Has California’s DOI spoken with Freddie? I asked Soller. “Freddie Mac could use this, but we want them (HOA insurance shoppers) to check with Freddie,” Soller told me. But perhaps it will provide enough additional insurance to cover HOAs with smaller replacement coverage gaps.ĭoes Fannie Mae know about the FAIR Plan? I got the impression from Michael Soller, deputy commissioner of press relations at the California Department of Insurance, that the two agencies haven’t spoken. The plan likely can’t solve every condo association’s insurance gap such as Laguna Woods’ $1 billion shortfall. SEE MORE: Housing developments could be delayed amid insurance struggles ![]() The FAIR Plan is not a state agency, nor is it a public entity. If you don’t already know, the California FAIR Plan Association was created back in 1968 to meet the needs of California homeowners and business property owners unable to find insurance in the traditional marketplace. RELATED: California homeowners could continue losing insurance as wildfire threat looms After all, it’s going to land at America’s taxpayers’ toes if Fannie Mae must write off mortgages in the event another such tragedy. That said, I completely support the broader concept of requiring 100% replacement insurance coverage. It’s condescending considering all the stakeholders it affects, especially would-be first-time homebuyers. I don’t agree with this policy on keeping the under-insured condo list secret. to a secret “do not lend list.” As it concerns mortgage lenders and mortgage servicers, Fannie refers to this blacklist as the “unavailable condo list.” Some background: Since the unspeakable tragedy of the Champlain condo collapse on June 25, 2021, Fannie Mae has been adding more and more condo associations across California and the U.S. They just might have a novel idea to solve the 100% property replacement coverage conundrum for condo associations across the state. And please meet the fine folks at the California Department of Insurance, including Insurance Commissioner Ricardo Lara. Please meet the fine folks at the California FAIR Plan, a home insurance association. Dear Fannie Mae: I might have found a unicorn for all the California condos you’ve blacklisted.
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