5:43 pm
J.S. says:
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So, you honestly believe that if McCain or Romney had been elected, the economy would be humming along with low un and under employment, GDP would be up 4%, gas would sell at $2.50 a gallon and we would have a strong trade surplus.
Maybe, but I don’t think so.
But hey, I’ve been wrong before.
Have a great day.
June 26, 2014 at 6:06 pm
Agent says:
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0
You bet J.S. McCain had no clue on the economy, but Romney did and would have instituted policies that would benefit business, gave more tax breaks to hire, would have reigned in the nasty EPA who have killed jobs all across America. He would have also repealed Obamacare and started over with Healthcare that would not kill jobs and cause Employers to drop coverage. Basically, he would have done the opposite of what Obama has been doing and the economy would be humming by now instead of contracting.
June 27, 2014 at 7:53 am
Ron says:
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Agent,
You do realize that a president cannot single-handedly:
1. Change tax law
2. Repeal a law
Even if the PPACA was repealed. What would he replace it with? His health care law from MA?
People complain about the Obama administration picking winners and losers in the private sector by only giving tax breaks to certain businesses. Guess how Romney made his millions…picking winners and losers. The funny part, the DOE had much better success than Bain Capital.
As you said, “It didn’t have to be this way.” You are correct. Too bad the Republicans have no idea how to select a candidate that would appeal to Independents.
June 27, 2014 at 2:01 pm
FFA says:
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Yes JS. The Rebubs would have kicked OBama Care and employers would be hiring again instead of being afraid of whats coming. May not be humming along, but would be better.
June 26, 2014 at 9:30 am
Girth says:
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There is no question that higher rates need to be charged to cover the exposure. However QBE and Assurant have regularly paid commissions of up to 30% to the loan servicers to control the business. If a loan is controlled by Fannie/Freddie, that excessive commission expense falls back in the hands of the taxpayers.
Check out the pure loss ratio on QBE and Assurant’s force place book. Despite the inherent exposure in insuring these types of houses, rarely does it hit 20%.
I have seen a lot of claims on vacant dwellings. Usually, it is a fire when someone is cooking meth in the vacant dwelling. Vandalism is also a big cause of loss on unattended vacant dwellings.
Hey Ron, I thought you were through butting into my conversations with others. You are just like Libby and cannot leave well enough alone. Tell me please what your preference is to recover this economy, a Progressive Socialist Community Organizer with no clue and has been harming business for 6 years or a proven successful businessman who knows what it takes to energize business, create conditions for success and who would reign in the terrible EPA who has been killing jobs for many years. That’s right, you would pick his Majesty since you voted for him twice.
I do not either option. Romney did not just make millions energizinf business, his also made plenty building up debt, selling off assets, and leaving thousands unemployed. If you think he was some kind of a saint because he became wealthy, it is more evidence that your definition of success is based SOLELY on money.
You cannot run the government like a private sector business, period.
If he was such a great political leader, why did he lose MA by over 25 points in 2012?
Gee Ron, someone would think you were a Romney hater by your posts. Your Progressive Socialists that are in charge currently are doing such a wonderful job of ruining the economy and country that perhaps someone with business knowledge should replace them. We could cut this monstrous government in half and there would still be too many bureaucrats screwing us over. By the way, increasing taxes on business has never been a good formula to create jobs. It actually causes the reverse. Enjoy those 2,500 jobs created in NY in April. We created 68,000+ in the same month.
As an odd quirk… I visited a business that Romney liquidated. They closed down in Freeport, IL and Bain Capitol went in a liquidated it. Bain was able to liquidate to cover the liens against the business. They owner walked away with enough money to restart under a different name in a different state. The unions would not work with the guy in IL to keep the doors open so everyone went on the unemployment line instead of everyone keep their job and now he has a full work force – 32 – that are non union and is expecting $8000000 in sales. Me – I will benefit by going to close a $100,000 premium on Monday (I hope). So, Illinois lost again and Bain Cap did their part.
