National Flood Insurance Program Expired, Senate Adjourned Without Renewing March 28, 2010

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Mortgage and Lending with John Tuggle, Senior Mortgage Loan Originator, Envoy Mortgage, Ltd. NMLS# 211187

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. 

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Rainmaker
175,230
Walter Hayes
Oak Creek Realty Group LLC - Carl Junction, MO
Make the Right Move!

They don't care about the people anymore. They only have to serve a couple of years and earn a guarnteed income and healthcare. The only way to make it better it to start voting people out. Unfortunately I don't see that happening.

Mar 30, 2010 09:13 AM #1
Ambassador
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Their power of the encumbancy is so entrinched at this point, there is little hope of booting many of them out.  Most of the new faces will be filling seats of retiring members.

We're doomed.

Mar 30, 2010 09:19 AM #2
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Rainer
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John F Tuggle

Certified VA Expert Renovation Program Specialist
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