Perhaps Hurricane Irene was just the push the Senate Banking Committee needed to pass the Flood Insurance Reform Act of 2011 earlier this month. Regardless of their motivation, the move is good news for the mortgage industry given that the program is set to expire on September 30.
The proposed legislation will extend the program, which provides affordable flood insurance to homeowners living in certain at-risk communities, another five years through 2016. The bill has already secured approval in the House, but still needs to pass the Senate before reaching the President?s desk.
As reported by Housing Wire, the Mortgage Bankers Association applauded the passage, stating, ?This legislation is vital to the real estate finance industry and flooding this week on the U.S. East Coast is a reminder of that.?
The Property Casualty Insurers Association of America was also pleased by the Banking Committee?s decision to send the bill to the Senate for a vote.
?More than 5.6 million Americans rely on flood insurance,? said Ben McKay, PCI?s senior vice president of federal government relations. ?Recent devastating flooding from tropical storms in the northeast and gulf coast serves as a reminder that we need a strong, stable flood program to protect homes and businesses.?
In related new, Freddie Mac has announced that it will suspend foreclosure and eviction proceedings up to 12 months for distressed homeowners with property damaged and flooded by Hurricane Irene.
Parker Ibrahim & Berg LLC represents national banks, mortgage lenders, mortgage servicers and other financial services companies, applying its knowledge across the full range of litigation, enforcement, transactional and regulatory issues confronting the mortgage banking industry.
If your company would like to strengthen its lending practices, please contact us today so we can leverage our experience to develop practical business and legal solutions to meet your specific needs.
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