June 27, 2014 at 3:30 pm
Ron says:
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Agent,
I cannot stand Romney and his ilk. He has no concept of reality and what the average person goes though on a day-to-day basis. He has no problem doing whatever it takes to make a buck and thinks everyone else should have the same apporach. Newsflash, most Americans are not as driven by the almighty dollar and do not worship money. We just want to work, earn fair compensation, pay the bills, and enjoy life. We do need to be making millions to be happy.
He also lumped me in with welfare cheats, frauds and anyone else gaming the system. In addition, he also included seniors, military people and those working 2 full-time jobs at minimum wage in his famous 47% comment. And no, it was not taken out of context.
June 27, 2014 at 3:48 pm
Libby says:
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Ditto. What Ron said.
June 27, 2014 at 4:56 pm
Agent says:
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Guess what Ron, I cannot stand Obama and his ilk either. They are all thug criminals and do not have the best interest of the American people at heart. The evidence is in front of your face every day of the week. No wonder Boehner is suing him for failing his Constitutional duty to uphold and enforce the laws of the land. It isn’t impeachment, but is getting closer to that by the day. The House is offering a reward of $1mil to the first whistleblower geed to produce the Lerner emails. That might be money well spent since all those hard drives mysteriously crashed and were put in the incinerator. Funny thing about emails, they still exist in cyberspace and someone may just come forward to claim their prize and we will see just how nasty she and others in this administration is.
June 27, 2014 at 6:00 pm
Agent says:
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I hope you get that account FFA. That sounds like a nice one. Libby would ask you what the revenue was on it, but I think you have that figured out already. Those packages, auto and umbrella are nice. WC is usually not so much with a low commission percent.
June 30, 2014 at 7:50 am
Ron says:
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Agent,
I hope Boehner wins the lawsuit and we totally eliminate Executive Orders. If you recall, I NEVER defended President Obama’s use of EOs, I just pointed out the fact that he has been the most criticized for using them even though he has issued the fewest since President Carter.
I was also happy to see the Supreme Court vote unamiously against recess appointments. I do not like any administration going against Congress. However, he is also at the back of the pack of recent presidents in this regard as well. And, just as with EOs, who leads the pack? Why it’s President Reagan, again. I can only imagne what it would have been like if he had to live with the 24 hour news cycle while he was “abusing his power”.
And look, not a leftist, government website as a source.
I find it hysterical that the Republicans complain that we have no money to help our own citizens, but plenty to repeal the PPACA, engage militarily all over the world, and constantly point out the errors and failings of this administration like each one before it were perfect.
June 30, 2014 at 11:05 am
FFA says:
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Well Agent, I think we all know about 10% is the magical number for revenues.
June 30, 2014 at 11:27 am
Libby says:
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If 10% is your magic number, you’re doing something wrong.
June 30, 2014 at 2:13 pm
FFA says:
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Libby, this particular carrier is at 20%. I can fee it higher, but….
June 30, 2014 at 3:55 pm
Libby says:
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Then 10% is not the magic number.
Did you get the account?
June 27, 2014 at 1:26 pm
uct says:
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0
We had major issues here in Missouri with people having their homes foreclosed, then ripping out all the copper from the walls. The homes this happened with were 100% uninhabitable and the cost to repair was often 50% of what the home was valued at. When my wife and I were house shopping, our Realty Company asked us to view some of these homes “just to check them out”. We obliged. The damage looked like someone took a hammer to the walls. Some of the homes were beyond repair and simply couldn’t be fixed. I’m not sure exactly what caused people to do this, but my guess is they felt they were lied to by the mortgage company. In our state, the subprime mortgages were crazy and the lenders were not honest with people. I have friends that were told to take an ARM Loan, then come back in a year and refinance at a lower rate on a 30 year fixed mortgage. After their year was up, they were told the credit standards had been raised and they didn’t qualify. There was a lot of lying going on between 2005 and 2007.
They also rip out anything else they can sell. Cabinets, fixtures, appliances. You name it. Then they take a hammer to the place because they’re pissed that they’re now broke and homeless. It was a terrible tragedy.
Of course you are going to pay top-dollar to insure a foreclosed property; many of which are vacant, looted, and vandalized. Fannie and Freddie need to quit looking for a deep pocket and clean up their act!
