Robbins Statement Commending Passage of Flood Insurance Bill

 John M. Robbins, CMB, Chairman of the Mortgage Bankers Association (MBA) today praised the U.S. House of Representatives for passing H.R. 3121, the Flood Insurance Reform and Modernization Act of 2007.  The bill, which passed the House 263-146, would reform the National Flood Insurance Program (NFIP) and help protect homeowners, renters and commercial property owners from losses due to floods. 

Robbins issued the following statement.

"The availability of affordable and reliable flood insurance can play a crucial role in reducing the overall cost of housing in flood prone areas.  The Gulf hurricanes of 2005 demonstrated some flaws in the current program and this bill should help close some of those gaps. It is now incumbent upon the Senate to pass its legislation and we look forward to working with them to help those efforts."     

John Mechem  (202) 557-2924    jmechem@mortgagebankers.org