WWL>Topics>>9-5 1:10pm Spud, flood insurance

9-5 1:10pm Spud, flood insurance

Sep 5, 2013|

Spud talks to Mike Anderson from the Louisiana Mortgage Lenders Association about changes in flood insurance rates

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Automatically Generated Transcript (may not be 100% accurate)

OK you have. -- yeah I forgot to put a little crazy on the microphone MI. My -- and mortgage man show like X rays and and that's why. Spandex and more has met with a big cameras -- -- level and I have one of those. Well you should Mike Anderson is how many different titles do you have but Mike Anderson deals and mortgages he works for mortgage company but he also. What was on the head of the board and -- is on board but he testifies in Washington all the time about. Mortgages and race and all kinds of such and of course the other flood insurance problem is is a nightmare for one and all. And facilities articles here about. About the the property values and we've talked about all above flood insurance rates going down because of the bidders want her dad good dad -- -- act. And I mean the people in in the saint Charles I thought had them the best thing where they just won't Brahma their keys and -- here you go take it. Done finish which you. Take my house please you know their -- don't Henny Youngman jokes but the fact of the matter is down read an article Chad traveller who was the assessor in saint Charles parish is gone. Okay well we're reevaluate your properties terror bomb and a solution haven't started doing that yet but they're looking at it. Whether or not they're gonna devalued the book your probably so it was bad enough before. That you can't afford. The flood insurance rates are coming but now you're going to be instantly upside down in your mortgage because your house is going to be worth less than you won't want it. So the mortgage companies don't like that. And Sami what he's going to be upside down her underwater it's it's the same difference you know -- -- -- First off hi how you -- they're zealots but it's great to see how good must first -- you've been in the studio and a couple of years -- talking on the phone and I know that. Yeah -- -- industry's authority come and see where Yemen a sandwich -- you have Nawaz have a meeting about this but -- very -- Are well let's talk about the Mike Anderson in the studio will be talking about both bush. It's not just us first off let's go there hitting just Louisiana I think just saint Charles -- almost think Charles Francis taken the biggest hit early on. I mean I got articles and and people talk about plaque can disparage brief wait be a ghost town since Isaak. You know trying to come back across the board. But it. You think one of the reasons were -- and held us because we just don't have that much political stroke in Washington. But New York State is catch and all kinds Elena got all kinds of political stroke and Washington. Well taste -- but if you go back I mean after Iraq Katrina and all the storms. FEMA took like sixteen billion dollar loss I mean this whole bigger waters they call BW twelve is will they call it. This all came about because like -- downgrade had done well everything's anachronism in Washington and everything's an acronym Sotheby's got B twelve -- -- wanna call it because it was passed by congress in 2012. And waters is at a California. Bigger forgot what state she's from but I know both I've testified for both -- -- they're they're they're both nice people. But but they got this one wrong and I get a tape it's just the typical Washington -- to really bash Washington that's my job -- your job but. The unintended consequences of their acts so what is happened and I got it today here in Louisiana. We got a really applied senator bidders senator Roy -- they are leading the charge again extension on this thing. And as of about twenty minutes ago we've got a good chance of being a one year extension on this entire bigger BBW twelve. Which is good news and we have probably 75% chance of giving. And extension of grandfathered issue which is section 207. Which we should all be very concerned about but basically -- what's gonna happen because of the great losses we had with the flood insurance. They got to spread it around in Louisiana it is about 475000. People have flood insurance. And what's gonna happen the big date is October 1. From October 1 this is where mortgage companies real estate professionals were all extremely concerned. Because. -- we and -- talk and you guys don't want my property you don't want all the wrong reasons by gosh right you know you you want you want them. Right yeah that's on the yellow people money so they can have a house you don't need to house -- press we don't need the house that somebody else can't buy because they can't afford full insurance. Right exactly. But the big thing that the Louisiana homeowners have to be concerned with the first thing I wanted to tell you all these do not let your flood insurance slaps. Because if you let your flood insurance lapse at all. You forgot to mail in the payment they cancel you if you are subject to their new rates that start October 1. And some areas depending know where you are you wanna contact. Your insurance company but they just released the new rates. And in some areas I mean it's pretty drastic indeed the amount of income I mean to waste any increased. The problem that we have and especially to thank side in the real society she got a lot of homeowners out there on a fixed income. You know they're a salary of 50000 year whatever that salary is. They've got a budget. And even though in the -- They said well we're doing the right thing were -- -- the increases to a point 5% a year. Until you hit that new rate. Well in some cases a lot of people that point 5% is but put food on the table either