Another important aspect of the bill known as the “Flood Insurance Reform and Modernization Act of 2006” is the “requirement of more modern flood maps and stiffer penalties for lenders who violate that requirement.” Expectations are high the bill will “push through” the Senate Banking Committee.
The NFIP was left $23 billion in debt after Hurricanes Katrina and Rita. An obvious change needs to occur for the future of this important program.
Comment Preview