Items Tagged with 'Flood insurance'

ARTICLES

  • Congress approves a 4-month rescue of flood insurance program

    A lapse in NFIP would have nixed about 40,000 home sales a month, NAR says
    Congress passed a bill late Monday, two days after the start of the U.S. hurricane season, that extends the National Flood Insurance Program by four months. The move came on top of a stopgap vote on Thursday that kept the program from expiring over the weekend. FEMA estimates the need for flood insurance will expand by up to 45% by 2100 because of climate change.
    Read More
  • Congress passes two-week extension of National Flood Insurance Program

    A pending bill would extend the program through September
    Congress passed a stopgap bill on Thursday to extend the National Flood Insurance Program for two weeks, a last-minute rescue to a program that bolsters home values in coastal and low-lying real estate markets. If the program expired as scheduled at midnight, thousands of home transactions would have been knocked off-track.
    Read More
  • Appeals court revives class-action suit against Nationstar for redundant flood insurance

    Reverse mortgage borrower alleges "improper" insurance cost her thousands
    A federal appeals court in Florida overturned a previous ruling last week that will mean Nationstar will now have to face allegations from a reverse mortgage borrower that it violated Florida law by charging homeowners for unnecessary flood insurance. The ruling could unleash a wave of trouble for the servicer, who now must face the possibility that the class-action suit will bring other such stories to light.
    Read More
  • Democrats call for increased funding for federal housing programs

    Call for forgiveness of national flood insurance programs
    Ranking Member of the House Financial Services Committee Maxine Waters, D-Calif., joined by the support of other Democratic members of Congress, sent several letters to congressional appropriators highlighting the importance of federal housing programs. The letters encouraged an increase in funding for certain housing programs and even debt forgiveness for the National Flood Insurance Program.
    Read More
  • Neptune Flood secures $2 million in seed financing round

    Flood insurance provider planning expansion
    Flood insurance provider Neptune Flood has secured more than $2 million in seed round funding. The investment was led by Trevor Burgess, founder and former CEO of C1 Bank, with participation from existing investor and Neptune’s CEO and co-founder, Jim Albert.
    Read More
  • House passes long-term reauthorization of National Flood Insurance Program

    Bill to reduce direct spending by $187 million
    Less than a month before the program was set to expire, the House of Representatives voted to pass the 21st Century Flood Reform Act, which will reform and reauthorize the National Flood Insurance Program. The 21st Century Flood Reform Act would reauthorize the NFIP for five years and introduce private market competition.
    Read More
  • Mark Calabria: Trump administration "committed" to ending conservatorship

    Pence’s chief economist renews commitment for GSE reform
    During a wide-ranging discussion about the government’s role in housing, Vice President Mike Pence’s chief economist Mark Calabria revealed Wednesday that the Trump administration is "committed" to ending the conservatorship of Fannie Mae and Freddie Mac. What else did Calabria say? Click through to find out.
    Read More
  • National Flood Insurance Program granted 3-month extension

    Previously set to expire Sept. 30
    President Donald Trump signed a three-month extension to the National Flood Insurance Program on Friday, giving Congress more time to come up with a long-term financial solution for the program. While flood insurance has struggled to gain a lot of attention over the years, the devastating destruction of Hurricane Harvey and the ongoing threat of Hurricane Irma pushed the urgency for a solution to the program to the surface.
    Read More
  • Monday Morning Cup of Coffee: MBA president calls for action on National Flood Insurance Program

    MBA's Stevens calls on mortgage industry to rise up
    MBA president calls on industry to act on NFIP reauthorization, latest GDP estimates show continued growth, Northpointe Bank introduces a private-label mortgage solution, and according to one list, Millennials are killing banking, homeownership and… fabric softener? Click on to read more in this week’s Monday Morning Cup of Coffee.
    Read More