While many applaud the Flood Insurance Market Parity and Modernization Act that passed the House unanimously late last month, one mortgage group says the bill could cause problems for Fannie Mae and Freddie Mac. Currently, homeowners can only get coverage from the National Flood Insurance Program. The bill, H.R. 2901, expands flood insurance options by including private flood insurance, and requires the GSEs to accept any private flood insurance company a borrower chooses, as long as the company is financially sound. It also lifts certain federal restrictions placed on insurance companies and gives states more flexibility to license and regulate private flood insurance. Rep. Dennis Ross, R-FL, who co-sponsored H.R. 2901 with Rep. Patrick Murphy, D-FL, said the...