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<a href="http://www.accessmylibrary.com/coms2/summary_0286-23030542_ITM" title="Facts and information about Hazard Insurance.(Brief Article)">Hazard Insurance.(Brief Article)</a>
Hazard Insurance.(Brief Article)
Mortgage Servicing News
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May 01, 2003 |
COPYRIGHT 2003 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright
Spring is the peak time for flood risk in much of America, and for that reason a lot of attention has been focused on flood risk recently. Fortunately, we haven't seen the kind of widespread flooding that has created national disaster areas in some previous years - at least not yet. Hopefully, the next time widespread flooding does hit, lenders will find their collateral better protected than before. The federal government and entities such as Fannie Mae and Freddie Mac have stepped up efforts to make sure homeowners obtain federally insured flood insurance as a condition for getting a mortgage loan. But floods aren't the only peril that lenders need to worry about.
In fact, there are a host of threats that could diminish the value of a lender's collateral, on either residential or commercial mortgage loans. Windstorms, fires and earthquakes are among the perils lenders most often seek protection against. Unfortunately, terrorism has been added to the mix as well in the aftermath of 9/11. The ...
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Source: HighBeam Research, Hazard Insurance.(Brief Article)