- Equity coverage issued by the state will pay the difference between the insured value of a house and its final selling price-provided that the owner remains in the property for at least three years.
- Claims will be denied if equity loss is ignored by neglect of property status.
- A newly created Home Equity Protection Insurance Fund will act as a revolving reserve, supported by the policy premium and maintained on at least 20% insured exposure.
- The investment of fund assets will follow conservative banking or treasury-supported equipment to ensure liquidity and capital security.
If enacted, the bill can present a state -support public contestant in real estate insurance location – although the owners of the house are narrowly sewn to protect them from equity loss, not from traditional threats. While the coverage standard home owner is different from the insurance, the program can still affect consumer behavior, lender risk mitigation strategies and private mortgage insurance dynamics in the affordable housing market.
(Tagstotransite) New York (T) Home Equity (T) Insurance
