GSEs Outline Available Hurricane Ida Relief
Both Fannie Mae and Freddie Mac (the GSEs) have told their borrowers and mortgage servicers that they are offering immediate relief options to those affected by Hurricane Ida. The assistance is available to homeowners financed by either GSE whose homes or places of employment located in presidentially-declared Major Disaster Areas. These are localities where federal individual-assistance programs are available to affected individuals and households. Those areas are currently on the Gulf Coast, but it appears likely there will be flooding along Ida’s path into other Southern and mid-Atlantic states. On Friday, while forecasts did not fully anticipate the storm’s ultimate strength, CoreLogic, which provides data to the insurance as well as the mortgage industry, sent out the following. “CoreLogic data indicates Hurricane Ida threatens 941,392 homes across Louisiana, Alabama, and Mississippi with over $220 billion in reconstruction cost value, based on the August 27 afternoon forecast’s cone of uncertainty. Louisiana alone has 800,349 homes at risk with a reconstruction cost value of $192.65B.
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