| Title: | Robbins Statement Commending Passage of Flood Insurance Bill |
| Source: | MBA |
| Date: | 9/28/2007 |
WASHINGTON, DC (September 27, 2007) - 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."
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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry
that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the
association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand
homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and
fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety
of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies,
mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending
field. For additional information, visit MBA's Web site: www.mortgagebankers.org.