PA-PLAYA The early-2000's subprime mortgage loans played an enormous role in the recession that occurred in 2008. People were given mortgage loans that they couldn't afford, and three or four years later the foreclosures began mounting. The stresses incurred impacted everything... consumer lending, the housing industry, and banks started running out of money.
The whole sub prime mess and financial collapse could've been avoided had they kept Glass Steagall in place (1933-1999), which separated commercial banking from investment banking.
Once that wall came down the banks were able to gamble with depositors money. And the rest is history. It could happen again because we never replaced Glass Steagall.
I remember in Boston the tallest buildings when I was up there were insurance companies like Prudential and John Handcock. lol
I'm partially in a flood zone (hell Florida being one giant swamp is a flood zone), but talked with the public works manager when we first moved here in 2002. He said he'd never seen this area flood.
But with climate change and the oceans warming the storms are worse.
I'm self insured anyway, so if we ever get flooded we're on our own. I would buy a catastrophic policy if one existed. Sink holes are another story here in Florida.
My neighbor and his wife are paying huge premiums for flood and regular home insurance.
I remember when we had our colonial style house in Massachusetts. I had a great policy for $300 plus dollars. It seemed after 9-11 the rates went nuts.