WASHINGTON, DC--David H. Stevens (top right photo), President and CEO of the Mortgage Bankers Association (MBA), released the following statement in response to Thursday's passage of the Flood Insurance Reform and Modernization Act of 2011 by the U.S. Senate Committee on Banking, Housing and Urban Affairs:
"MBA applauds the Senate Banking Committee, led by Chairman Tim Johnson (D-SD) (top left photo)) and Ranking Member Richard Shelby (R-AL), (bottom right photo) on its unanimous passage of 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."
"The National Flood Insurance Program (NFIP) is set to expire at the end of this month and with that in mind we would urge passage of this legislation by the full Senate and a swift reconciliation so the President may sign a bill into law by September 30, 2011.
“If it is impossible to get a bill to the President's desk in that timeframe, it is critical that Congress grant an extension of NFIP, rather than allow it to lapse, which would ill-serve lenders, borrowers and owners of real estate."
If you have any questions, please contact Matt Robinson at (202) 557-2727, or mrobinson@mortgagebankers.org.
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