The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: energyplay who wrote (172058)	12/17/2008 3:13:43 PM
From: neolib	Read Replies (1) of 306849

Why? If "Inland Empire Zero Down MBS No. 5" isn't in default, why should you be protected? If my neighbor's Ford Explorer is totaled in an accident, should I get a pay out because I own a Ford Explorer Sport? What if I buy insurance on his vehicle, even though I don't own it? Why should it be legal to do something like that? If you don't own the underlying asset, you didn't buy insurance, you placed a bet no different from betting on the outcome of a sporting event in Las Vegas. I don't have a problem if people want to do such things with bookies in LV, its a free country. Just don't allow such transactions to be co-mingled with my banks health, and don't confuse what is going on with somehow contributing to the efficiency and stability of the financial system (such as our next Treasury Sec is on record as having been confused over). IMO, Insurance has become fundamentally bogus in the USA, from health care to risk management. It is causing more problems than it is worth, largely by deluding people.

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