Lenders’ Disaster Toolkits Need an Update

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Posted To: MND NewsWire

The costs of the recent hurricanes that struck in August and September are coming home to roost. The first two in the recent rolling series are, in fact are largely blamed for the first job loss in 80 months, a 33,000 deficit in September. Last week we reported a Black Knight Financial Services’ estimate that lenders had $705 billion in unpaid principal balances exposed to risk from Hurricanes Harvey and Irma which caused massive destruction in Texas (and to a lesser extent Louisiana) and Florida (and Georgia) respectively. Not yet plugged into the accounting is the near total devastation in Puerto Rico and the U.S. Virgin Island from Irma and Maria and the still unfolding story of damage from Hurricane Nathan that came ashore last weekend. The Urban Institute (UI), in an article in its Urban…(read more)

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