On the recordJuly 12, 2011
This study would not affect the underlying provisions of the bill. The priorities of the bill remain the priorities of the bill. This would just affect the situation where people find their homes uninhabitable and are looking for help. This does not have to be a government program. The GAO could recommend that it could be a private program and possibly get out of the flood insurance business altogether if it covered all perils. I would hope that we would at least study the issue to see if it is feasible. Anybody who has talked to people with Chinese drywall and find that their house is uninhabitable, they're paying their mortgage, they don't have anywhere to go, they can't afford another mortgage, and their insurance policy that they paid premiums for every month, month after month after month, doesn't cover anything. I think if you're buying insurance, it ought to insure you for unforeseen circumstances, and that is what this study would provide. I hope you would adopt the amendment. I yield back the balance of my time.
