Yet another federally backed program has crowded out the private sector and is quickly becoming insolvent&hellip; again!&nbsp; The National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency FEMA), is virtually the only place homeowners can get insurance against flood damage and storm surge.&nbsp; And because its policies are priced in such a way that they undercut the private sector, it is the only place homeowners can turn for coverage.&nbsp; Damage from Katrina required a taxpayer bailout to cover the losses. and now Irene threatens to put the program in financial trouble again.<br />
Given the horrendous track record of mismanagement and failure of federally backed programs, why do people continue to look to the federal government for assistance?&nbsp; Read more at:<br />
&nbsp; <a href="http://www.msnbc.msn.com/id/44334082/ns/us_news-life/#.Tl4CjzvVtS0">www.msnbc.msn.com/id/44334082/ns/us_news-life/#.Tl4CjzvVtS0</a><br />