The Federal Government will no longer subsidize flood insurance for 2nd homes, commercial property or homes that have been flooded and rebuilt. Congress will insist on this change as part of a $20 billion bailout of the National Flood Insurance Program which was wiped out by Katrina. Other changes will include fines for mortgage lenders who don’t verify insurance coverage and compliance by state chartered banks. Flood zones WILL NOT be broadened to include more homes as was suggested.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment