With NAR’s support, Senator Mary Landrieu (D-LA) successfully added a 1-year delay of “grandfathered” flood insurance rates to the Senate Homeland Security Appropriations Bill as approved by committee on July 18. The House-passed version also includes this provision. Next, the full Senate must vote on the measure.
Last week House Financial Services Chairman Hensarling (R-TX) introduced a comprehensive discussion draft on Housing Finance Reform. The draft bill, called the Protecting American Taxpayers and Homeowners (PATH) Act, includes reforms to FHA, the GSEs, and the financial regulatory law known as the Dodd-Frank Act.