Red-lining the Blue States
by digby
If you are buying a house in a Blue State the president of AIG doesn't want your business. He thinks you are a parasite.
"All of the states where we're a leader, where we're the number one insurer, are red states. Allof the states where we're at the bottom are blue states," Benmosche said Tuesday at a conference in Washington. "Part of what we found out is that our model is about culture and it's about the attitude in the public. And what we find is where there's more of a tendency for people to be more liberal, more that the government is responsible for what happens to me."
But he does want your tax dollars:
Benmosche oversees an insurer propped up by more than$40 billion in government capital while competing mortgage guarantors operate without Treasury Department assistance.
Just a reminder, here's a nice table showing how much money each state gets back for each dollar it sends to the federal government. I['m sure I don'[t have to point out the obvious:
New Mexico $2.03 1
Mississippi $2.02 2
Alaska $1.84 3
Louisiana $1.78 4
West Virginia $1.76 5
North Dakota $1.68 6
Alabama $1.66 7
South Dakota $1.53 8
Kentucky $1.51 9
Virginia $1.51 10
Montana $1.47 11
Hawaii $1.44 12
Maine $1.41 13
Arkansas $1.41 14
Oklahoma $1.36 15
South Carolina $1.35 16
Missouri $1.32 17
Maryland $1.30 18
Tennessee $1.27 19
Idaho $1.21 20
Arizona $1.19 21
Kansas $1.12 22
Wyoming $1.11 23
Iowa $1.10 24
Nebraska $1.10 25
Vermont $1.08 26
North Carolina $1.08 27
Pennsylvania $1.07 28
Utah $1.07 29
Indiana $1.05 30
Ohio $1.05 31
Georgia $1.01 32
Rhode Island $1.00 33
Florida $0.97 34
Texas $0.94 35
Oregon $0.93 36
Michigan $0.92 37
Washington $0.88 38
Wisconsin $0.86 39
Massachusetts $0.82 40
Colorado $0.81 41
New York $0.79 42
California $0.78 43
Delaware $0.77 44
Illinois $0.75 45
Minnesota $0.72 46
New Hampshire $0.71 47
Connecticut $0.69 48
Nevada $0.65 49
New Jersey $0.61 50
My advice is that all people in Blue States and liberals everywhere do everything in their power to use a mortgage insurer other than AIG. It has a bad track record and is run by someone who has no respect for his customers. Redlining the most populated part of the nation is such bad business I don't think anyone should trust their most valuable investment with these people.
.