make their mortgage payment or you don't -- So there's a lot of people are going to be affected by this and that's way -- -- and bitter and other senators across the nation. That are affected by these this this VW twelve or fight like mad to get it done. And fight like -- to get it done before this coming October the first which also is the day that the doubt Obama care can write in. So there's lots of things to keep you occupied up inside the beltway now limited -- good news the good news is we got a budget crisis right. We've got the government and ran out of money they gotta keep this on September battery good news yes that well the well this well. Have they actually have to do they have to do but I'm what I may have asked the budgets. Since then old nine notes at -- -- that bush was a crisis but here's the ability here's the good news for us for us. Is that they're trying to throw this in with that passage of the budget. And that's way congress works they throwing all these different bills in with different bills to try to get something passed so we get that extension done. That's what they're trying to do right now with that budget and. All of this is McCourt is because they need to. The flood insurance to be self sufficient. Where but I have had now set and on this program before. And I don't wanna get my friends in trouble but I've spoken to people friends of mine who used to work for -- And -- statement was I'm so glad amount of that nightmare this is a group of people. Who'll spend five dollars arguing about one dollar. So maybe. If they were little more efficient with the money base that base. Bit onion you know what I wanna strain yet. If they were more efficient with the money that they waste on nonsense and then giving people more money and demanding it back and I mean and -- maybe if they actually were. Better at what they were supposed to do. Maybe -- be more efficient. And in and as you the rates would go well but it wouldn't go up as much I mean they took -- -- -- how many times we talked about that you know want. It's like all this -- money that people -- now they're looking to go after people who spent the money on big screens -- they just took the money and ran and left their property and did nothing with an -- so now they gonna go back to them and try to hit the money. Don't give anybody money. Right -- low interest loan and make them responsible for their own stuff if I can assume in my flood insurance if I need more money. Give me a low interest disaster -- I don't have access to that disaster loan less than disaster happens. But give me the money let me rebuild my stuff from the disasters -- and I still got to pay it back -- paying him back at a lower interest. And I'm but I'm still paying my mortgage I'm still pay my flood insurance and I'm still pay him how low interest loan back right you know and maybe I'll get my lord just -- -- my house of twelve feet. So also all be in compliance and I'll get a lower rate and I want flood next -- -- maybe like -- you know fourth or fifth mortgage panel. Stuff off speed and injecting your house up there are a lot of people across this country these flood areas. Especially after hurricane sandy. Who jacked their house is so spent a 100000 dollars to Jack that house up. Based on the old rules in the -- in the old flood elevation maps now the new ones come out. And it's -- they're nine so who has who's got a hundred -- -- tell you what to do you do it and then they come back right and changed the rules on OK okay. I got to step away got people calling up to Mike Anderson is my guest in studio he is a mortgage man but he also testifies in front of congress. Clear what is this the Louisiana mortgage lenders who post here past president that the government affairs chair. Every every time you come back from the beltway news they went a little. To think someone like 78668890. -- -- -- -- money from the eighth avenue is where you send text message. -- -- get a cup of coffee would go from. -- -- -- -- -- -- -- -- -- -- -- -- 26 only 78668890. Point seven they are told through and we had a caller couldn't hang on but there's -- there's they're selling their Condo in saint Charles belongs. That was good note that they have there Mike Anderson. Mo mortgage man gunned -- and we're talking about the upcoming flood rates that end and -- October 1 is a deadline both our senators whom. By all means text or email them your encouragement. And banking for them to at least put this stuff fall for a year what has always had a chance or ever really good look at this. You know as like you and I were talking to me I don't know there are moderates gonna go to 101000 dollars a year my house didn't flow and Katrina -- highest flood -- they've ever had around here. The house and men now the neighborhood flooded there was water in the street. But -- did not get in my anybody in my neighborhood. And this is only about a block back from the train tracks were I live. Anybody who had a slam -- got water in their house anybody who had a regular -- house like they've been filled -- down here for a hundred some years. Didn't get flood and that's what I meant I'm in a house that was raised the water got under the house voted ever touched the sub floor not the but my Smart -- gonna go up to 101000 dollars a year. It could they could get a -- did you get get yourself a flood elevation certificate find out. I mean that's years that's the big fear their but he has some of these rate increases are going to be. Devastating to a lot of people out there. -- go to some -- confront us. Are constantly get trouble for Johnson -- high you know John -- and -- you know. Expect you know that they Taylor wrote that pays his stay with good intentions. Keep the government created this program you know a good idea in mind or what it was never insurance