Flood insurance mandates may finally become a reality - possibly as soon as July - now that the House has passed a sanitized version of Rep. Joseph Kennedy's industry-maligned flood insurance bill. But despite Kennedy's concessions, House and industry sources expect still more changes before it becomes law.

The house legislation now closely resembles the legislation passed by the Senate March 16. The Senate version of the flood bill, authored by Sen. John Kerry, D-Mass., was passed as part of the Community Development Banking and Financial Institutions Act.

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