MAR President Featured on CBS Evening News Weekend Edition
2012 MAR President Trisha McCarthy was interviewed on the July 29th edition of CBS Evening News. The report focused on the combination of prices and low interest rates driving sales. Massachusetts was used as an example as a state with an improving housing market.
: NAR Activity Update – National Flood Insurance Program
NAR has sent you this update to help keep you informed regarding the National Flood Insurance Program (NFIP). There are number of internal and external steps that NAR has taken to address the serious concerns raised by the scheduled implementation of the NFIP reform legislation.
INTERNAL NAR ACTION STEPS
EXTERNAL NAR ACTION STEPS
1. FEMA is developing an affordability study in a report to Congress. NAR is working with FEMA to provide the data we receive from our survey. NAR successfully advocated for the study's inclusion in the five year bill.
2. FEDERAL INSURANCE OFFICE: NAR drafted extensive comments to a formal Request for Comments from the U.S. Department of Treasury’s Federal Insurance Office for a report to Congress on the current state of the market for natural catastrophe insurance in the United States. This report to Congress was mandated under Biggert-Waters. NAR commented that, in summary, the private insurance market has failed to ensure access to affordable property insurance for hurricanes, earthquakes and other major catastrophes, including floods. As a result, federal post-disaster assistance has become the default method for financing community and home rebuilding.
3. GOVERNMENT ACCOUNTABILITY OFFICE: NAR staff have communicated with officials from the Government Accountability Office (GAO) on increasing private sector involvement in the flood insurance market. This report from GAO to Congress was also mandated under Biggert-Waters. NAR’s primary comment to GAO on this issue was to emphasize the obstacles to the creation of a viable market for private flood insurance products, previous private flood insurance market failures and the fact that the insurance industry has a difficult time accurately pricing and managing flooding risks.
This information can also be found at: http://www.ksefocus.com/billdatabase/clientfiles/172/4/1817.pdf