it was a page that you be free -- breath and the government would subsidize it you'll think back. And over a decade that convinced hundreds of thousands perhaps millions of people get built where they should know without at least taking on some -- Up and took decades to put this program replace. They can't wean people off of it right away any detect at least ten years or decades to wean people off a bit and get back to a true actual -- and -- actuarial insurance system. Well -- didn't then the insurance of the private insurance company said. We can't make money in flood insurance so we can't do we just out of it and the government had no option but to step in that's when I but did Mike would like John is saying. Did they come in and and -- worse I mean look I -- I live -- Metairie rich -- mean Damon live on a Metairie ridge. Since before there was -- United States of America because it's high ground. And I mean it was only because flood walls broke and they damned. Airline drive that my house flooded. That's that's that's why I got caught in that mask but it it was either -- flood my neighborhood -- somebody else's I mean somebody was gonna -- it and they decided it was going to be -- But that's not like it's not like people hadn't been living there forever. But it never was really territorial system protect you know we just stayed -- it wasn't based on any reality as far as -- -- flooding. I agree with you but look at all the other stuff that they blow money on and just waste army that you can read that article about that. Oh my god this this this whole town in Ohio is gonna fold if they close this tank plant. Which the army don't want anymore -- So why are we gonna think we're gonna keep paying for that but you're not gonna have to eat it because overnight they decided adventurer. Real tables on -- Exactly and and the problem -- and then your -- can. That's better than me you know it's important it's what assurance. A strict except -- 5000 OpenId or else because -- -- house price they pay up how the fire house payment this figure out what they can afford a month. But that's the paper 400 extra for that. That's somebody about their moral support for the house right -- rhetorical knock outs. -- -- -- Yeah exactly in fact. You would think congress should learn the lesson after the mortgage crisis -- mean look what happened with people especially California Florida Nevada and Arizona. The sub prime mortgages where they had to pay option arms and they're all the sudden at the end of two years or payments went up 400 bucks a month or 200 bucks a month. Feel so I can't afford just negate the keys back the bank in. And what's happened since he unattended consequences and you're actually right John. That the problem and would bitter and Landry were fighting so hard for look you can't just take people and say a 25% increase every single year into you hit this. Or not have this grandfather let people get prepared for this. And what we're really fearful for our industry will stay in mortgage alike are weakening -- he is the unintended consequences of this -- DW twelve. Are we gonna create another crisis and have more keys going back to the bank because values are gonna drop. And you're exactly -- 100% right but also where all these people go where the world's you can become renders well enough. Also the -- people I mean after how many highrise condos can you possibly had -- not only that. I -- make sure art form my fonts are correctly because it was coming to me as you were talking and what John is talking about you through that. What about the people in California who have like. You know. Earthquake insurance is that all privateers had slopes at times I mean are they re thinking -- when -- we've talked about all that stuff -- right. All that all that all that stuff period. Earthquake is private has not -- do with FEMA group which is how much -- that stuff. I don't know when I supply and I know John correct and -- think -- because you call your own time. -- the number one a woman number one damage to homes the United States is termites. Number two was -- -- so the natural quote natural disasters. -- termites and flawed and so earthquakes this is way down the list but when they happen they happen big. There lemons into California and throughout our lizards here is why don't live in. John I appreciate you calling got to step when do the news Dave Cohen is in our newsroom and when we get back more your calls and comments and then hero with some Mike Anderson. The mortgage man and a big 870 WWL. Thank you -- one happy birthday to Rex as your pod them. -- birthday -- have made any. Rex and Tammy in the sounds like and John Cougar Mellencamp song -- and 10 AM eight out of Miami. Just followed enough that's on file in the cord. So the thing. Mike moved over to a different microphone to get on -- more comfortable chair of -- if -- -- -- pencil -- I would go back -- that announcement whatever. It's a little -- underneath him and I think that's what controls it. Now I mean how many times you've been on a ring I yelled I couldn't do was work. From telling you wanna work. -- -- a couple of these and get back to a well homeowners and an improved position get flood insurance rebates as premium is paid annually. And one more -- Ask your -- if we eliminate area where flood insurance was not mandatory in the past. Clancy rated property should we purchase flood insurance before October 1 anyway to avoid the provable change is an increase on the insurance. Well if you if you purchase it now. And if bitterly -- are successful. On getting the grandfathered for a section for three years yes if they're not successful on your annual renewal date you'll be subject to the new rates so. You might want to call your insurance agent find out because they just released the -- I think I mean -- Nicely