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Hurricanes Katrina and Rita have caused unprecedented damage to property in Louisiana, Mississippi, Alabama, and Texas. Mortgage companies face a number of challenges to assist borrowers who have been impacted by the hurricanes. To address these challenges, MBA devised legislative and regulatory proposals aimed at providing emergency and long-term relief for renters and commercial/multifamily property owners, homeowners and mortgage companies. MBA also provided input to Mississippi and Louisiana officials in the formulation and execution of their homeowner grant programs.
MBA estimates that as many as 528,000 residential mortgages may have been impacted by hurricanes Katrina and Rita, either due to direct damage to properties or indirect economic impact.
Congress has appropriated billions of dollars to assist the affected states with their recovery. MBA continues to work with Congress, Mississippi and Louisiana, federal agencies, Fannie Mae, Freddie Mac and other financial services trade groups on how best to respond to the problems caused by hurricanes Katrina and Rita.
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