The program is a ponzi scheme that needs to be scaled back. All of the points NOFLOOD has made are right on plus:
-the program promotes environmental damage. People are building and rebuilding in places that are prone to flooding and ecologically important.
-people living in these zones are paying below risk aappropriate prices. It should be self-funded.
An important legal issue that will be tested in the several suits by states to the health care bill, is whether or not the federal government can force citizens of the United States to purchase a product, to wit; health insurance for no other condition other than citizenship. Can the government also tell you which business to purchase from? Think not. Look again, it is already being done. The Home Path program of Fannie Mae, a government sponsored and created agency is require persons who want to take advantage of the program, to purchase products from a specific manufactured. The program provides low interest loan, no closing cost and other benefits. There is a home repair aspect, generally for repossessed homes which requires new appliances to be purchased from Whirlpool, owned by General Electric ( one of Pres. Obama’s biggest contributors and owner of CBS)
Decide for yourself. The following is taken from the Fannie Mae Home Path web page:
Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:
· Closing costs;
· The purchase of new Whirlpool® appliances by Fannie Mae; or
· A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%
What do you think this prhase means: ” The purchase of new Whirlpool applainces by Fannie Mae”. I looks to me that one must buy from a GE owned company to get the government loan. Of course no one must make the loan, unlike the health insurance. But what will be the next buracratic step be in that program? Here is the link to Home Path. See what you think it means. http://www.fanniemae.com/homepath/incentive/index.jhtml
Technically yes but not with enough of a majority to stop the shenanigans. And once again, can I just point out that no where else in the world can we just shut down for three weeks and leave everyone hanging in the balance. I hope they have a really nice holiday while everything in the Northeast continues to thaw and we have heavey rains for the next few days. This should get interesting.
Well Realist, I think your point is a little off the mark on the “Can the government also tell you which business to purchase from?”, because as of right now, if they can be accepted by a private insurance company, they have that option. But I do see where you are going with your train of thought. Personally, I am still trying to figure out if I agree with making everyone buy health insurace. on the con side, it should be up to the person if they want to have the health insurance or not, but on the pro side, if they do not have health insurance and can not pay when they get really sick, then the taxpayers have to foot the bill. But, i am also of the mindset, “If this government option of health care is so great, why aren’t all the congress people that voted for it forced to be placed on it?” I have yet to hear an answer on this.
While I deplore the politics that got us to this state, it is important to remember that the NFIP will most likely be reinstated – retroactively – and the only real coverage concerns are for homes with loans closing during the hiatus, or prior applications with 30 day wait periods that are expiring.
Claims will still be paid on all existing policies, so people aren’t as “hung out to dry” as most of these comments make it seem.
Personally, I think these short term extensions are ludicrous. Congress knows full well that they can’t work up the necessary reforms to the NFIP in 30 days. Renew the NFIP for 6 months or a year and move on already!
I contacted one of my Flood carriers as I have an insured who is scheduled to be renewing 4/1. I was advised of a few things that I think are very alarming.
* A retroactive date is not guaranteed. They could reinstate without backdating.
* If my insured has a loss during this timeframe, they have to wait to see if it will be covered.
* I should remind my insured that “we’re waiting on the US government here.” and “Everyone is in the same boat.”
I’m upset about this for a couple of reasons. This person has paid the premium which “will be held until the program is reinstated” but cannot access their coverage till Congress gets it’s act together. They’ve left people “hanging” in the sense that they will have to bear the burden themselves if a loss occurs while the goverment holds their premiums. I’m not aware of any agent or carrier that is allowed to just hold premiums without confirming coverage or handling claims.
Everyone on this page needs to start writing and phoning their local and state representives. Spread thw message. It will only stop when we start being proactive and quit complaining.Just a thought!
This should have never come to this in the first place. With how important the flood insurance is to home closings, why is this not a stand alone bill in Congress? Congress has shown their inability to govern. This extention should not be attached to healthcare or unemployment. They have to politicize everything and in the meantime the consumer pays again! Thanks Ms. Pelosi! You are about useless!!!
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The program is a ponzi scheme that needs to be scaled back. All of the points NOFLOOD has made are right on plus:
-the program promotes environmental damage. People are building and rebuilding in places that are prone to flooding and ecologically important.