In this case, I agree with you Libby. Are insurers supposed to insure vacant foreclosed property just like occupied residences? I don’t think there are many companies out there writing vacant dwellings these days and the specialty markets writing them will get a premium for them. Fannie & Freddie were responsible for much of this trouble with the financial meltdown and politicians like Bawny & Chris were saying they were sound right up to the time the crisis came down.
And one more to Libby List – Squatters. There are squatters right in Illinois now.
My Brother owns what was a rehab. He got in there fixed the place up and started the renting prcess. Before he knew it, someone ripped all the copper out of the house. Upwards of $50,000 in vandalism.
Hi FFA. Yes, as the economy gets worse, crime goes up. We had some copper theft in our area a few years back. Man, you can sure screw up a central A/C unit in a heart beat with that copper tubing. They caught several thieves and cracked down on the salvage yards who had been accepting the tubing.
By the way, did you see the new Commerce Dept admission that the GDP had declined by 2.9 % in April? Their first report was a 1% decline. They do have hopes for a rebound in the second quarter. You have been telling us for some time about the poor job performance in Illinois. Illinois lost 7,800 jobs in just April according to the Joint Economic Committee of Congress and the state over a year has anemic job creation. The leftists on this site said you should be happy that any jobs were created. They are perfectly happy with no growth or very little growth and don’t have a clue that Progressive economic policy and tax burden is the culprit. In this same one month period, Texas created 68,100 jobs and 324,000 for the preceding 12 months.
Quinn has more important things to worry about as the subpoenas went out this week. Some Repubs are screaming that two more main players should have been, but are being protected by the buddy system… So, biz as usual in Illinois.
Has Quinn’s computers crashed yet like the IRS & EPA? By the way, my IT guy could get those emails out in a heartbeat, but I think they put the hard drives in the incinerator. NSA could give them too since they monitor and record everything for everybody.
Hey FFA, wasn’t your esteemed Chicago Mayor the one who coined the phrase – Never let a good crisis go to waste when he worked for Obama? I wonder what benefit Liberals think they are getting out of so many going on at the same time. Do they think people will take their eye off the ball about how bad the policies are? All they can do is call them “phony” scandals. It amazes me how the Liberal mind works.
Well, Some repubs want Quinn on the witness stand. He is hiding behind his pals. Apparently, one of these organizations that got this money never existed…
Hey, Agent. How about your teajadist party representative that committed suicide when he was caught in his own scandal? There are crooks on both sides.
Libby,
That is not why he did that. He was told there would be 72 virgins waiting for him according to Allah Reagan
It OUGHT to be illegal for any lender to be involved in the insurance industry anyway. We all know they have a vested interest in insuring their own loans because they are allowed to charge higher fees for force-placement of insurance policies. The wolf is guarding the henhouse and simultaneously running the small agents out of the insurance business.
You are right James. I was never a fan of banks getting in the insurance business. They thought they had a captive audience for people they did loans for. I think many have not seen the type of return on investment that they expected.
I agree with both Agent and Libby. While it is convient to blame the insurance industry for the mistakes of other it is not correct to do so. Barney and Chris along with Obama were well aware of the financial issues that both Freedie and Fannie were in but did little to broadcast such warnings. In fact as recent as one month ago the current administration still floats the idea of returning to their old ways of lowering the standards needed to obtain a mmortgage. Now we hear that Fannie and Freddie may decide to sue some of the insurers for the climate that they created. It is like the fox guarding the hen house.
Old Lawman: Your post says “Barney and Chris along with Obama were well aware of the financial issues that both Freddie and Fannie were in.”
You do realize that at the time of the financial meltdown, Obama was a Senator and Bush was President, don’t you.
J.S., you do realize that Pelosi was in charge of the House and Reid in the Senate, don’t you? Bawney and Chris were warned repeatedly that Fannie & Freddie needed to be looked at, reigned in and they were the ones in charge of oversight. We also had the bureaucracy of the SEC not doing their job either. By the way, was Obama the Senator doing anything other than running for President during that time?
Wow, a lot of anger for a simple statement of fact.
I didn’t say anything negative about President Bush, simply commented that he was in office at a given time.
I didn’t say anything negative about President Obama, simply commented that he was a senator at the time.
Why all the fuss?
