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FEMA Drowns Millions of Homeowners in Flood Insurance Premiums

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From the kind folks who brought you the Katrina debacle (OK, OK, I know! Mother Nature gave us the hurricane that wiped out New Orleans. But it was the Federal Emergency Management Agency, FEMA, that largely gave us the debacle part!) now comes a new act that has millions of home owners up in arms -- if not yet water. Many homeowners are getting notices they must purchase flood insurance for the first time, even though they may live in areas never known to in, never! These premiums can cost anywhere from $500 to a few thousand dollars a year. And, in a sweet-heart deal if ever there was one for insurance companies, flood insurance is a requirement for anyone whose mortgage is backed by the federal government. And, yes, more than 50 percent of all mortgages in this country are now guaranteed by Fannie Mae and Freddie Mac (who, by the way, ought to be married by now, don't you think?) FEMA is relying on new maps drawn up to highlight areas that could --- let me

2 Comments in Response to

Comment by D S
Entered on:

It isn't called capitalism if you use the govt to force people to buy your product. Which I guess is why you can't call anything in the US capitalism since people have been forced to buy all sorts of products from flood insurance to car seats for babies to drivers licenses. Capitalism hasn't been used in this country since its founding of the govt.

Comment by Lola Flores
Entered on:

 Leave it to Capitalism to profit from the misery of others

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