BEFORE THE MAR 1 7 1994 SUBCOMMITTEE ON HOUSING AND URBAN AFFAIRS OF THE COMMITTEE ON DIVISION BANKING, HOUSING, AND URBAN AFFAIRS FIRST SESSION ON S. 1405 TO STRENGTHEN THE NATIONAL FLOOD INSURANCE PROGRAM AND TO SEPTEMBER 14 AND 15, 1993 Printed for the use of the Committee on Banking, Housing, and Urban Affairs 76-604 CC U.S. GOVERNMENT PRINTING OFFICE WASHINGTON: 1994 For sale by the U.S. Government Printing Office Superintendent of Documents, Congressional Sales Office, Washington, DC 20402 ISBN 0-16-043687-7 COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS DONALD W. RIEGLE, JR., Michigan, Chairman PAUL WEECH, Staff Director KRIS D. WARREN, Legislative Assistant JONATHAN KAMARCK, Republican Staff Director/Subcommittee IRA PAULL, Republican Deputy Staff Director/Counsel (II) James L. Witt, Director, Federal Emergency Management Agency Prepared statement Dr. D. James Baker, Under Secretary for Oceans and Atmosphere, National Oceanic and Atmospheric Administration, U.S. Department of Commerce Judy England-Joseph, Director of Housing and Community Development Is- sues, GAO, Washington, DC; accompanied by Don Collins, Flood Insurance Actuarial soundness of the National Flood Insurance Fund Actuarial and subsidized rate setting NFIP's financial management system Lender compliance with the mandatory insurance purchase require- NFIP's attempts to mitigate future flood damage Peggy Bowker, chairperson, National Flood Determination Association, Reno, Robert J. Engelstad, senior vice president for Mortgage and Lender Stand- ards, Federal National Mortgage Association, Washington, DC General principles underlying Fannie Mae's underwriting Current statutory requirements Views on the National Flood Insurance Reform Act of 1993 Response to written questions from Senator Mack |