Lobbyist (?) floats post-Katrina flood insurance plan

[UpInArms]

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-09-21T214319Z_01_N21182707_RTRIDST_0_FINANCIAL-INSURANCE-KATRINA-UPDATE-1.XML

WASHINGTON, Sept 21 (Reuters) - A Washington lobbyist for financial services companies on Wednesday floated a legislative proposal to give all homeowners affected by Hurricane Katrina retroactive flood insurance coverage to help them rebuild.

Under the draft proposal from the Consumer Mortgage Coalition, affected residents could receive flood insurance settlements up to the maximum coverage limits allowed under the National Flood Insurance Program. The program makes federally backed flood insurance available to homeowners, renters and business owners in areas that adopt certain flood-plain management ordinances.

Anne Canfield, executive director of the Consumer Mortgage Coalition, said as many as 40 percent to 75 percent of homes in the areas devastated by Hurricane Katrina were not insured for flood damage.

But she said it was critical for Congress to provide residents with funding to repair and rebuild after flood damage so they can remain in their communities and affected areas can be rebuilt quickly.

The Consumer Mortgage Coalition represents national mortgage lenders, servicers and service providers -- an industry that is likely, according to analysts, to suffer losses from Hurricane Katrina.

...more...

A lobbyist? What the hell?

Where are the legislators?

[FloridaPat]

1. Why stop there? Why not go all the way back to 1900 and reinsure

all the homes and businesses that were ever not covered by flood insurance.