On the recordJanuary 8, 2014
I hold in my hand here a report, a statement from the National Association of Realtors. Now, a moment ago I quoted realtors being at a closing and lawyers being at a closing and banks being at a closing, small banks. These people are informing me they never were told about these increases. I want to read a small section here from their statement dated November 19, 2013. There is a subtitle of, Home buyers were not warned. I quote: Because FEMA delayed, then retroactively applied, the purchase provisions in section 205, many home buyers, specifically, those who bought between the enactment of Biggert-Waters and March 12 of 2013, were not warned of rate increases before purchasing their properties. Flood insurance policies were not labeled as subsidies. It is not their fault. Mr. Speaker, at this time it gives me pleasure to yield to the gentleman from Louisiana, Congressman Cassidy.
Source
govinfo.gov
