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Mortgage Industry Information -- scroll down for other non-disaster related industry association and GSE/agency information.

HURRICANE IKE -- VA INFORMATION
The following is a link to VA's website that contains information on VA's policy on natural disasters, which is of special interest in the wake of Hurricane Ike. The link describes actions to take on new VA loan originations, and VA's policy of requesting the extension of every possible forbearance to all existing VA loan borrowers affected by this disaster. VA also requests a 90-day moratorium on the initiation of new foreclosures in the affected areas. The policy states that VA considers such forbearance as requested by VA, and eligible for the payment of interest beyond the normal termination time frames if the borrower is unable to reinstate the loan during that extended forbearance, and a claim is eventually necessary.
http://www.homeloans.va.gov/docs/va_policy_regarding_natural_disasters.pdf

HURRICANE IKE -- HUD NEWS RELEASE (9/15/08)
http://www.hud.gov/news/release.cfm?content=pr08-138.cfm

REMINDER FROM HUD (9/4/08) -- To FHA servicers on Disaster Servicing
This is a reminder to all FHA insured loan servicers, a Presidential Major Disaster Declaration put into motion federal recovery programs designed to help victims of hurricanes, earthquakes, floods, tornado, other severe weather or major fires, which the President determines warrants supplemental federal aid. When the President declares a disaster, certain mortgage servicing actions are triggered; mortgagees should refer to HUD Handbook 4330.1 rev 5 for further guidance. The mortgagee must check with the Federal Emergency Management Agency (FEMA) to obtain the specific affected counties and corresponding declaration dates. This information can be found on the Internet at: http://www.fema.gov/disasters or by calling the local FEMA office.

As a reminder, the Department of Housing and Urban Development (HUD) requires a 90-day moratorium on all foreclosure actions on properties directly affected by Presidentially-declared disasters. The initial moratorium applies to not only new foreclosure initiations, but for all foreclosures in process and has historically applied for both areas declared by FEMA for individual assistance and/or for a public assistance declaration. HUD has provided this guidance in paragraph 14-2 of HUD Handbook, 4330.1 rev. 5, Administration of Insured Home Mortgages, and has repeated it in numerous mortgagee letters. It is also referenced on the following HUD website: http://www.hud.gov/offices/hsg/sfh/nsc/disaster.cfm.

PRESS RELEASE FROM HUD (9/3/08)
WASHINGTON - U.S. Housing and Urban Development Secretary Steve Preston today announced a foreclosure moratorium in 34 parishes throughout Southern and Central Louisiana and offered support to homeowners and low-income renters forced from their homes following Hurricane Gustav. This foreclosure relief will help families living in presidentially declared disaster areas whose damaged homes are insured through the Federal Housing Administration (FHA).

[On Sept. 2], President Bush issued a disaster declaration throughout Louisiana including Acadia, Allen, Ascension, Assumption, Avoyelles,
Beauregard, Cameron, East Baton Rouge, East Feliciana, Evangeline, Iberia, Iberville, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Orleans, Plaquemines, Pointe Coupee, Rapides, Sabine, St. Bernard, St. Charles, St. James, St. John the Baptist, St. Landry, St. Martin, St. Mary, Terrebonne, Vermilion, Vernon, West Baton Rouge, and West Feliciana Parishes.

"Today, we are suspending FHA foreclosure activities throughout Louisiana's hardest hit parishes," said Preston. "This foreclosure moratorium will give families the time they need to figure out how to begin the recovery process without having to worry about the prospect of being put out of their homes."

In certain storm and flooded ravaged parishes, HUD is granting a 
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/01-7ml.doc 90-day moratorium on foreclosures of mortgages insured by the FHA. In addition, HUD is strongly recommending that loan servicers take such actions as special forbearance, loan modification, refinancing, and waiver of late charges.

A presidential disaster declaration also triggers
http://www.fema.gov/assistance/index.shtm a variety of federal assistance including grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses, and other programs to help individuals and
business owners recover from the effects of the disaster.

With President Bush's disaster declaration, HUD will:

http://www.hud.gov/offices/cpd/communitydevelopment/programs/dri/factsheetcfm: Offer states the ability to re-allocate existing federal resources toward disaster relief - HUD's Community Development Block Grant (CDBG) and HOME programs give the State the flexibility to redirect millions of dollars to address critical needs, including housing and services for tornado victims. HUD will contact State and local officials to explore their needs for streamlining the Department's CDBG and HOME programs in order to expedite the repair and replacement of damaged housing;

http://www.hud.gov/offices/hsg/sfh/ins/203h-dft.cfm: Make mortgage insurance available - HUD's Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers are eligible for 100 percent financing, including closing costs;

http://www.hud.gov/offices/hsg/sfh/203k/203k--df.cfm: Make insurance available for both mortgages and home rehabilitation - HUD's
Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home; and

http://www.hud.gov/offices/cpd/communitydevelopment/programs/108/index.cfm: Offer Section 108 loan guarantee assistance - HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure.

