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Article: House passes flood-insurance bill.(Briefing Book)(National Flood Insurance Program)
- Article from:
- Mortgage Banking
- Article date:
- November 1, 2007
CopyrightCOPYRIGHT 2007 Mortgage Bankers Association of America. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The House approved a bill in late September to reauthorize and reform the National Flood Insurance Program (NFIP), which, among other things, would improve flood mapping and expand the NFIP to provide for multiple-peril coverage.
Passed by a vote of 263 to 146 in the House, the Flood Insurance Reform and Modernization Act of 2007 (H.R. 3121) reauthorizes the NFIP for five years through 2013, which extends the program beyond the current authorization for the NFIP due to expire Sept. 30, 2008.
At press time, the Senate Banking Housing and Urban Affairs Committee also had scheduled a markup of the Flood Insurance Reform and Modernization Act of 2007.
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