In addition to the guidance regarding Hurricane Harvey disaster relief, the housing agencies and government-sponsored enterprises (GSEs) recently addressed the mortgage-related relief available to victims of both Hurricane Harvey and Hurricane Irma in Presidentially-declared disaster areas. Click here for a summary of these announcements.… Continue Reading
Hurricane Harvey
CFPB publishes a financial toolkit for victims of Hurricane Harvey
By Ballard CFS Group on
Posted in Hot Issues, Regulatory and Enforcement
On September 5, the Consumer Financial Protection Bureau (CFPB) published a blog post regarding what to do in the event of a natural disaster like Hurricane Harvey. The CFPB recommends that affected consumers consolidate their financial information by using a checklist and take the following steps after their most urgent needs (like food and safety) have been met:
- start the claims process by calling the insurance company;
- register for FEMA assistance;
- contact their mortgage servicer and tell them about the situation, including damage to the home;
- contact their credit card company and any other creditors to explain the situation before the next payment is due; and
- contact utility companies to suspend service if the home is too damaged to live in.
Banking Agencies Address Disaster Relief for Hurricane Harvey Victims
By Ballard CFS Group on
Posted in Hot Issues, Regulatory and Enforcement
Several federal agencies have issued reminders and requirements related to banking and credit services for borrowers affected by Hurricane Harvey. We previously reported on mortgage-related guidance issued by Fannie Mae, Freddie Mac, HUD, and VA regarding mortgage loans.
On August 26, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), and Conference of State Bank Supervisors (CSBS) issued a joint press release urging financial institutions in disaster areas to “work constructively with borrowers in communities affected by Hurricane Harvey.” … Continue Reading
HUD/VA/Fannie/Freddie address mortgage-related disaster relief for Hurricane Harvey victims
By Ballard CFS Group on
Posted in Hot Issues, Regulatory and Enforcement
U.S. Department of Housing and Urban Development (HUD)
On Monday, August 28, HUD announced that it was committed to “speed federal disaster assistance to the State of Texas and provide support to homeowners and low-income renters forced from their homes due to Hurricane Harvey.”
The following forms of relief are available to people in impacted counties (currently, Aransas, Atascosa, Austin, Bee, Bexar, Brazoria, Brazos, Caidwell, Calhoun, Cameron, Chambers, Colorado, Comal, DeWitt, Fayette, Fort Bend, Galveston, Goliad, Gonzales, Grimes, Guadalupe, Hardin, Harris, Jackson, Jasper, Jefferson, Jim Wells, Karnes, Kerr, Kleberg, Lavaca, Lee, Leon, Liberty, Live Oak, Madison, Matagorda, Montgomery, Newton, Nueces, Refugio, San Patricio, Tyler, Victoria, Walker, Waller, Washington, Wharton, Willacy and Wilson counties) (the “disaster area”):
Expedited Funds.… Continue Reading