Sunday, July 16, 2006

Why Is The Recovery Taking So Long?

Yesterday's Picayune gave part of the reason:
The LSU Health Sciences Center employee, who lives with his two children in a FEMA trailer at the property, is worried that the $118,000 insurance settlement he received for home damage -- which he said he could not use for repairs because his lender demanded it be applied to his mortgage -

Between the actions of the lending companies, and the related behavior of the insurance companies (more), you can find a large part of the short answer. Of course, everyone in New Orleans, and along the Gulf Coast knows this already. Longer answers, or theories, to follow.

Correction: That last sentence should read: for longer answers see the the top half of blogroll.

I swear I heard the LRA guy on WWL a week or two back say that lenders could *not* do this. How can these people get their damn money back if they'd rather rebuild under their current mortgage. I"m drowing in stuff to do, but hope somebody finds time to find out if it's true they can't (shouldn't) do this, and what recourse those folks would have to get their money back.
Unfortunately (well, fortunately), I no longer have the free time that I used to. I try to glance at other blogs on my lunch break, but I can't do much else at work. I do remember another local blogger writing about his problems with a lender, but I can't remember who or exactly when. I do remember that it was countrywide, but I couldn't find it.

I gave it a second look and found it, not quite the same problem. It wasThird Battle.
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