Under water: the federal program to insure property owners against catastrophic flood losses is badly in need of a fix. The National Flood Insurance Program was flooded with claims from Katrina that forced a payout of $18 billion--an amount current premium income didn't come close to covering.(Legislative)

From: Mortgage Banking | Date: February 1, 2007| Author: | Copyright information

For the 39-year-old National Flood Insurance Program (NFIP), Hurricane Katrina turned out to be the perfect storm. [??] When Katrina ripped into the Mississippi and Louisiana coastlines in August 2005, it led to the costliest natural disaster in U.S. history. To date, Congress has approved some $125 billion in disaster relief spending to help rebuild the devastated Gulf Coast region. Of that, approximately $18 billion has gone to pay for losses in the NFIP, which was inundated with claims--particularly from New Orleans, where large sections of the city lie below sea level. [??] ...

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