Political Quotes

“I thank the gentleman for yielding. In an all-too-common occurrence in this Nation today, the Murphy family in Wareham, Massachusetts, has seen flood insurance premiums rise dramatically, from $500 annually in their instance to $5,000, a 10-time amount of an increase. Anthony Frangie who is a Realtor at the South Shore portion of Massachusetts has seen multiple home sales fall through specifically because the flood insurance premiums were too high. This is a real estate industry, not just in my home State, but across the country, that has been reeling as a result of the worst downturn in the housing industry in recent years that our country has ever experienced. They are beginning to come forward, sales are occurring. One of our most important industries, our housing industry is beginning to drive our economy forward, yet this is going to drive us back. The lending institutions that support this in States like Florida, where the inventory was so high, where they had houses that people walked away from because they couldn't afford and they couldn't sell themselves, now they have experienced improvement. But this is going to set them back, and it is going hurt our economy in the process, not just regionally, but nationally. Last year, the owners of Haddad's Ocean Cafe in the community I represent of Marshfield renovated their restaurant to reflect the current flood requirements, and they went further.…”