Sorry to disappoint, but I don’t put all the blame for economic problems on politicians. Plenty of blame to go around. Very little of it is politics.
J.S., I have a bulletin for you. The GDP just declined 2.9% in the month of April. We have been in the throws of a recession for almost 6 years now. Politicians are responsible for most of that and particularly Progressive Keynsian big spenders who thought that TARP and the Stimulus would restore jobs and get the economy moving again. I am afraid we will have to wait 2 more years to get someone in office that knows how to restore America. We have a leaderless President and Administration that does all the wrong things. You bet I am angry. It didn’t have to be this way.
So, you honestly believe that if McCain or Romney had been elected, the economy would be humming along with low un and under employment, GDP would be up 4%, gas would sell at $2.50 a gallon and we would have a strong trade surplus.
Maybe, but I don’t think so.
But hey, I’ve been wrong before.
Have a great day.
You bet J.S. McCain had no clue on the economy, but Romney did and would have instituted policies that would benefit business, gave more tax breaks to hire, would have reigned in the nasty EPA who have killed jobs all across America. He would have also repealed Obamacare and started over with Healthcare that would not kill jobs and cause Employers to drop coverage. Basically, he would have done the opposite of what Obama has been doing and the economy would be humming by now instead of contracting.
Agent,
You do realize that a president cannot single-handedly:
1. Change tax law
2. Repeal a law
Even if the PPACA was repealed. What would he replace it with? His health care law from MA?
People complain about the Obama administration picking winners and losers in the private sector by only giving tax breaks to certain businesses. Guess how Romney made his millions…picking winners and losers. The funny part, the DOE had much better success than Bain Capital.
http://www.greentechmedia.com/articles/read/fact-checking-governor-romneys-debate-numbers-on-renewables-and-loans
We can also look at his record, in this regard, as Governor of MA. Sounds a lot like what President Obama has been doing.
http://www.reuters.com/article/2012/05/30/us-usa-campaign-romney-insight-idUSBRE84T05F20120530
As you said, “It didn’t have to be this way.” You are correct. Too bad the Republicans have no idea how to select a candidate that would appeal to Independents.
Yes JS. The Rebubs would have kicked OBama Care and employers would be hiring again instead of being afraid of whats coming. May not be humming along, but would be better.
There is no question that higher rates need to be charged to cover the exposure. However QBE and Assurant have regularly paid commissions of up to 30% to the loan servicers to control the business. If a loan is controlled by Fannie/Freddie, that excessive commission expense falls back in the hands of the taxpayers.
Check out the pure loss ratio on QBE and Assurant’s force place book. Despite the inherent exposure in insuring these types of houses, rarely does it hit 20%.
I have seen a lot of claims on vacant dwellings. Usually, it is a fire when someone is cooking meth in the vacant dwelling. Vandalism is also a big cause of loss on unattended vacant dwellings.
Hey Ron, I thought you were through butting into my conversations with others. You are just like Libby and cannot leave well enough alone. Tell me please what your preference is to recover this economy, a Progressive Socialist Community Organizer with no clue and has been harming business for 6 years or a proven successful businessman who knows what it takes to energize business, create conditions for success and who would reign in the terrible EPA who has been killing jobs for many years. That’s right, you would pick his Majesty since you voted for him twice.
Agent,
I do not either option. Romney did not just make millions energizinf business, his also made plenty building up debt, selling off assets, and leaving thousands unemployed. If you think he was some kind of a saint because he became wealthy, it is more evidence that your definition of success is based SOLELY on money.
You cannot run the government like a private sector business, period.
If he was such a great political leader, why did he lose MA by over 25 points in 2012?
Gee Ron, someone would think you were a Romney hater by your posts. Your Progressive Socialists that are in charge currently are doing such a wonderful job of ruining the economy and country that perhaps someone with business knowledge should replace them. We could cut this monstrous government in half and there would still be too many bureaucrats screwing us over. By the way, increasing taxes on business has never been a good formula to create jobs. It actually causes the reverse. Enjoy those 2,500 jobs created in NY in April. We created 68,000+ in the same month.
