Posts Tagged ‘disaster’

Storm Damage: Auto Lenders Brace for Losses

Posted on November 08, 2017 by Laura Lam

U.S. auto lenders are starting to tally the financial damage from late-summer hurricanes that destroyed an estimated 500,000 to one million vehicles.  So far, the impact on lenders has been relatively small, since many of them are offering forbearance to car owners who are struggling to rebuild their lives. Moreover, the biggest U.S. auto lenders have less than 10% market share, so hurricane-related losses will be spread widely across the sector, hitting credit unions and the financing arms of automakers in addition to banks. Still, the industry’s eventual losses seem likely to run into the hundreds of millions of dollars…

Irma Affected More than 90% of Florida Mortgages

Posted on September 21, 2017 by Laura Lam

More than 90% of all mortgaged properties in Florida are in a FEMA-designated disaster area following Hurricane Irma, nearly three times the number impacted by Hurricane Harvey, according to Black Knight.  “While the total extent of the damage from Hurricane Irma is still being determined, it is clear that the size and scope of the disaster is immense,” said Ben Graboske, Black Knight data & analytics executive vice president. Irma significantly outpaces even the number of borrowers impacted by Hurricane Harvey.  “More than 3.1 million properties are now included in FEMA-designated Irma disaster areas, representing approximately $517 billion in unpaid…

Hurricane Aftermath: Over 25% Could Miss Mortgage Payment

Posted on September 13, 2017 by Laura Lam

Over one-quarter of all mortgages in the areas affected by Hurricane Harvey are likely to become delinquent within 4 months because of the storm, according to an analysis from Black Knight.  Approximately 300,000 mortgage borrowers will miss at least one payment on their loan because of the storm, with 160,000 not making 3 or more payments.  Black Knight modeled this estimate based on changes in the delinquency rate in Louisiana and Mississippi following Hurricane Katrina in 2005. Mortgage delinquencies in affected areas in Louisiana and Mississippi peaked at 34%, with the rate of seriously delinquent loans peaking at 16%. But there…