New Orleans Standard Mortgage Exec Testifies About Private Flood Insurance Marketplace At Congressional Subcommittee
NEW ORLEANS — New Orleans-based Standard Mortgage Corporation’s Executive Vice President Steve Bradshaw testified today to the U.S. House of Representative Financial Services Subcommittee on Housing and Insurance’s hearing entitled “How to Create a More Robust and Private Flood Insurance Marketplace.” Bradshaw appeared on behalf of the Mortgage Bankers Association.
The hearing examined the National Flood Insurance Program (NFIP) and legislative concepts, which will facilitate the creation of a competitive private flood insurance market to compliment the NFIP. They also reviewed the current government flood insurance model, technological changes that could improve the NFIP and the private sector development of a private flood insurance market that compliments the current NFIP model.
Bradshaw discussed whether the NFIP program represents an ideal model for the effective protection of residential and commercial property owners from damages related to flooding, why the insurance industry has not underwritten private policies in large quantities since the NFIP was created and opportunities for a greater private market role in providing an innovative, competitive and sustainable flood insurance market.
The hearing was held at 9:15 a.m. in room 2128 of the Rayburn House Office Building in Washington, D.C.
Founded in 1925 and owned and operated by the Bright Family since 1964, Standard Mortgage originates and services mortgage loans secured by residential properties. The company has established relationships with credible investors, including Fannie Mae, Freddie Mac, FHA and other capital sources.