2
Apr
2010
Lapse in National Flood Insurance Program
It’s hard to believe the US Senate adjourned without extending the National Flood Insurance Program, which expired on March 28th. Apparently efforts to reach a bipartisan agreement between the House and Senate failed over a broader political debate on how to pay for the larger bill and the federal deficit. Did they realize that this indecision would wreak havoc in the real estate market? Thankfully as of March 30th three of the nation’s largest lending authorities have issued guidance to administer the federal flood insurance regulations during the current NFIP lapse in Authority……..allowing (in most cases) loan closings to still occur during this hiatus. A procedural motion has been filed in the Senate that will set up a vote the week of the 12th. Among other interests, it goes without saying that it the real estate world, both personal and professional, is hoping for a swift resolution to this lapse. Hopefully it’s all solved before the next recess. If you have any questions about coverage or how this might effect you, visit our Flood Insurance page.