done and -- -- 400 books that you're going to be obligate grandfather right. Exactly you know which means you -- now you'll be forced to spend 400 bucks but I mean you can be a section that that's never you're never had to purchase flood insurance and it. But yet I keep -- going to the phones -- more about our country Jennifer your next and then Richard and Stephen Norris L. This guy happened rule Livingston parish in a new. Subdivision up down don't have that story in front of me I'm referred to before he got his own. Spoke of match I mean he got his his his surveyors and everybody out there. To show that his land was higher than FEMA said it was and so they have to come back and give him a different rate. But there instead of taken instead of them redo and everything. They're making everybody in that subdivision you're gonna have to do the same thing this guy did you gotta go get a guy I know there's only flood out until the person next doors like what my six feet going him. How -- I can't use -- -- should've paid it. I mean by -- off the you know you gotta do that and for those making money. I mean that they're trying to fill their sixteen billion dollar coffers that what all -- they are there and make -- money if they go to that whole subdivision over there. In -- and no Livingston parish and told all these people that they are that there low. And then one guy -- -- survey or to prove that they are wrong and do they not have to re look at their stuff for a or less well that's continent that are. I have truly if you go get Afflalo based certainty give you insurance company. And no base which your rate will be you know based on that elevation. -- -- significant cost to you know anywhere from 200 to 275 bucks and there's -- debt and there's half a million. -- insurance policy people -- about 475. -- should be buying stock in in the the just surveying companies that are gonna get that just from a survey I'm not say that they don't earn their money you know because I see what they do you -- -- know what you're doing. It's worth the 200 -- You know because most of the information gonna get as accurate to 400 bucks wherever it's gonna cost so I'm not saying that they don't earn their money right. But I want a piece of that pie because if half a million people got to pay between to a -- bucks a pop. I'm buying stock America's you know it's like it's found money you were asked to do it the government's making is like a tax -- governments can attack she knew 400 blocks. To go prove. Because otherwise you're gonna pay 101000 see -- handful of books they hedge your bet against the possibility of paying ten and 20000 dollars. Because somebody in California way to close the flood and comes up with -- -- idea to make this work and don't work right. And hand and let's go back to define. Jennifer hi you know Jennifer thanks for calling -- WWL. I'm -- and well I'll probably have to get there I'm and the clock -- -- my Condo in Australia and then. What I bought it in 2010 and -- right after Katrina. It appraised at one authority and now it's a -- -- early at one point. Move out that's hurt. And and what's he gonna praise for next year. Iron out. Step one in the. Well I mean here it's a Condo how far up because that is that a you know second third fourth floor mean. I can understand maybe a condos on the first floor they might wanna stick them -- what about second and third to mean those guys. It is actually tomorrow to attack because that -- Great sport I have offered at all -- Got you pocono and is -- a Condo or downhill. And OK it's a putt all right so yet which is accountable. -- Well I mean there's there's UK -- yet PD planned unit development there's addiction upon didn't end up in a Condo. I mean you -- the ground yet you're in the land underneath the content the putt. -- -- you don't. There -- little different. And yeah. Yeah that's a shame that that's. Well tell terror down your plug and put up a tent. And every time. You know we should do we should all live in one of bay goes and all these things like that you should just put in a slab -- sewer and water and electricity human a storm comes as drive what. And when a storm when the water's gone come back market looking up again and -- -- -- I mean anyway you'll be worried about all this property and destroy you just you just holes off via the slam and you're done. Can't the question I didn't have led -- -- -- now we're talking about it I didn't you Eleanor I keep my life insurance. Active Daryn that failed -- actually it's -- over the -- -- -- money. Well you can't until October 1. You know because it's been a real real common practice to assume the sellers flood insurance policy that's gonna end on October 1. I -- him and that's -- we're very concerned about I mean here in Louisiana departs the country. But you know and landed bidders trying to accomplish that would fix that where somebody could assume your policy as the grandfather and. She's so -- Sophie is she souls. And she could sell her policy with it. Correct and they were paid to -- -- actually assume that that's saying nothing right. Very common today and how would this entice school because one of the things they talk about being the the economy moving forward. Is the building a new homes how would this entice somebody to build anything done here even some you know shed your -- the front Home Depot well you -- -- builders start and Jack you know these homes in certain areas I mean they're gonna have to build up. -- all -- like Brian -- -- -- -- And I don't actually -- I don't know sort Tamika with a lot and I don't know how I'm going to be a bargain -- -- called auto parts. Again. Yet I if if I mean there's it's different with FHA in that Fannie Mae and Freddie Mac clones. On Fannie Mae Freddie Mac got two year window. Or I'm sorry a four year waiting