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Intense lobbying by coastal lawmakers results in Congress delaying some planned increases in insurance premiums in the National Flood Insurance Program. Sen. Mary Landrieu (D-LA), whose state has a large flood-prone constituency, spearheaded the lobbying effort.
One congressional measure likely to get immediate traction is the proposal to stop flood insurance rate increases. The bill’s Senate sponsor, Sen. Bob Menendez (D-NJ), says increases would adversely affect communities still recovering from Hurricane Sandy in October 2012.
Lenders and mortgage loan servicers would be barred from receiving sales commissions for placing insurance coverage or maintaining placement with particular insurers under a proposed rule
In addition to the $82 million New York and New Jersey officials say is needed for Hurricane Sandy recovery efforts, Congress will have to consider a multi-billion dollar infusion into the National Flood Insurance Program. Whether Congress will get to it before the lame-duck session ends remains to be seen.
Borrowers with Federal Housing Administration-insured home loans will soon be stuck with paying for mortgage insurance for the life of the loan. It would be a tradeoff for the lower cost of the loan and would generate additional money for FHA operations.
Florida joins California and New York in a move to demand banks lower premiums they charge delinquent homeowners for force-placed hazard insurance. The three-state effort prompts the National Association of Insurance Commissioners (NAIC) to begin a probe into the practice.
A day before the National Flood Insurance Program (NFIP) was to expire, Congress approves a 5-year extension to continue covering 5.6 million people living in flood zones and unable to obtain private insurance at reasonable rates.
Unless Congress acts by May 31, the National Flood Insurance Program will expire. Likely freezing sales of hundreds of thousands of homes in flood zones, the National Association of Realtors tells the Senate Banking Committee.
Unless Congress extends the National Flood Insurance Program by May 31, the hurricane season will begin a day later and consumers will not be able to buy or renew polices or increase their coverage.
In a move to keep talks alive on revamping the National Flood Insurance Program. Congress approves an extension of the program until Sept. 30, the end of the present federal spending year.
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