Press Release


Title: MBA Hails Extension of National Flood Insurance Program
Source:   MBA
Date: 9/22/2010

WASHINGTON, D.C. (September 22, 2010) -  Robert E. Story, Jr., CMB, Chairman of the Mortgage Bankers Association (MBA) hailed yesterday's passage in the Senate of legislation to extend the National Flood Insurance Program (NFIP) through September 30, 2011. 

"With the Senate’s unanimous bipartisan vote last night, we urge the House to move quickly and pass this one year extension.

“Flooding is the most common natural disaster in the United States. In fact, more than five million Americans rely on the National Flood Insurance Program as their primary protection against flooding. This program has expired regularly in recent times, which has frustrated residential and commercial lenders and borrowers alike.

"I want to thank Senator David Vitter for sponsoring this bill and the Senate for moving quickly to pass this much needed extension.  It is critical that the House passes S. 3814, the National Flood Insurance Program Re-extension Act of 2010, so we can end the uncertainty for lenders and borrowers who rely on this critical program to insure residential and commercial properties." 

Without House and Senate agreement on an extension, the program will expire on September 30, 2010.

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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site:   www.mba.org.