Harvey and Irma – Different Storms, Different Potential for Mortgage Losses

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Posted To: MND NewsWire

Even though Hurricane Harvey didn’t hit the Houston area until very late in August, its effects are already being felt on mortgage performance. Black Knight’s Mortgage Monitor for August, released on Monday, reports that, in the Federal Emergency Management Agency (FEMA) disaster designated counties, delinquencies were at close to a 17-year low before the storm, but spiked 16 percent in August, taking the rate to a 3.5 year high. Loans that were 30 days past due were up 19 percent and those 60-days or more were up 12 percent. Whether attributable to Harvey or not, the national rate jumped 0.72 percent to 3.93 percent. Breaking the numbers down further, there were over 6,700 new 30-day delinquencies that could be attributed directly to the storm while another 1,000 borrowers who were already…(read more)

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