National Flood Insurance Program
The program expired on March 28, 2010. . Unfortunately, the United States Senate adjourned without approving H.R. 4851, which would have extended a number of programs including the National Flood Insurance Program (NFIP). The lapse in authority means that mortgage transactions will be delayed in which a new flood policy is required but was not issued before the expiration date. A procedural motion has been filed in the Senate setting up a vote for the week of April 12th.
Almost all national mortgage lenders will hold up funding of any mortgage requiring Flood Insurance with the policy not issued prior to March 28th, 2010.
It is still beyond me how our Congress continues to inconvenient their constituents without any regard for the consequences. Delaying a closing on a residential property for no other reason other than the Senate getting out of the office at a decent hour is ridiculous and illustrates pure arrogance on the part of our representatives.
I firmly believe the only way our government can change its attitude is if every incumbent, regardless of party affiliation, be voted out of office this fall. Let them all know from now and into the future that being elected is not an invitation to an all expense paid Country Club or Club Med experience.