Tuesday, September 19, 2017

$700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas | The Daily Sheeple

$700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas | The Daily Sheeple:
"Even as the damage from Hurricanes Harvey and Irma is still being tallied, a preliminary assessment released last week by Black Knight Financial Services estimated that as many as 300,000 borrowers in the vicinity of Houston could become delinquent on their loans and 160,000 could become seriously delinquent, or more than 90 days past due.Image result for underwater mortgage
That number is roughly four times the original prediction because new disaster zones were designated and more homes flooded when officials released water from reservoirs to protect dams, according to CNBC’s Diana Olick.
In total, the number of mortgaged properties in Texas disaster zones is 1.18 million, with Black Knight adding that Houston disaster zones contain twice as many mortgaged properties than Katrina zones, with four times the unpaid principal balance.
...What about Irma?
According to a preliminary analysis by Black Knight released today, Florida FEMA-designated disaster areas related to Hurricane Irma include a whopping 3.1 million mortgaged properties.
...Combining the preliminary estimates for both Harvey and Irma suggests...$696 billion in notional mortgage values, which banks could be on the hook for if current occupiers decide to simply walk away..."
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