House Majority Leader Eric Cantor, R-Va., said Wednesday the House plans to take up a "modified version" of the Biggert-Waters reform bill that passed the Senate in January.

Though details are murky, sources told's Bruce Alpert the modified bill might do away with language pertaining to grandfathered insurance policies, change a system that increased actuarial rates, and limit increases for properties purchased before the National Flood Insurance Program was enacted to five to 15 percent.

The legislation could make a formal appearance as early as next week.