60 DAY EXTENSION FOR FLOOD INSURANCE - Right Trac Mortgage

1 Jun

Posted June 1, 2012 by righttracmortgage in INSURANCE. Tagged: mortgage, refinance, flood insurance, NATIONAL FLOOD INSURANCE PROGRAM, flood insurance premium. Leave a Comment

?60 Day Extension for Flood Insurance?

This is crazy, why can?t this bill get a long term extension? Why do we have to keep going through this process every few months? Why does this have to be a political issue? The last I knew the folks in Washington are supposed to be working for their constituents.

I have contacted my legislators to see if I can get an answer. I have not gotten a response. ?I did get a letter promising that the issue is being worked on. I?m going to send back a letter and let them know, they are fired for incompetence.?

Senate Passes Short Term Flood Extension

By: Brian Collins

The Senate late this week passed a 60-day extension of the flood insurance program, preventing a shutdown of coverage by the beginning of June.

But the Senate did not act on a simple extension ? and it?s unclear if the House of Representatives will rubber-stamp the measure. To appease Sen. Tom Coburn (R-Okla.), the extension bill includes a provision that raises flood insurance premiums on vacation and second homes over a four-year period.

This second home provision is also contained in the five-year National Flood Insurance Program reauthorization bills passed by the Senate Banking Committee and House.

The House recently approved a simple 30-day extension of the flood insurance program. Still, House leaders are growing tired of the Senate?s foot dragging on the flood bill and dictating of other legislative matters.

With the Senate in recess next week, housing and insurance groups will be urging House members to approve the 60-day extension. The Federal Emergency Management Agency will not be able to issue new flood insurance policies after May 31 if the House fails to pass the Senate extension.

?We cannot allow this program to lapse, so the House must act immediately to approve this extension and keep the program alive,? said Senate Banking Committee chairman Tim Johnson (D-S.D.)

Meanwhile, Senate lenders have agreed to finally bring the five-year NFIP reform bill to the floor for a vote after they return from a week-long Memorial Day recess on June 4.

?I look forward to working with my colleagues to move forward on a long-term reauthorization bill on the Senate floor,? Sen. Johnson said.

?image: david castillo dominici/freedigitalphotos.net

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