Lenders seek insurance measure
U.S. lenders that provide money for commercial real estate and apartment buildings want Congress to reenact a 2002 measure that aimed to increase the availability of terrorism insurance, according to a survey by the Mortgage Bankers Assn.
The 29 of 40 largest commercial and multifamily mortgage banking firms that responded to the survey said failure to renew the Terrorism Risk Insurance Act of 2002, which expires Dec. 31, 2005, would hurt the real estate market.
The act, signed into law by President Bush in November 2002, required insurance companies to make terrorism-risk coverage available to their policyholders.
The law mandated that the U.S. Treasury Department provide terrorism reinsurance to cover providers.
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