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Senate Committee Passes Flood Bill

National Flood Insurance Program set to expire this month

Sept. 9, 2011

By MortgageDaily.com staff


A Senate committee has passed legislation to keep flood insurance available. The action comes as a federal program is set to lapse in a few weeks.

The National Flood Insurance Program is set to expire at the end of September.

On Thursday, the Senate Committee on Banking, Housing and Urban Affairs unanimously passed a bill to keep coverage intact.

A statement from Mortgage Bankers Association President and Chief Executive Officer David H. Stevens applauded the committee for passing the legislation, the Flood Insurance Reform and Modernization Act of 2011.

"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," Stevens said in the statement.

The bill, however, still needs to be passed by the full Senate and reconciled with the House before it can be signed by President Barack Obama.

Stevens called on Congress to grant an extension of the National Flood Insurance Program in the event that the legislation isn't signed into law by Sept. 30.

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