-people living in these zones are paying below risk aappropriate prices. It should be self-funded.
And while we are at it, lets get rid of FHCF too.
Wait a minute, Aren’t the DEMOCRATS in charge of both houses?!
An important legal issue that will be tested in the several suits by states to the health care bill, is whether or not the federal government can force citizens of the United States to purchase a product, to wit; health insurance for no other condition other than citizenship. Can the government also tell you which business to purchase from? Think not. Look again, it is already being done. The Home Path program of Fannie Mae, a government sponsored and created agency is require persons who want to take advantage of the program, to purchase products from a specific manufactured. The program provides low interest loan, no closing cost and other benefits. There is a home repair aspect, generally for repossessed homes which requires new appliances to be purchased from Whirlpool, owned by General Electric ( one of Pres. Obama’s biggest contributors and owner of CBS)
Decide for yourself. The following is taken from the Fannie Mae Home Path web page:
Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:
· Closing costs;
· The purchase of new Whirlpool® appliances by Fannie Mae; or
· A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%
What do you think this prhase means: ” The purchase of new Whirlpool applainces by Fannie Mae”. I looks to me that one must buy from a GE owned company to get the government loan. Of course no one must make the loan, unlike the health insurance. But what will be the next buracratic step be in that program? Here is the link to Home Path. See what you think it means.
http://www.fanniemae.com/homepath/incentive/index.jhtml
Technically yes but not with enough of a majority to stop the shenanigans. And once again, can I just point out that no where else in the world can we just shut down for three weeks and leave everyone hanging in the balance. I hope they have a really nice holiday while everything in the Northeast continues to thaw and we have heavey rains for the next few days. This should get interesting.
Well Realist, I think your point is a little off the mark on the “Can the government also tell you which business to purchase from?”, because as of right now, if they can be accepted by a private insurance company, they have that option. But I do see where you are going with your train of thought. Personally, I am still trying to figure out if I agree with making everyone buy health insurace. on the con side, it should be up to the person if they want to have the health insurance or not, but on the pro side, if they do not have health insurance and can not pay when they get really sick, then the taxpayers have to foot the bill. But, i am also of the mindset, “If this government option of health care is so great, why aren’t all the congress people that voted for it forced to be placed on it?” I have yet to hear an answer on this.
While I deplore the politics that got us to this state, it is important to remember that the NFIP will most likely be reinstated – retroactively – and the only real coverage concerns are for homes with loans closing during the hiatus, or prior applications with 30 day wait periods that are expiring.
Claims will still be paid on all existing policies, so people aren’t as “hung out to dry” as most of these comments make it seem.
Personally, I think these short term extensions are ludicrous. Congress knows full well that they can’t work up the necessary reforms to the NFIP in 30 days. Renew the NFIP for 6 months or a year and move on already!
I contacted one of my Flood carriers as I have an insured who is scheduled to be renewing 4/1. I was advised of a few things that I think are very alarming.
* A retroactive date is not guaranteed. They could reinstate without backdating.
* If my insured has a loss during this timeframe, they have to wait to see if it will be covered.
* I should remind my insured that “we’re waiting on the US government here.” and “Everyone is in the same boat.”
I’m upset about this for a couple of reasons. This person has paid the premium which “will be held until the program is reinstated” but cannot access their coverage till Congress gets it’s act together. They’ve left people “hanging” in the sense that they will have to bear the burden themselves if a loss occurs while the goverment holds their premiums. I’m not aware of any agent or carrier that is allowed to just hold premiums without confirming coverage or handling claims.
Everyone on this page needs to start writing and phoning their local and state representives. Spread thw message. It will only stop when we start being proactive and quit complaining.Just a thought!
My carrier, American Bankers, said : “There will be no interruption in claim payments for policies currently in effect.”
VOTE THEM ALL OUT
This should have never come to this in the first place. With how important the flood insurance is to home closings, why is this not a stand alone bill in Congress? Congress has shown their inability to govern. This extention should not be attached to healthcare or unemployment. They have to politicize everything and in the meantime the consumer pays again! Thanks Ms. Pelosi! You are about useless!!!