As families return to their neighborhoods in the wake of Hurricane Gustav, HUD staff will be ready to help offer critical housing information through HUD's National Housing Locator System (NHLS). This web-based locator combines vacant sales and rental housing data from federal housing resources and three widely used commercial apartment locators. Currently, there are more than 69,000 homes and apartments available in Louisiana, Texas, Mississippi, Alabama, Georgia and Florida.

HURRICANE GUSTAV -- EXECUTIVE ORDER SUSPENDING LEGAL DEADLINES IN LOUISIANA
An Executive Order suspending all legal and administrative deadlines throughout the state of Louisiana was signed by Governor Jindal. The Order is retroactive from August 29 through Friday, Sept. 12.  Some sheriff's offices in the state have taken the position that it suspends the time within which to oppose judicial (foreclosure) sales throughout the state and, therefore, sheriff sales are being cancelled on Wed., Sept. 10, in many parishes (Foreclosure sales are every Wednesday in Louisiana in all parishes, except Orleans where they are on Thursday) by many sheriffs around the state.  Not all sheriffs are cancelling sales at this time, but they may change their mind.  The full import of this Order is not known or whether it is entirely legal for the Governor to do so. After Hurricane Katrina, Governor Blanco signed a similar order but the legislature, in a special session, made such order the law. There is no session planned for the aftermath of Gustav.

Government Agency & GSE Response to Katrina and Rita AND TO THE CALIFORNIA WILDFIRES (10/07)

Louisiana and the City of New Orleans
>Louisiana Recovery Authority
>Irons v. US Bank, Inc., No. 2007-CA-0570 (La. Ct. App., 4th Cir.): Decision re borrower's attorneys' fees lien on hazard insurance proceeds. (8/14/07)
>
Louisiana's Road Home: Info re remittances from disbursement accounts of funds not used to record formerly-required Certificates of Final Disbursement (5/15/07); Fact Sheet re Changes in Covenants and Grant Agreements (4/20/07); Required language in letters re disbursement account releases (4/18/07); Homeownership Assistance Program Lender Memorandum of Understanding (11/16/06); Policy Amendments (April 2007)
>Louisiana HB 1289/Act No. 739: re time within which certain insurance claims must be filed. Has been signed by the governor. NOTE: On 7/10/06, Louisiana Attorney General filed a petition for declaratory judgment in the 19th Judicial District Court in Baton Rouge concerning this legislation.
>Louisiana HB 1302/Act No. 802  : re Hurricanes Katrina and Rita insurance claims. Has been signed by the governor. NOTE: On 7/10/06, Louisiana Attorney General filed a petition for declaratory judgment in the 19th Judicial District Court in Baton Rouge concerning this legislation.
>LA Dept. of Insurance Advisory Letter 06-04: re extending ins. claim filing deadlines (6/5/06).
House Bill 602 re prepayment penalties for consumer credit transactions & residential mortgage loans. 
> News re deadline to repair & secure property by 8/29/06: St. Bernard Parish
> Act 21, effective 4/1/06 requires settlement payments on claims arising under homeowners' insurance be placed in interest-earning escrow accounts.
> House Bill 15 would establish penalties for mortgage holders who fail to remit insurance settlement payments in excess of debt to the mortgagor.
> House Bill 7 introduced 2/6/06, would prohibit mortgage holder from keeping more of the settlement proceeds from an insurance claim than are necessary to pay unpaid loan balance when settlement payment is made jointly to mortgage holder and mortgagor.
> Louisiana Recovery website: http://louisianaspeaks.org
> New Orleans City website offers info re demolition process, answers to FAQs re demolition, etc. Also see City of New Orleans Imminent Health Threat Ordinance Fact Sheet (March 20, 2007).
> Per Orleans Parish county clerk, address all mail to: Orleans Parish Recorder of Mortgages, 421 Loyola Ave., New Orleans, LA 70112
> U.S. BK Court, E. District of LA (New Orleans) -- Procedure for Secured Creditors re Receipt of Ins. Proceeds

Mississippi
Mississippi Development Authority
eNewsletter from the Governor's Office of Recovery and Renewal (2/13/07) addresses MS Alternative Housing Program, Temporary Housing Program Extension, Homeowner Grant Program, New Director of Office of Recovery and Renewal, Mortgage Revenue Bond Program, and Public Housing Funding.

