Monday, August 8, 2011

Ex- Florida Senator Bill Posey

In July of 2007, The Miami Herald reported that,
Seven months after Florida lawmakers expanded the government's role in the state's insurance market, rates should be lower and insurers should be willing to write more policies.
As an aside, I'm not quite sure why expanding an insurer's role was ever thought to decrease rates. As an insurer gets more of the market share, supposedly their rates are supposed to increase by necessity. In any case...

The article also reported that (now past) Sen. Bill Posey was in part responsible for negotiating this insurance reform. At one point Bill Posey was the Director of the Florida Association of Realtors. Likewise, he has or had his own real estate company. The Association of Realtors has often been brought in to Congressional hearings to voice their opinion on the homeowner's insurance crisis. Their position is that increasing rates will threaten affordable housing.

In 2007, the housing bubble collapsed due to the subprime mortgage lending debacle.

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