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Older Meaning of "FIRE" Economy Asserts Itself

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  • Older Meaning of "FIRE" Economy Asserts Itself

    An older meaning of fire has come into play as car and home owners who owe more than the properties are worth have turned to arson. When insurance companies pay off, they get out from under their debt with their credit rating intact. Ironic, isn't it, that people have turned to fire to fight what the FIRE economy has wrought?

    "We've seen a dramatic increase in this kind of fraud," said Dan Bales, director of fraud investigations at Mercury Insurance. "People upside-down on their house with variable-interest-rate loans, or upside-down on their cars, are pretty quick to burn their property right now."Click to see the full story.