In 2008, the House of Representatives passed the “Homeowners’ Defense Act” which would have set up an enormous government-run consortium—a national catastrophe fund—that would provide reinsurance for insurance companies that experience large catastrophe-related claims. These large claims are most likely to come from hurricane-prone areas such as Florida’s Gulf Coast and, ultimately, the money would end up in the pockets of wealthy owners of beach-front property.
Say no the beach house bailouts for the rich! Learn more at http://www.nobeachhousebailouts.com.
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June 9th, 2009 at 7:58 am
[...] No Beach House Bailouts http://ceiondemand.org/2009/06/05/say-no-to-beach-house-bailouts/ [...]