Florida Chief Financial Officer Jimmy Patronis sharply criticized Demotech in letters to leaders of Fannie Mae, Freddie Mac and the Federal Housing Finance Agency. (Courtesy photo)
The Joint Legislative Budget Commission next week is expected to consider a proposal to spend $1.5 million to hire a consultant that would look at options for property insurers to get adequate financial ratings.
Such ratings are important, in part, because mortgage-industry giants Fannie Mae and Freddie Mac require homes to be insured by financially sound companies. If insurers lose satisfactory ratings, homeowners could be forced to find other coverage.
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