Friday, June 18, 2010

Washington STILL Hasn't Passed Flood Insurance Coverage!

Usually I don't rant and rave about anything much on this blog, but today is different. Right now, real estate transactions where houses sit in any of the AE flood plains in Tennessee ARE NOT able to close. Why? Because the US Senate has NOT voted to pass the bill that extends flood coverage for millions of homeowners nationwide. Without flood insurance, lenders will not allow homes in flood plains to close because there is no coverage for those homes.

Phone calls to Senator Lamar Alexander's office this week revealed that this is a political maneuver by self-serving politicians. Right now, the Senate is considering bill H.R. 4213, a jobs and tax loophole bill that includes language renewing the extension of the coverage. CLICK HERE for more info about the bill.

The Senate has had the bill since last week and it came to the floor earlier this week. Unfortunately, there have been 180 proposed amendments to the bill, some of which have passed, some of which haven't. Even if the Senate votes for the bill, it then has to go back to the House for that body to approve it.

When asked why the flood insurance extension could not be isolated, I was told by Ashley (one of Senator Alexander's assistants) that the Democrats stopped this move originally initiated by Republicans. Unfortunately, the Republicans will not vote for the bill because the bill INCREASES OUR DEFICIT. Republicans want the Stimulus Money to pay for the expenses of the bill, but the Democrats refuse to agree to that.

It doesn't really matter where any of us stand politically. The problem we face is that our representatives are doing nothing more than playing ego-centric games, using bills (such as this one) to foster their own careers instead of taking care of the people who elected them.

If you want to contact your senator's office to register your dissatisfaction about this issue, then CLICK HERE to find the contact phone number for your senator. Even if you don't live in Middle Tennessee, PLEASE call your senator and express your concern for your fellow Americans.

To work with an agent who knows the Middle Tennessee real estate market, and who is abreast of what's going on the world of real estate, give me a call. I can be reached at 615.373.3513 or via email:

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