Mortgage Industry Information -- scroll down for other non-disaster related industry association and GSE/agency
information.
Government Agency & GSE
Response to Katrina and Rita AND TO THE GULF OIL CRISIS (2010)
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 Relief for Homeowners Affected by the Gulf Oil
Spill (6/16/10)
> 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
> News Release re Relief for Gulf Coast Borrowers Affected by Oil
Spill (6/17/10)
> For information on Freddie Mac's disaster relief
policies, see the Single-Family
Seller/Servicer Guide, Ch. 68, "Servicing Mortgages Impacted by
a Disaster." 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.
> FHLMC Special Hurricane Relief Web
page
HUD
> HUD Announces Disaster Assistance for Rhode
Island Storm Victims -- Foreclosure protection offered in four counties
(3/31/10)
> HUD's Announcement re assistance to victims of
California wildfires (10/24/07)
> HUD's Hurricane Katrina Resource Page
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.
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
> Circular 26-10-8 (6/23/10) Relief for Veteran Homeowners affected by the
Gulf Oil Crisis
More information about 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; Agents for Service of Process; "Managing Your Money in Good Times and Bad"
(FDIC Consumer News, Winter 2009); Borrower's Guide to an FDIC Insured Bank
Failure
Freddie Mac
HUD (Department of Housing and Urban
Development) For frequently asked questions, also
see http://faq.fha.gov/.
IRS (Internal Revenue
Service) -- IRS Tax Lien Relief for Homeowners
Refinancing, Selling (12/08)
SBA
(Small Business Administration)
U.S. Dept. of Agriculture, Rural
Development -- Spreadsheet with contact info for each
state of Guaranteed Rural Housing processing offices nationwide.
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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