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Lender Placed Insurance.(home improvement loans)(Hurricane Katrina effect on mortgages)(Brief Article)
Recent events have made the importance of collateral insurance all too clear for mortgage lenders. Just to give you an idea, while the full tally of damage to residential property from Hurricanes Katrina and Rita won't be known for some time, Fannie Mae recently estimated that it will take a $250 million to $550 million hit as a result of the storms. Countrywide Home Loans has indicated that it will face losses relating to Hurricane Katrina that exceed the total losses the company experienced from storms in 2004, when four hurricanes ripped across Florida.
In New Orleans alone, estimates of how many homes may have to be razed exceed 100,000 properties. That must be pretty scary to lenders that have a high concentration of loans secured by homes in the area.
Lender-placed insurance is a tricky, unsettling business that can get lenders in trouble if they don't do it right. Remember, force-placement of insurance was one of the issues that raised the ire ...
- Bear Stearns Private Label RMBS Securitizations: Preliminary Information on the...
- Press release article from: Business Wire September 29, 2005 700+ words
...YORK -- News reports detailing the devastation wrought by Hurricane Katrina across the southern US, particularly in Alabama, Louisiana...insurance coverage is capped at $250,000. EMC's lender placed insurance carrier for hazard and flood insurance are companies that...
- Hurricane Katrina: general assistance.
- Magazine article from: The Tax Adviser Gurene, Linda January 1, 2006 700+ words
Those affected by Hurricane Katrina may call the IRS at (866...112, taxpayers affected by Hurricane Katrina have until Feb. 28, 2006...Although businesses affected by Hurricane Katrina have until Feb. 28, 2006...
- Hurricane Katrina Tax Relief Enacted: Congress and President Bush acted quickly...
- Magazine article from: The Practical Accountant Wolosky, Howard W. November 1, 2005 700+ words
...IRS has announced for victims of Hurricane Katrina and Hurricane Rita, Congress has...provisions directly benefiting the Hurricane Katrina victims, liberalizing charitable...of the legislative tax relief. "Hurricane Katrina disaster area" is the area for which...
- Tubbs Jones Joins Congressional Black Caucus in Introducing Hurricane Katrina...
- Press release article from: PR Newswire November 3, 2005 700+ words
...in introducing H.R. 4197, the Hurricane Katrina Recovery, Reclamation, Restoration...reunion of families devastated by Hurricane Katrina. Earlier this year, Rep. Tubbs...gaining employment for the victims of Hurricane Katrina. Provisions from this legislation...
- Congressional Black Caucus Introduces Hurricane Katrina Relief Legislation to...
- Press release article from: PR Newswire November 3, 2005 700+ words
...today introduced HR 4197, the Hurricane Katrina Recovery, Reclamation, Restoration...reunion of families devastated by Hurricane Katrina. During the press conference, the...legislative response to the devastation of Hurricane Katrina, and to make a commitment to eradicate...
- The Weather Channel Reflects on Hurricane Katrina With Pair of Hour-Long...
- Press release article from: PR Newswire August 7, 2006 700+ words
...sobering, focus. "Storm Stories: A Hurricane Katrina Anniversary Special" tells these...the week- long commemoration of Hurricane Katrina on Sunday, August 20 at 8:00 p...years, including live reports during Hurricane Katrina from the Armed Forces Retirement...
- Hurricane Katrina: EIC and refundable child credit.(earned income credit)
- Magazine article from: The Tax Adviser Gurene, Linda January 1, 2006 700+ words
...area" is a county or parish in the Hurricane Katrina disaster area that FEMA designated as...Only for "Public Assistance" in the Hurricane Katrina Disaster Area The Hurricane Katrina-related tax relief available to individuals...
- Coast Guard: Observations on the Preparation, Response, and Recovery Missions...
- General Accounting Office Reports & Testimony August 1, 2006 700+ words
...06-903 July 31, 2006 Hurricane Katrina was one of the largest natural...mobilized to respond to the Hurricane Katrina disaster, including those...and recovery efforts for Hurricane Katrina in three mission areas...
Source: HighBeam Research, Lender Placed Insurance.(home improvement loans)(Hurricane Katrina...