The real estate industry is concerned that a possible lapse in the National Flood Insurance Program could roil real estate markets in flood-prone areas.
On Friday, the program is set to expire unless Congress takes action before then. Lenders couldn’t approve mortgages on home in flood zones.
Lawmakers are eyeing a brief, two-week extension of the program to buy time for negotiations on a longer deal aimed at overhauling the federally run program.
Source: Mortgage Daily