EDITORIAL: Congress’ ‘ridiculous’ NFIP situation has real-world consequences for many in Louisiana
Yet the old debates persist, and in a political environment of conflict, it's difficult to find the path toward a permanent resolution of a problem that is old as Hurricane Betsy more than 50 years ago. Insurers fled the market, and the government had to step in after such heavy losses in the
For years, though, NFIP was actually on good financial ground, but then hurricanes Katrina and Rita in 2005 put it into the red.
Now, an abstract debate over whether private-sector insurers will engage in the high-risk lending in floodplains has real-world consequences for many in
We commend our delegation in
But just because NFIP is a government program doesn't mean that, in a business sense, it can be run on short-term extensions over and over again. Commerce requires more certainty than that, particularly in the real estate markets. It is truly ridiculous to allow legislative gridlock to turn an insurance program into a near-death experience for lenders and customers so frequently.
The goal of
Also, as illustrated by bitter debates in
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