WASHINGTON, DC-- The Mortgage Bankers Association (MBA) has applauded the Sept. 23 passage of legislation by the House that will extend the National Flood Insurance Program (NFIP) through September 30, 2011.
The bill passed the Senate Tuesday and will now go to the President for his signature. Without agreement on an extension, the program was set to expire on September 30, 2010.
MBA's Chairman, Robert E. Story, Jr., (top right photo) issued the following statement.
"I want to thank the House for moving quickly to pass this much needed extension.
"We need to have a flood insurance program in place. Without it, it is doubtful that home and building owners in areas of the country prone to flooding would be able to purchase insurance to protect their property against flood risk.
“It is critical that we have certainty for lenders and borrowers who rely on this program to insure residential and commercial properties. We look forward to working with policymakers over the next year on a longer term extension."
CONTACT: Sarah Tinsley, (202) 557-2730 stinsley@mortgagebankers.org
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