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Thread: Irene sends National Flood Insurance Program further under water

  1. #1

    Irene sends National Flood Insurance Program further under water

    After Katrina and Rita struck in 2005, the National Flood Insurance Program (NFIP) was more or less insolvent, without the capacity to pay the huge volume of claims those hurricanes created. Congress reacted by increasing the NFIP's borrowing ability from the U.S. Treasury more than 13-fold, to a level of nearly $21 billion.

    That debt burden is, by all accounts, unsustainable. The Government Accountability Office, in a late-2006 report, said FEMA would never be able to pay off the NFIP's debts given the level of business it was doing at the time.
    More at link above.

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  3. #2
    "Unsustainable debt" is a phrase uttered so often, it has virtually lost all meaning. All Congress will do is increase its borrowing capacity again. There, problem solved.

  4. #3
    People need to stop building homes in stupid areas.What is that old bible saying? Build your home on solid rock, not shifting sands.Common sense would really save people some problems if they had any sense.

  5. #4
    New Jersey alone will be a tremendous hit , many of those river valleys routinely flood , so many people probably are required to have the ins if they owe money.

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