Dear Congressman Hensarling,
constituent from [state], I strongly urge you to allow the
postponement to the Biggert-Waters Act be voted on by the full
House of Representatives and, if approved, the Senate of the
United States. We are not against reform. But we strongly feel that this Act needs to be postponed so the economic
impact, and possible revisions, can be properly studied. This
Act affects too many people throughout the country to be
left enacted without using proper due diligence to determine
its far-reaching impact.
The Biggert-Waters Act is having unintended
repercussions that are adversely affecting many economies
throughout the country, some worse than others. The chilling
effect on these economies will trickle throughout. Not only
will homeowners be affected by this Act, but so will many
professions - directly and indirectly.
The housing market has always been a strong barometer of
the economic health of our country, and it has always lifted us
out of recessions. This last downturn was no different. We
are just now gaining strength in our economy, only to have
this Act cause a scare in many real estate markets. And this
Act not only affects housing in the markets where flood
insurance is required, it affects other markets as well.
People in the north, who may have otherwise planned to sell
their home to move to another region, such as Florida,
Texas, or California, will reconsider. As a result, this
also reduces housing sales in those northern markets. This
domino effect will impact housing markets throughout many
parts of the country.
The fallout of this Act will be long-term if changes are
not made immediately. Many people will lose their homes
because they cannot afford to pay the exorbitant insurance
fees. The banks will see a rise in foreclosures that they
will be unable to sell. Even cash buyers will shy away from
these properties because they won't be able to sell them
down the road. The average working family cannot qualify for
a loan on one of these homes with the price of flood
insurance making it unaffordable.
Please do not be misled into believing that only the
wealthy who own waterfront properties are mainly the ones impacted
by this Act. In fact, those people are less likely to be
affected. Their homes are generally newer than 1975 and
already conform to the higher FEMA standards. It is the
average working family who will suffer the most from this
I, along with many others, strongly urge you to move this bipartisan bill forward to provide relief to the
hundreds of thousands of working families that are caught up in
the unintended consequences of the Biggert-Waters Act.