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360,000 Loans Hit by Katrina.(Brief Article)
Washington -- Some 360,000 residential mortgages could be negatively impacted by the rampage caused by Hurricane Katrina in Louisiana, Mississippi and Alabama, according to preliminary estimates made by the Mortgage Bankers Association.
"With the magnitude of the destruction people might lose jobs, jobs that might not come back for a long time," said MBA economist Doug Duncan.
Meanwhile, mortgage insurers, servicers, and investors were responding to the hurricane with a variety of forbearance initiatives.
Mr. Duncan cautioned that MBA's estimate is preliminary and that some neighborhoods affected by the storm might be on higher ground, thus avoiding some of the flooding damage occurring when the levees broke in New Orleans last Tuesday.
"It's a rough estimate (on the number of ...
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Source: HighBeam Research, 360,000 Loans Hit by Katrina.(Brief Article)