Insurance can collapse and their owners die in an alley. The mistake in 2008 was to save their asses. In early xxth century they would have. Now we pay them billions so they would have the courtesy to retire.
Also congratulations on discovering about how fucked up a free market is for things people need to live. Housing should not be a market.
Dude, that insurance is US! The government insures mortgages with less than 20% in downpayment because banks don’t want to loan money for mortgages because they don’t want to deal with repossession and having to sell them!
You don’t care about selling houses. Their purpose is to shelter people, not to be sold on a market.
The sooner the market crash to oblivion, the sooner people can actually live there. A government has the power to say no to bank and insurance shitters. You don’t actually have to pay them your right to live. The society doesn’t have to comply to every desire of these shitlords.
Yes, the economy would collapse. That would be for the best if you take care of the things that actually mater : house and food.
But I have no illusion about this kind of event happening in America. You guys are too hard into the free market and your capitalist overlords.
Ok, let me repeat that.
CMHC is an insurance ran by the government. The government not respecting 400b in financial engagement would lead to the total collapse of our economy as businesses pull out of Canada. You and me are the ones who would be eating shit at that point, it wouldn’t impact people that are already rich.
What you’re wishing for is worse than the status quo and would kill more people than what’s currently happening and you probably would be one of the ones who would be affected the most otherwise you wouldn’t be complaining about the system in place at the moment.
