Posts Tagged ‘Sen. Johnny Isakson’

Rising Flood Insurance Premiums Addressed in Legislation

October 29th, 2013 Comments off

Chairman of the National Association of Home Builders (NAHB) Rick Judson commends the bi-partisan support from two Senators and two Representatives for advocating identical legislation providing relief from rising flood insurance premiums. Reps. Michael Grimm (R-N.Y.) and Maxine Waters (D-Calif.) and Sens. Robert Menendez (D-N.J.) and Johnny Isakson (R-Ga.) support the Homeowner Flood Insurance Affordability Act which will fix some of the unintended consequences of the Biggert-Waters Flood Insurance Reform Act. The measure would prevent premium rate hikes from going into effect for four years, thereby giving the Federal Emergency Management Agency (FEMA) time to accurately determine flood risk and respond to challenges from those who can prove existing flood plain maps are inaccurate. As MHProNews has learned, Judson’s statement says, “These provisions in the insurance reform bill will prevent undue hardship on the recovering housing market, help current and future policyholders keep their premiums affordable, prevent home values from dropping, and make the National Flood Insurance Program more effective for years to come.”

(Photo credit: glenviewpatch–Sunset Village manufactured home community)

Boxer’s bill could benefit manufactured home owners

August 26th, 2011 Comments off

Barbara_Boxer,_D-CA_US_Senator_Wikimedia_commonsSBSun published an OpEd by Joan Patsky which asserts that “millions of homeowners” with non-delinquent mortgages may benefit by refinancing at historically low interest rates, if U.S. Senate Bill 170 introduced by Sen. Barbara Boxer, D-Calif., goes into effect. Patsky says “S.B. 170 is designed to assist non-delinquent borrowers in refinancing an existing Fannie Mae or Freddie Mac home mortgage by banning a high, “risk-based lender fee.” The bill requires banks to offer low interest refinance rates to a homeowner whose loan exceeds the value of the home.” Patsky states this would make refinance of existing residential or manufactured home loans easier by banning the high risk-based fee. “One owner of a manufactured home permanently attached to the land said she has been shopping to refinance, and she is also appealing the county tax assessor valuation of her property because of declining neighborhood home values. The manufactured home was purchased a few years ago at $115,000. A search of comparable neighborhood home values showed a similar home that recently sold at only $95,000. If the homeowner can refinance her existing loan at a lower interest rate, her monthly savings could be significant and soften the sting of declining home values.” U.S. SB 170 is known as the “Helping Responsible Homeowners Act.” Co-sponsored by Sen. Johnny Isakson, R-GA makes this a bi-partisan bill, one Patsky believes would benefit homeowners and the economy.

(Barbara Boxer file photo credit: Wikimedia Commons)