Posts tagged ‘Housing’

March 23, 2011

Credit Card Crisis on America

Remember the credit Card crisis that this nation was facing? The following is a response from Senator Mel Martinez before he left office.

Dear Mr. Shaw:

Thank you for contacting me regarding credit cards. I appreciate hearing from you and would like to respond to your concerns.

Florida’s families are facing many challenges right now, including rising fuel costs, falling home values, and increasing levels of debt. Credit cards are powerful tools. When used properly, they allow Americans the flexibility to weather economic downturns and build credit history to support future financial goals like homeownership or financing a child’s education. Unfortunately, an increase in the use of credit cards has lead to instances of predatory practices and unfair rates and fees. I share your concerns, and I will continue to work with my colleagues on the Senate Committee on Banking, Housing, and Urban Affairs to ensure that we maintain the availability of credit to American families and that the intended consumer protections are practiced.

Again, thank you for sharing your views with me. If you have further questions or comments, please contact me. For more information about issues and activities important to Florida, please sign up for my weekly newsletter at


Mel Martinez
United States Senator

August 7, 2009

Dropped Home-Owners Insurance Policies

To accent the recent consideration take upon State Farm to drop the coverage plan of ‘home owners’ insurance has me considering and wondering the exact reasoning behind the whole idea.

For starters the timing can be no less coincendental than that that signified the start of hurricane season as well as the impact of property tax increases considered for counties through-out the nation. As one may recall hurricanes and insurance premiums don’t really mix well when the consieration of a financial out look is exclaimed. Since the devastation of hurricanes Katrina and Rita, the Federal Government has committed more than $110 billion to support public assistance groups to stimulate growth and encourage development during that specific account devistating destruction. So how did the insurance industry pan out after such an account of devistation?

Taken together, Hurricanes Katrina and Rita are by far the most costly natural catastrophe in U.S. history, with estimates of insured losses now exceeding $60 billion. The previous record for insured losses is held by Hurricane Andrew, for which insured losses totaled $21 billion (in inflation adjusted dollars).
This disaster will have an enormous impact on insurers, who face far greater exposure from this loss than they have from any other natural disaster in history. Unlike Hurricane Andrew and the series of hurricanes that hit the Florida Panhandle in 2004, which primarily affected residential property, Hurricanes Katrina and Rita have caused an unprecedented amount of damage to industrial (largely oil and chemical-related) and commercial property. That means impacted businesses will face longer and therefore more costly business interruption losses, complex contingent liability losses, and untold amounts of extra expenses incurred in an attempt to restore business operations. Insurers may also be further exposed due to the absence of state reinsurance programs, such as Florida’s program that reportedly paid insurers $3 billion following last year’s hurricane losses.

What this adds up to is heavy losses for insurers, and in such circumstances it can be expected that the insurers will seek every available avenue to limit their losses, including denial of potentially covered claims.

So what is an actual home-owners insurance policy?

The reason I ask this question is because one would think that home owners insurance should carry the same validation as car insurance. The basics, such as p.i.p and incidental coverage, then get more involved such as increased personal claims coverage and expected hospitalization stimulus/ repair incentive a.ka. full coverage packaging. However it seems that that concept is wrong as each and every account of a dropped policy comes the tale of misconception of water damage and flood damage and the infamous wind coverage assumption that is to be added to the standard home owners insurance rate in oder to claim any damages that may arise during the case of an occurance such as a hurricane. In some cases the occurance could be a tornado or just the mishapes from a simple thunder storm in the consideration of lighting stikes that have taken homes and left families with dropped insurance policies.

So with the added additions that have to be made in order to even claim such damages against homeowners coverages how has the losses become so high of a risk towards companies?

The Insuring Agreements, which define the scope of coverage and the triggering incident—the occurrence of injury or damage, the offense, or the making of a claim against the insured—which brings the policy’s coverage into play. Policy Exclusions, which limit the applicability of the insuring agreement with respect to specific types of injury and damage. Limits of Insurance, which specify how much the policy will pay on behalf of the insured for each covered claim. Policy Conditions, which define the rights and duties of insurer and insured under the policy. All are factors that need to be considered when over-viewing a policy to insure the best coverage in the time of such an incident as considered in the total over-view of devistation caused during hurricanes Katrina and Rita.

There are certain considerations that keep privatizes insurance companies such as State Farm from being able to pay out what may be expected as a considerable pay-out for the loss/damages assumption of ones policy. Giving reason behind the consideration of dropping some policies just to keep there heads afloat under the assumption of financial gains. If your demand is higher than that of your current supply till then you put your-self in a bind of considering a scope of potentials and projections. Point in case the current assumption of the losses from hurricanes Katrina and Rita. Where is the money coming from to pay out the losses/damages rates in such a case as hurricanes Katrina and Rita?

You pay home-owners insurance once a month just as car and any other specific policy that you may have such as health or life insurance, so is that to say that in the cases of hurricanes Katrina and Rita that a particular insurer could pay-out lossess/damages in the amount of 3 to 4 million to cover the estimated amount of ones policy package? It’s not an assumable assumption to be made.

This just might be why insurers such as State Farm are dropping coverages such as home-owners to keep from turning belly-side up especially during a time as such as a recessed assumption.

June 21, 2009

Sadowski Housing Trust Fund

Florida continues to face its greatest housing crisis ever, despite having prepared for such a crisis in 1992 with the establishment of the Sadowski Housing Trust Fund.

Yet, in 06/07, when the Sadowski Housing Trust Fund doc stamp tax generated more nearly $940 million dollars, only $545 million was allocated for housing and hurricane housing recovery programs in the state. Housing costs have increased by at least 77 percent since 2002 while the median income has risen just 1.4 percent. Homelessness in the state is at record numbers and each family needs significantly greater assistance than they would have needed six years ago. Coupled with our state’s innovative housing programs, we have enough resources to address this housing crisis, but only if the cap is removed and Sadoswki fully funded.

