The passage and implementation of this act is one of the most outrageous and unfair acts that any government representatives have ever passed.
Does anyone out there realize the long term, far reaching impact of this bill? You people living on higher ground are not going to escape the repercussions of this outrageous bill. For every piece of real estate that is deemed worthless you will pick up the tax bill for it.
The Biggert-Waters Act will totally make all waterfront property virtually worthless. Insurance rates too high to pay, people walking away and banks unable to keep up with foreclosures. It virtually makes the entire state of Florida a dead zone. This is unfair and just plain crazy.
There have been recent disasters that have been devastating but not all waterfront property is subject to this kind of devastation. It is absurd to lump it all in one big real estate chasm.
The biggest irony of the whole situation is not the lack of funds paid in but the worst management possible of the funds. So who should pay for that? All the people that live by a stream that have never had a claim. FEMA should have five billion dollars in excess if they had not wasted the money, even in the wake of all disasters. Do you all know there are hundreds of HUD trailers that they don't even know where the keys are? So now we all suffer?
I say to our lending institutions, you hold the key. My son spoke with a FEMA representative and the only people that require flood insurance are the lenders. Not the government, not FEMA, it is your bank. Please examine the homes that you hold mortgages to and see if a reasonable self insurance program could work.
I am saddened for the people that have lost their homes, I don't know what the answer is for them but I also am tired of paying for those that don't pay. If you want disaster insurance and you expect to collect then you too should pay a premium. The money I have paid and not had a claim on in fifteen years should be to fix up my house in case of disaster. I paid, I collect and I shouldn't be raped for the premiums. FEMA needs to go away.
Submitted by Virtual Newsroom