Flood insurance:What’s up between Harry Reid and President Obama?

On Monday the Senate, as anticipated, voted to move ahead with the Homeowner Flood Insurance Affordability (HFIA) Act, to delay the implementation of the Biggert-Waters Act. That night came a  White House statement in support of Biggert-Waters, but on Thursday the Senate went ahead and the Bill passed on a 67-32 vote.

In his State of the Union address on Tuesday President Obama said that free-trade deals with Asia and Europe were a top priority of his second term.The next day Harry Reid (D), Senate Majority Leader said “I think everyone would be well-advised just not to push this right now”.

The fate of the HFIA  is uncertain in the House, where Speaker John Boehner (R) said two weeks ago:“While I don’t support repealing the 2012 law, we’re listening to members and the alternative ideas they are offering on this issue. There have been ongoing discussions with members, and the House may consider changes to the law in the weeks and months ahead that both help homeowners and protect taxpayers.”

So let me try to get this straight. On Monday the Senate voted to proceed with debate on the HFIA Act and on Monday night the President issued a statement in support of the original Act, but the Senate passed the Bill anyway on Thursday. On Tuesday the President talked of his desire to see free-trade deals and on Wednesday Mr.Reid said, in effect, no.

Meanwhile, the Republican House Speaker appears to be siding with the President.

I think the Polar Vortex must be affecting people in Washington.

If you are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 781.631.1223 or andrew@HarborsideRealty.com.

Andrew Oliver is a Realtor with Harborside Realty in Marblehead




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