New legislation to cap the amount of flood insurance lenders can require could help homeowners with small mortgages, but ultimately a solution to the dramatic increases many face due to the Federal Emergency Management Agency's new flood zone maps must come at the federal level, the Massachusetts Bankers Association said yesterday.
The legislation, filed by Attorney General Martha Coakley and House Speaker Robert DeLeo, would prohibit creditors from requiring homeowners to purchase flood insurance that exceeds the outstanding mortgage balance. That would help those with small mortgages, but not people buying a home with a traditional mortgage for about 80 percent of the purchase price, said Jon Skarin, the association's senior vice president.
"A solution to the (increases people face as a result of FEMA's new flood zone maps) really needs to come at the federal level," he said. "States don't have the ability to do much in terms of setting rates or making changes to the overall program. But anything that can push Congress in the direction of finding a solution is positive."
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