11th Circ. Says Flood Insurance Regs Set Minimum Amount
By Kelly Knaub
Law360, New York (February 10, 2014, 7:11 PM EST) -- The 11th Circuit ruled Monday that a mortgage borrower could not prevail in a suit alleging Wells Fargo Bank NA required her to have more flood insurance on her home than the amount mandated by regulations governing Federal Housing Administration-guaranteed loans, saying the amount is a minimum, not an upper limit.
The three-judge panel said that — while some courts have found that a Department of Housing and Urban Development regulation requiring mortgage loan contracts guaranteed by the Federal Housing Administration to be insured against floods...