Fannie Mae
>News Release re California wildfires (dated 10/25/07)
>
FNMA Hurricane Relief Web page


FEMA
> National Flood Insurance Program www.floodsmart.gov.
> List of Federal Disaster Declarations with related information.

Freddie Mac
> Reminder dated 10/24/07 for servicers doing business in areas affected by California wildfires: Review Freddie Mac's disaster relief policies and guidance for delivering properties in impacted areas. Freddie Mac's disaster relief solutions include: short-term suspension of collection, foreclosure, and eviction proceedings for up to 12 months from the date a disaster strikes; not assessing late charges or reporting to credit repositories for borrowers on forbearance or repayment plans; and monitoring and coordinating the insurance claim process. If servicers have a unique situation that warrants special relief consideration, they should contact (800) FREDDIE or their Freddie Mac Servicing Representative. Note: Freddie Mac has extended mortgage relief options to all National Guard members, firefighters, police, or other first respondents involved in California wildfire response efforts.

>FHLMC Special Hurricane Relief Web page 

HUD
>HUD's Announcement re assistance to victims of California wildfires (dated 10/24/07)
>HUD's Hurricane Katrina Resource Page

USDA - Rural Development
> Relief to Borrowers Affected by the Florida Tornados of February 2, 2007 (See Letter dated 2/8/07
USDA Rural Development Disaster Web page with links to USDA Hurricane Katrina Resources 

VA
> VA Loan Guaranty Policy Regarding Natural Disasters (VA guidance for lenders and servicers concerning VA policy on the recent California wildfires, circulated 10/23/07). Due to the extent of the devastation caused by the wildfires, VA encourages servicers to consider additional measures to assist veteran borrowers, such as suspending reporting delinquent loans in the areas, and waiving collection of late charges on loans in the disaster areas. More information about the disaster areas can be found at the FEMA website: www.fema.gov.

Further Hurricane Katrina Resources Relevant to the Industry
> Leonard v. Nationwide Mutual Insurance Company, Civil Action No. 1:05CV475 LTS-RHW, Memorandum Opinion (S.D. Miss. Aug. 15, 2006). Court addressed cause and extent of damage, and whether Nationwide is legally obligated to reimburse the plaintiffs for any or all of damage.
> Flood Insurance Reform and Modernization Act of 2006 (FIRM), HR 4973
>
 Hurricanes Katrina & Rita Flood Insurance Buy-in Act of 2005, HR 3922

> Questions re local U.S. Trustee's Office: www.usdoj.gov/ust/r05. New Orleans Ch. 13 cases: see website for Ch. 13 trustee S.J. Beaulieu, Jr.
> FEMA Hurricane Katrina ins. coverage issues: Americans for Insurance Reform report on Insurance Industry's Failed Response to Hurricane Katrina, with recommendations (1/11/06).

USFN Articles
Close-up View of Hurricane Katrina: the Impact on Mississippi Foreclosures (Winter '06 USFN Report)
Hurricanes Katrina and Rita -- Legal Deadlines Extended in Louisiana (Nov/Dec '05 e-Update) 

_____________________
Industry Associations

Mortgage Bankers Association of America -- MBA's Housing and Economic Recovery Act of 2008 Resource Center
Commercial Law League of America
American Bankruptcy Institute
MERS - Mortgage Electronic Registration System -- Also see MERS Servicer Identification System (a fast, free way of identifying the servicer of a mortgage loan registered on the MERS® System).

Industry News Resources

Adfinet
AllRegs
National Mortgage News
Mortgage Servicing News
Daily Bankruptcy News

Agencies/GSEs

Fannie Mae
FDIC (Federal Deposit Insurance Corporation)  -- Other online resources: FDIC: Insuring Your Deposit and Agents for Service of Process
Freddie Mac
HUD (Department of Housing and Urban Development)  For frequently asked questions, also see http://faq.fha.gov/.
IRS (Internal Revenue Service)
SBA (Small Business Administration)
US Dept. of Agriculture, Rural Development
VA (Department of Veterans Affairs) -- Also see VALERI (VA Loan Electronic Reporting Interface)

Real Estate Information

RealtyGuide International
Realtor.com
Appraisal Institute
Mortgage Rates

     
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