How can the Californians rebuild and how could they insure before this fire?
How can they rebuild? Did they have insurance? I thought it costs so much money to buy insurance and that many people out there don’t have insurance, but I also thought that if you had a mortgage, you had to have insurance? But if the banks owned the properties and they were not paying back enough because of subprime, perhaps they hired an arsonist to burn them down and get the insurance settlement that way or qualify for fed funds to clean up the mess at less of a loss to their mortgage companies.
Wow, that’s terrible to think that banks hired someone…You have to have insurance if you have a mortgage, some of the arrowhead/running springs homes may not, because it is a vacation home area. It is a horrific problem, I’m sure rebuilding will take a long time. FEMA seems to be handeling everything well right now.
Economic Report: Planning Your Retirement Series with Greg Gumbel
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