Friday Five: Flood Insurance, Mortgage Deduction, and More

Is home ownership poised for dramatic change? Washington legislators are debating proposals that will affect home values, who can own a home, the cost of home ownership, and how long it’ll take to become a home owner. A lot of issues. But in just five minutes each week, we can help you keep up on this shifting landscape.

Is home ownership poised for dramatic change? Washington legislators are debating proposals that will affect home values, who can own a home, the cost of home ownership, and how long it’ll take to become a home owner. A lot of issues. But in just five minutes each week, we can help you keep up on this shifting landscape.

Here are your quick hits for the week ending Sept. 2, 2011:

Huffington Post: Flood Insurance Lapse Puts Home Owners, Housing at Risk

Thanks to heavy rainfall and flooding from Hurricane Irene, residents from North Carolina to Vermont this week are dealing with serious property damage. Luckily, many home owners are protected through the National Flood Insurance Program (NFIP). But had the hurricane hit only a month later, this week’s headlines may have been very different.

The Ridgewood News: Lapse of Flood Insurance Program Threatens Market

As the fragile housing market begins to stabilize, a crucial federal program is in jeopardy, and that could drastically affect recovery efforts. The National Flood Insurance Program is set to expire on Sept. 30 for the tenth time in two years. The program ensures access to affordable flood insurance for more than 5.6 million home and business owners in 21,000 communities nationwide.

IndyStar.com: Burton Comprehends Importance of Deduction

As lawmakers mull whether the mortgage interest deduction should be on the chopping block in order to rein in the growing federal deficit or change the federal tax code, Rep. Dan Burton (R-Ind.) should be commended for co-sponsoring House Resolution 25, which recommends that the mortgage interest deduction not be altered in any way.

Daily Finance: One Immigrant’s By-the-Numbers Path to the American Dream

The death of the American dream has been greatly exaggerated. Just ask Sofiya Cherni. Using her savings for a down payment, Cherni bought a townhouse in April 2010, taking out a mortgage for $73,000. Eighteen months later, when she had paid off 80% of the mortgage, her parents gave her a loan to finish it off.