Congress Votes to Keep Flood Insurance on Life Support for 4 More Months

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Posted To: MND NewsWire

Congress has once again snatched the National Flood Insurance Program (NFIP) away from its scheduled demise while setting the stage for needing to do it again. The program, which was due to expire at midnight on Tuesday, was extended for another four months. It was merely the latest is a series of delaying actions while someone, somewhere, figures out how to make the program actually work. Had the program expired, the Federal Emergency Management Agency (FEMA) which administers it would have been unable to issue new policies. This would have prevented on the sale of houses in specified flood zones that were to be financed by any federally guaranteed mortgages. The National Association of Realtors earlier estimated that some 40,000 home sales would be disrupted if the program were allowed to…(read more)

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