Harvey Loan Losses Could Top Katrina's

Posted To: MND NewsWire

While Irma is battering the Florida coast and costing untold billions in damages, Black Knight Financial Services released information about the ultimate costs to the housing finance industry of Hurricane Harvey. The disaster that struck primarily in the Houston/Port Arthur/Beaumont, Texas area may affect mortgage performance more than did Hurricane Katrina in 2005. Both the magnitude of the rainfall, which hit 50 inches in some locations, and the population of the area magnified the Hurricane’s impact. The current edition of Black Knight’s Mortgage Monitor says the FEMA-designated disaster areas have over twice as many mortgaged properties as did the areas ravaged by Katrina, 1.18 million properties versus 456,000, and at $179 billion, nearly four times the unpaid principal balance. The government…(read more)

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