As an odd quirk… I visited a business that Romney liquidated. They closed down in Freeport, IL and Bain Capitol went in a liquidated it. Bain was able to liquidate to cover the liens against the business. They owner walked away with enough money to restart under a different name in a different state. The unions would not work with the guy in IL to keep the doors open so everyone went on the unemployment line instead of everyone keep their job and now he has a full work force – 32 – that are non union and is expecting $8000000 in sales. Me – I will benefit by going to close a $100,000 premium on Monday (I hope). So, Illinois lost again and Bain Cap did their part.
Agent,
I cannot stand Romney and his ilk. He has no concept of reality and what the average person goes though on a day-to-day basis. He has no problem doing whatever it takes to make a buck and thinks everyone else should have the same apporach. Newsflash, most Americans are not as driven by the almighty dollar and do not worship money. We just want to work, earn fair compensation, pay the bills, and enjoy life. We do need to be making millions to be happy.
He also lumped me in with welfare cheats, frauds and anyone else gaming the system. In addition, he also included seniors, military people and those working 2 full-time jobs at minimum wage in his famous 47% comment. And no, it was not taken out of context.
Ditto. What Ron said.
Guess what Ron, I cannot stand Obama and his ilk either. They are all thug criminals and do not have the best interest of the American people at heart. The evidence is in front of your face every day of the week. No wonder Boehner is suing him for failing his Constitutional duty to uphold and enforce the laws of the land. It isn’t impeachment, but is getting closer to that by the day. The House is offering a reward of $1mil to the first whistleblower geed to produce the Lerner emails. That might be money well spent since all those hard drives mysteriously crashed and were put in the incinerator. Funny thing about emails, they still exist in cyberspace and someone may just come forward to claim their prize and we will see just how nasty she and others in this administration is.
I hope you get that account FFA. That sounds like a nice one. Libby would ask you what the revenue was on it, but I think you have that figured out already. Those packages, auto and umbrella are nice. WC is usually not so much with a low commission percent.
Agent,
I hope Boehner wins the lawsuit and we totally eliminate Executive Orders. If you recall, I NEVER defended President Obama’s use of EOs, I just pointed out the fact that he has been the most criticized for using them even though he has issued the fewest since President Carter.
I was also happy to see the Supreme Court vote unamiously against recess appointments. I do not like any administration going against Congress. However, he is also at the back of the pack of recent presidents in this regard as well. And, just as with EOs, who leads the pack? Why it’s President Reagan, again. I can only imagne what it would have been like if he had to live with the 24 hour news cycle while he was “abusing his power”.
http://www.pewresearch.org/fact-tank/2014/01/13/obama-lags-his-predecessors-in-recess-appointments/
And look, not a leftist, government website as a source.
I find it hysterical that the Republicans complain that we have no money to help our own citizens, but plenty to repeal the PPACA, engage militarily all over the world, and constantly point out the errors and failings of this administration like each one before it were perfect.
Well Agent, I think we all know about 10% is the magical number for revenues.
If 10% is your magic number, you’re doing something wrong.
Libby, this particular carrier is at 20%. I can fee it higher, but….
Then 10% is not the magic number.
Did you get the account?
We had major issues here in Missouri with people having their homes foreclosed, then ripping out all the copper from the walls. The homes this happened with were 100% uninhabitable and the cost to repair was often 50% of what the home was valued at. When my wife and I were house shopping, our Realty Company asked us to view some of these homes “just to check them out”. We obliged. The damage looked like someone took a hammer to the walls. Some of the homes were beyond repair and simply couldn’t be fixed. I’m not sure exactly what caused people to do this, but my guess is they felt they were lied to by the mortgage company. In our state, the subprime mortgages were crazy and the lenders were not honest with people. I have friends that were told to take an ARM Loan, then come back in a year and refinance at a lower rate on a 30 year fixed mortgage. After their year was up, they were told the credit standards had been raised and they didn’t qualify. There was a lot of lying going on between 2005 and 2007.
UCT, they rip the copper out and sell it to scrap yards as the price of copper makes it wort the risk.
They also rip out anything else they can sell. Cabinets, fixtures, appliances. You name it. Then they take a hammer to the place because they’re pissed that they’re now broke and homeless. It was a terrible tragedy.