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NAR urges Senate to extend flood insurance program

Thousands of loans held up, says trade group

The U.S. House of Representatives voted to extend the National Flood Insurance Program this week, drawing praise from the National Association of Realtors.Congress allowed the program to lapse on June 1 -- the same day hurricane season began. Without an extension, the program could issue no new policies, thereby delaying or canceling thousands of home sales across the country. The program has been in debt since 2005's Hurricane Katrina resulted in $16.1 billion in claims.As Congress debates how to pay for that debt, it has been passing short-term extensions of the program -- seven since September 2008, according to NAR."We greatly appreciate that the members of House were sensitive to the plight of thousands of homebuyers whose loans were being held up since this program expired earlier this year," said Vicki Cox Golder, NAR's president, in a statement. "The passage of H.R. 5569 is a first step toward helping homebuyers to the closing table. We strongly urge th...

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