Economy

Fuddnik

(8,846 posts)

36. Blackstone and company have bought about $2 billion in foreclosures in the Tampa Bay area this year.

Fri Nov 29, 2013, 12:23 AM

Nov 2013

Now the really scary part.

If FEMA Flood Insurance rates increase the way they're talking about in a couple of months, thousands of people will be walking away from houses they could pay for before the increase in rates. Hedge funds could snap them up cheap, for cash, and not worry about flood insurance.

The Senate tried to offer some relief, and limit the increases, but the tea-baggers in the House ain't going along.

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