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$700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas

Harvey's hit to mortgages could be four times worse than predicted-and. FEMA-designated disaster areas in Houston to those in Hurricane Katrina, and the. Total unpaid mortgage balances for Irma areas are $370 billion.

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Irma’s disaster area is nearly twice the national average.” Between the two hurricanes, 4.4 million borrowers representing $705 billion in unpaid principal balance (UPB) were affected. By volume, the GSEs and Ginnie Mae have the most exposure (3.2 million loans, $466 billion in UPB), but

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Florida FEMA-designated disaster areas related to Hurricane Irma include over 3.1 million mortgaged propertiesirma-related disaster areas contain nearly thr.

Combining the preliminary estimates for both Harvey and Irma suggests that over 3.3 million total mortgaged properties are located in Irma and Harvey-related FEMA Disaster zones, while the dollar amount of total unpaid mortgage balances in these two zones is massive: between Irma’s $517 billion and Harvey’s $179 billion, the total potential damage could impact as much as a $696 billion in notional mortgage values, which banks could be on the hook for if current occupiers decide to simply.

In dollar terms, this means that there is some $517 billion in unpaid principal balances in Irma-related disaster areas, nearly three times the amount as in those related to Harvey and more than 11 times of those connected to Katrina.

– Total unpaid mortgage balances in Hurricane Harvey-related FEMA disaster areas: 9 billion – Total unpaid mortgage balances in Hurricane Katrina-related FEMA disaster areas: $46 billion Black Knight will continue to monitor the longer-term impact of Hurricanes Harvey and Irma on mortgage performance moving forward and will report as appropriate.

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Still, there are 1.18 million mortgaged properties in Harvey-related disaster areas, more than twice as many as were hit by Hurricane Katrina, with nearly four times the unpaid principal balance.

Average combined loan-to-value ratio for homeowners with mortgages in Hurricane Harvey-related disaster areas is 53 percent, holding an average of approximately $131,000 in equity per borrower Fewer than 0.5 percent of Hurricane Harvey-impacted borrowers were in negative equity positions prior to the storm; fewer than four percent have less than 10 percent equity 5.3 percent of borrowers in Hurricane.

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