DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/1472826
92 92 INVESTMENT GOVERNMENT PROPERTY PRESERVATION Journal SENATE COMMITTEE EXAMINES THE NATIONAL FLOOD INSURANCE PROGRAM e U.S. Senate Committee on Banking, Housing, and Urban Affairs recently held the session, "Reauthorization of the National Flood Insurance Program: Administration Perspectives." Sen. Sherrod Brown, Chairman of the Senate Banking Committee, and Ranking Member Patrick J. Toomey welcomed David I. Maurstad, Federal Emergency Management Agency Associate Administrator for Resilience (Acting) and Senior Executive of the National Flood Insurance Program (NFIP). e NFIP provides more than $1.3 trillion in coverage to nearly five million homes and businesses in over 23,000 communities. e NFIP provides flood insurance to property owners, renters, and businesses, and having this coverage helps them recover faster when floodwaters recede. Natural disasters and climate risk events such as flash flooding in West Virginia and Alabama; flooding in Montana and Yellowstone National Park; ice jam flooding in Alaska; heavy rainfall flooding in Arkansas and Oklahoma; and heavy rain, snowmelt and ice jam flooding in North Dakota and Minnesota have already impacted thousands of homeowners this year, well before hurricane season has begun. FEMA personnel are already preparing for the 2022 Hurricane Season, expected by e National Oceanic and Atmospheric Administration to be above-normal for activity, as CoreLogic's recently released 2022 Hurricane Report—which analyzes hurricane and storm surge and wind risk exposure for single-family residences (SFRs) and multifamily residences (MFRs) along the U.S. Gulf and Atlantic Coasts—found that nearly 7.8 million homes with more than $2.3 trillion in combined reconstruction cost value (RCV) are at risk of hurricane-related damages this upcoming season. On September 30, 2022, the NFIP's statutory authority to sell and renew flood insurance policies is set to expire. Since the NFIP's last multiyear reauthorization expired on September 30, 2017, the NFIP has experienced several short-term extensions and three brief lapses. e short-term extensions have been found to be disruptive and cause existing and potential policyholders to lose confidence in the NFIP. "e National Flood Insurance Program— or NFIP—was last reauthorized on a long- term basis in 2012," Sen. Toomey said. "at reauthorization expired in 2017. Congress has repeatedly reauthorized the program on a short-term basis—21 times to be exact—that's no way to run a railroad. So, I'm ready to work with my colleagues on a long-term NFIP reauthorization that reforms this program." Testifying on behalf of FEMA, Maurstad is a veteran emergency manager and advocate