At this moment, nobody has flood insurance

Given that Congress is still screwing around with other things, the National Flood Insurance Program isn't funded yet. I haven't seen anything correcting any of this, and you'd think that FEMA would make it prominent if indeed it's been fixed in June.

Hey, Big Deal time -- for those of us with June flood insurance premiums, Congress has still not approved or funded flood insurance as of 5/31. So there is NO flood insurance right now.

I may be reading it wrong, so don't take MY word for it:
http://www.fema.gov/pdf/nfip/w_10063.pdf

The NFIP homepage is here:
http://www.fema.gov/business/nfip/

Turns out it applies to EVERYONE.

Congress has time for everything EXCEPT real business at the beginning of hurricane season. This is unreal, like something out of a Roger Corman movie, only this time CONGRESS is the buncha zombies.

Hey, some folks may be in technical DEFAULT on their mortgages over this.

Yep, if your loan requires flood insurance, as so many do, you could be in default. In fact, any mortgage-backed securities based on loans with flood insurance just got riskier too. But since those are all FNMA- or FHLMC-based, nobody cares; we're going to bail all those out anyhow.

Props to My Lovely Wife (or Dr. Melissa Williams) for pointing this out. I thought she was kidding. She wasn't. This is just too much.

UPDATE:

Ilyce Glink, Chicagoland real estate guru extraordinaire, THE Glink of ThinkGlink, has a post on this from 5/28. No updates in sight, either.

SECOND UPDATE:
From Insurance Journal on 6/16/10. Wow, just wow.

Another Update:
Turns out this has been in the HouChron at least once. Forgive me for missing it, but I've never considered the Chron a real newspaper.