Robert E. Story, Jr., CMB, Chairman of the Mortgage Bankers Association (MBA) hailed yesterday's passage in the Senate of legislation to extend the National Flood Insurance Program (NFIP) through September 30, 2010.  The bill, which is retroactive to June 1, 2010, when the program expired, passed the House last week and will go to the President for his signature.

"More than five million Americans rely on the NFIP as their primary protection against flooding, the most common natural disaster in the United States.  The NFIP has expired three times in 2010, frustrating residential and commercial lenders and borrowers alike.  We hope that Congress will use the next three months to develop and pass a long-term extension of the program.

"I want to thank Chairwoman Maxine Waters in the House and Senator David Vitter for their efforts to push this bill through.  We look forward to working with them and others on a long-term extension for this program that will end uncertainty for lenders and borrowers who rely on this critical program to insure residential and commercial properties."