Thursday, September 23, 2010
WASHINGTON, D.C. -- Robert E. Story, Jr., (top right photo) CMB, Chairman of the Mortgage Bankers Association (MBA) hailed yesterday's passage in the Senate of legislation to extend the National Flood Insurance Program (NFIP) through September 30, 2011.
"With the Senate's unanimous bipartisan vote last night, we urge the House to move quickly and pass this one year extension.
"Flooding is the most common natural disaster in the United States. In fact, more than five million Americans rely on the National Flood Insurance Program as their primary protection against flooding.
“This program has expired regularly in recent times, which has frustrated residential and commercial lenders and borrowers alike.
"I want to thank Senator David Vitter (middle left photo) for sponsoring this bill and the Senate for moving quickly to pass this much needed extension.
“ It is critical that the House passes S. 3814, the National Flood Insurance Program Re-extension Act of 2010, so we can end the uncertainty for lenders and borrowers who rely on this critical program to insure residential and commercial properties."
Without House and Senate agreement on an extension, the program will expire on September 30, 2010.
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