Press Release


Title: MBA Applauds House Passage of National Flood Insurance Program Extension
Source:   MBA
Date: 9/24/2010

WASHINGTON, D.C. (September 24, 2010) - The Mortgage Bankers Association (MBA) applauded yesterday's passage of legislation by the House that will extend the National Flood Insurance Program (NFIP) through September 30, 2011. The bill passed the Senate Tuesday and will now go to the President for his signature. Without agreement on an extension, the program was set to expire on September 30, 2010.

MBA's Chairman, Robert E. Story, Jr., issued the following statement.

“I want to thank the House for moving quickly to pass this much needed extension.

“We need to have a flood insurance program in place. Without it, it is doubtful that home and building owners in areas of the country prone to flooding would be able to purchase insurance to protect their property against flood risk. It is critical that we have certainty for lenders and borrowers who rely on this program to insure residential and commercial properties. We look forward to working with policymakers over the next year on a longer term extension."

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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.