period FHA get a two year waiting period there is some exceptions. Within FHA and short sale which I don't have -- fundamental have to look in the guideline book but there are some exceptions with that that. I mean this is your primary residence. -- They understand that some selling my primary residence on me to move into another primary residence alone in my car for two years. Who sits around and makes up these rules might do these rules and thirty drink enough coffee they drink too much -- -- Fannie Mae Freddie Mac FH FAM. You got federal government who came -- Dodd-Frank and all kinds of which you know I talked about it a million times aren't aren't making. Let's please not gone down that path from. All right Jennifer I appreciate your call good luck to reopen everything works out over everybody stuff works I don't know who's gonna got to step away again Richard Stephen. One -- your house is already grandfather Willie continue -- And here's another one I -- -- Gonzales -- milestone for grounds FEMA says I'm in a flood zone house directly across the street isn't. Explain that I pay for flood elevation is complete. You know why. Cocky doody this is the term. All right and it should all new -- duration of their no be no such thing as a slam home in the in the state Louisiana. And if that's the case should there be no such thing is news web buildings you know for everything on the first floor. Everything on the second floor everything from 1618. Feet down is not from a parking that you can pick up a move away. -- and I went back and more Mike Anderson's my guest here in the studio -- as -- -- -- up. I were back on us bush so Mike Anderson is in the studio let's get to another phone call while we can't Stevenson defeat what's going on Stephen. And save -- time -- Thank. All right Stephen -- is listen on radio and as a delay he is down in the -- what's gonna happen down there because I know they're still working on a bunch so like brief wait you know. He's there are ankle still some pay Stephen what's happening. -- -- -- not -- -- -- -- -- -- anybody can answer this question and maybe I'll stand. It would be. -- haven't trying to get outrageous sentence Katrina the diet. Not talking about being -- Garnett you know five to 101000 a year. But to happen that house were eight. Much still look at the tape that body -- if it is not legal but that's for sure it's good -- Make me about in -- money to raid the house. -- -- not have to keep. -- insurance -- house arrest but my life. So we're not gonna be -- or it. If you read it well listen you're you've got to Dorman a receive I understand it. If they Jack up your flood insurance to 101000 dollars a year and your house is only worth a 100000 dollars right now anyway in ten years you have your house paid off by paying off your flood insurance. Or maybe paying that equivalency so that's silly. If you spent a hundred grand to Jack up your house so that it won't -- an -- go five feet above whatever the flood elevation as. Then. Yes that's gonna cost you a hundred grand which are going to be paying for for the next how many years you know some UB panned. Ten grand a year for ten years to raise your house or ten grand a year. Fur fur ever if you don't raise I mean none of this stuff makes any sense because Clinton. It is needed you need to get insurance -- insurance company. And asked them if they have this new. Base flood elevation that team has put out for your area. And then ask him what would my insurance be if I was four feet above seven feet above ten feet above. In if you go to the FEMA web site. There is actually. Some helpful information -- that talks about the actual rates. If your four feet above five feet or seven or ten feet above. So that's what I'd recommend you do because if you try to do it -- build it if they haven't come out with a new flood though the base flood elevation which are still doing. You know -- for now. But if they're doing they're still doing the base flood elevations. Yes in this coming and they haven't been put on the October the first of their gonna. They are gonna force you to do some things. To follow rules that they haven't even written yet yet and these people are in charge of stuff yes let's kind of morons. -- let people like this that I tells plugs up there. No well. All right Steve and I appreciate your call but that's what you need to do is -- -- -- and when you say call your insurance company you mean your flood insurance yeah you -- insurance through your regular insurance company is not gonna deal when it but I mean should there be I mean. Like for instance I've Obama flood insurance group company. But I always talks to my insurance agents we have got money and correct yes so you need to go talk -- -- insurance agent can get but again. When you're in here tell me that come the first of October which is less than thirty days away -- -- David -- was today today's the fifth fifth. So we're talking Tony five -- point six days away in 26 days. They're gonna demand that you followed a new flood elevations that they haven't even written yet right. And they're not done they're not completely done so what's gonna happen until they themselves can't even push it back to the first of the year don't they can't themselves pushed back a year that's what congress is trying to do there. But why don't have a being discussed you cannot make me follow rules that you haven't written yet -- Hamas -- -- -- -- do you use the logic. Can do that up there you know that why these people in the beltway in charge of anything. -- think that I'm telling you that's an old small. When they built Washington. And it is sunken missile run out of their bodies McCain into that as I can get people back. Police is looking better and better every. I got to step away but I will be back for your calls and comments after the us.