These small grants are provided to 28 local coalitions to fulfill the myriad of responsibilities assigned to them under state law and help equip them to mobilize and coordinate the local response to homelessness.

Attention towards a rural provision is expected to being met as counties in Florida such as Polk are becoming aware of the threats of homelessness.

“Homeless Person” refers to an individual who lacks a fixed, regular and adequate nighttime residence.
The term does not refer to any individual imprisoned or otherwise detained pursuant to state or federal law. Why?

June 21, 2009

A letter to Corrections Departments

As this society tries to cope with the consideration that foreclosure is the leading reason that we are facing such an economic hassle, one may consider excepting new practices to keep our banks from continuing to turn up-side.

Are prison system is being over run with people that have committed crimes that are being warranted with extensive time and not giving them the consideration of being redeemed for their behavior. As this economic crisis increases, a proposal to aid those that are upon re-entry into our society of productive and innovative citizens has been considered as america tries to keep its people housed.

This effort need exposure to how the corrections system of our state handles those that might be facing difficulties approaching housing once released. Background checks, a formula to negate the type of crime committed, available supplies and money that the local service providers are allotted are considered when approaching the reasoning behind how this system may be approached as the effort of affordable housing is reached.

The funding consideration is being delivered into this approach, however, the individual approach of how to promote and influence this effort is the issue at hand. We must remember that there are situations in which a prisoner has become employed while serving time and upon release need such an effort in the consideration of aiding those upon re-entry a supportive approval towards adequate housing as a primary function to becoming productive citizens.

Consider your corrections departments and ask how to aid in this effort as our housing economy takes strides towards an improved system of expectable affordable options for all classes of americans rather low-income, those facing foreclosure, or those upon re-entry of this compassionate society of humanitarians.

June 21, 2009

Homeless Children and Youth Act of 2009

Mr. Shaw –

Thanks for your phone call. Congressman Davis is planning to continue his work on changing the definition of “homeless” in the 111th Congress. You may be aware of the “Homeless Children and Youth Amendment” that the Congressman offered at the committee mark-up of HEARTH in the fall. He recently joined Congresswoman Biggert to introduce the amendment as a stand alone bill in the 111th Congress (H.R. 29, the Homeless Children and Youth Act of 2009).

Let me know if you have any additional questions I can answer. Thanks.

Lauren O’Brien

Legislative Director

Office of Congressman Geoff Davis (KY-04)

1108 Longworth House Office Building

Washington, D.C. 20515

(202) 225-3465

June 21, 2009

Home Buyer Assistance

Dear Mr. Shaw:

Thank you for writing to Governor Charlie Crist expressing your views on Senate Bill 2636 relating to Home Buyer Assistance currently being considered by the Florida Legislature. At present, this bill has not been adopted by the Legislature. The Governor appreciates hearing your views and asked that I respond on his behalf.

The Executive Office of the Governor follows all bills as they move through the legislative process. Generally, Governor Crist does not take a position on a specific bill until it has been adopted by the Legislature and presented for his action, as bills can be amended substantially during the legislative process. Please be assured, when final legislation is presented to the Governor, the concerns and views of Floridians like yourself weigh in his decisions.

Again, thank you for taking the time to write to Governor Crist. Your thoughts are very important to him. You may also wish to share your comments with your local legislators as they develop and make decisions on related legislative proposals.


Aundra Bryant

Office of Policy and Budget

Executive Office of the Governor

June 17, 2009

Homelessness Prevention and Rapid Re-Housing Program (HPRP

In September of 2008, members of the House along with several members of the Housing and Urban Development committee began talks to discuss changes in how homelessness is characterized and defined in the eyes of America. Since then, efforts have come to pass in the regards of preventive responses considering how homelessness is characterized by the Housing and Urban Development committee.

Under federal guidelines when considering someone that expresses the defined characterization of homelessness: “A homeless individual shall be eligible for assistance under any program provided by this chapter, only if the individual complies with the income eligibility requirements otherwise applicable to such program.”(Title 42, Chapter 119, Subchapter I; 11302. General definition of homeless individual)

The United States has the largest number of homeless women and children that has been reported since the Great Depression, have so many families been without homes. Homelessness became a significant social problem in the 1980s. The number of people experiencing homelessness has risen steadily to the present levels of three to four million annually.

As the start of 2009 and a new presidency begins the approach considered by this nation is that homelessness can be ended before it becomes a permanent feature of the national landscape. From that thought congress in its 111th session has introduced The Homelessness Prevention and Rapid Re-Housing Program (HPRP),” under Title XII of the American Recovery and Reinvestment Act of 2009. The Rapid Re-Housing is an innovative program that facilitates rapid re-housing by relying on early identification and resolution of a family’s or individual’s “housing barriers” and providing the assistance necessary to facilitate their return to permanent housing.

As Homeless Prevention is expressed, rapidly re-housing those that have been threaten by job loss and foreclosure by boosting the economic approach upon a federal response is the best option as of yet. Housing has become affordable to the point that this is the best case scenario to place an impactful consideration towards the employment and housing industries while they are pliable regarding a public view.

May 27, 2009

The American Dollar!

How valuable is the american when considering the current economic situation that this nation is facing.

As an american this is a very valuable question that bothers me due to the fact that all around me the importance of being financially stable seems to bring forth bothersome subject as day in and day out unemployment and the increase of home forclosures are erupting into a modern day fiasco of unexplainable situations and circumstances.

The effect that the dollar take into consideration as the standard instrument of trade and financial status is attacted constantly due to the fact that every-one views the dollar with different aspects when survival in this modern day american society is determined.