07/13/2011
https://congress.gov...
"The NFIP is over $24 billion in debt. The business model was flawed, and the program faced elimination."
"I think what we are trying to do is to provide not only some education as to how to mitigate against these flood zones, but also to encourage a private market to come into play so that they pool some ..."
"As I mentioned in my opening statement, I very much believe in market-based solutions for risk problems."
"The intent, of course, was to make sure that we had affordable housing, that low- to moderate-income people could have access to the American dream of homeownership."