The US taxpayer has been bearing the credit risk of 90% of all new origination over the past 10 years. What about property/collateral risk? Yesterday FEMA issued a new opinion disallowing new or renewal flood insurance policies during the partial shutdown of the federal government. NAR weighed in.
“Today’s ruling comes contrary to Congressional intent and is in conflict with FEMA’s decision to allow NFIP operations during the 16-day government shutdown in 2013. NAR and its 1.3 million members are extremely disappointed by this abrupt and ill-conceived change of course. Last week, Congress passed legislation to fully reauthorize the NFIP through May. The surprise FEMA ruling, however, jeopardizes tens of thousands of home sales across America, as NAR estimates up to 40,000 closings are disrupted each month that the NFIP cannot issue flood insurance policies.” ..
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