Congressional recess causes headaches

High and dry: Everything’s better now, but area banks, Realtors and insurance agents were left in a lurch when the National Flood Insurance Program expired Sunday, barring consumers from buying or renewing policies required for many mortgages in these parts.

“If you had a loan closing on Monday, you were instructed that flood insurance wasn’t available,” Vic Pierson, president of island-based Moody National Bank, said.

“It caused a stir. A lot of people in the industry were anxious about how to take care of their customers.”

The Office of Thrift Supervision, the primary regulator of thrifts, this week eased the problem by issuing guidelines that allow lenders to continue making loans without requiring flood insurance.

Regulators advised banks to have a system in place to ensure policies are obtained as soon as possible for properties requiring coverage.

Lawmakers are expected to renew the program when they return from their break April 12. Banks again are closing loans.

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