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Flood insurance may get temporary reprieve loan limits pending
WASHINGTON (9/28/11)--Congress appears ready to give the National Flood Insurance Program (NFIP) another temporary reprieve, this time until November 18, after a Senate agreement to continue to fund the government was reached earlier this week. The NFIP extension is part of a Senate bill that provides billions in additional funding to cover Federal Emergency Management Administration disaster relief and to continue funding the government. Speaker of the House John Boehner (R-Ohio) will reportedly back the bill, which is scheduled to be taken up when the House returns to session next week. Legislation that would fund the government until the House returns will be considered by a voice vote later this week. A voice vote does not require all members to be present to be taken. The NFIP is set to expire on Sept. 30, and separate pieces of legislation that would extend coverage for another five years have been approved by both the Senate and the House. However, there are differences between the House and Senate bills, and representatives of the two congressional bodies have not worked out differences between their respective bills. Another item of interest to credit unions is set to expire on Sept. 30: Language that allows the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac to guarantee mortgages up to $729,750, or 125% of single family homes. Legislation that would extend these loan limits until Dec. 31, 2013, was offered earlier this year, but is not part of the funding bill at this time. The maximum guaranteed loan amount would drop to $625,500, or 115% of local median home prices, if the extension is not approved. However, loans guaranteed by the Veterans Administration will continue to have the increased $729,750, or 125% of single family homes, loan limit until the end of this year.


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