Godlike Productions - Discussion Forum
Users Online Now: 1,806 (Who's On?)Visitors Today: 670,166
Pageviews Today: 1,074,334Threads Today: 329Posts Today: 5,719
11:03 AM


Rate this Thread

Absolute BS Crap Reasonable Nice Amazing
 

$700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas

 
HO LEE FUK
User ID: 73825706
United States
09/18/2017 07:40 PM
Report Abusive Post
Report Copyright Violation
$700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
[link to www.zerohedge.com]

Even as the damage from Hurricanes Harvey and Irma is still being tallied, a preliminary assessment released last week by Black Knight Financial Services estimated that as many as 300,000 borrowers in the vicinity of Houston could become delinquent on their loans and 160,000 could become seriously delinquent, or more than 90 days past due.

That number is roughly four times the original prediction because new disaster zones were designated and more homes flooded when officials released water from reservoirs to protect dams, according to CNBC's Diana Olick. In total, the number of mortgaged properties in Texas disaster zones is 1.18 million, with Black Knight adding that Houston disaster zones contain twice as many mortgaged properties than Katrina zones, with four times the unpaid principal balance.

Putting the Harvey damange in context, after Hurricane Katrina mortgage delinquencies in Louisiana and Mississippi disaster areas spiked by 25%. The same could happen in Houston, as borrowers without flood insurance weigh their options and decide to walk away from the property. While they will get some federal relief, if rebuilding would cost more than the principal in their homes, they could decide to walk away according to Olick.

What about Irma?

According to a preliminary analysis by Black Knight released today, Florida FEMA-designated disaster areas related to Hurricane Irma include a whopping 3.1 million mortgaged properties. As Black Knight's EVP Ben Graboske explained, both the number of mortgages and the unpaid principal balances of those mortgages in FEMA-designated Irma disaster areas are significantly larger than in the areas impacted recently by Hurricane Harvey.


“While the total extent of the damage from Hurricane Irma is still being determined, it is clear that the size and scope of the disaster is immense,” said Graboske.

“Indeed, in terms of the number of mortgaged properties and their associated unpaid principal balances, Irma significantly outpaces even the number of borrowers impacted by Hurricane Harvey. With FEMA expanding the number of Irma-related designated disaster areas late Wednesday, Sept. 13, to a total of 37 Florida counties, more than 90 percent of all mortgaged properties in the state now fall into such areas. More than 3.1 million properties are now included in FEMA-designated Irma disaster areas, representing approximately $517 billion in unpaid principal balances. In comparison, Harvey-related disaster areas held 1.18 million properties – more than twice as many as with Hurricane Katrina in 2005 – with a combined unpaid principal balance of $179 billion. Irma-related disaster areas now contain nearly seven times as many mortgaged properties as those connected to Katrina, with more than 11 times the principal balances.

Combining the preliminary estimates for both Harvey and Irma suggests that over 3.3 million total mortgaged properties are located in Irma and Harvey-related FEMA Disaster zones, while the dollar amount of total unpaid mortgage balances in these two zones is massive: between Irma's $517 billion and Harvey's $179 billion, the total potential damage could impact as much as a $696 billion in notional mortgage values, which banks could be on the hook for if current occupiers decide to simply walk away.

Based on back of the envelope analyses by Black Knight, an extrapolation of the Katrina damage would suggest that Florida could suffer as much as 750,000 mortgage delinquencies as a result of Hurricane Irma.

Last Edited by Account Deleted by User on 09/18/2017 09:22 PM
MissCleo

User ID: 73977055
United States
09/18/2017 07:43 PM

Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
wow.
good math. bad situation.
Anonymous Coward
User ID: 61519587
United States
09/18/2017 07:45 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
wow.
good math. bad situation.
 Quoting: MissCleo


Smell like a bail out for Rothschild
HO LEE FUK (OP)
User ID: 73825706
United States
09/18/2017 07:47 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
IF U STOP PAYING WILL U GET REPORTED TO EQUIFAX ????????drevil
Anonymous Coward
User ID: 75285167
United States
09/18/2017 07:48 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
I have a great idea, instead of helping them, lets build a useless wall all along our southern border!

Unless them rascals are smart enough to use a ladder, we will be totally safe!
Anonymous Coward
User ID: 72170887
United States
09/18/2017 07:50 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
Yea I saw this earlier....the start of the next recession?
Hmmmmmmmm.................spock
mr jenzie

User ID: 75537240
United Kingdom
09/18/2017 07:55 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
and of course the mortgage companies and banks are totally generous by stopping them, until they have another house then .....
Anonymous Coward
User ID: 61519587
United States
09/18/2017 07:58 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
and of course the mortgage companies and banks are totally generous by stopping them, until they have another house then .....
 Quoting: mr jenzie


Too big to fail gdub
Anonymous Coward
User ID: 75279638
Ireland
09/18/2017 08:13 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
and of course the mortgage companies and banks are totally generous by stopping them, until they have another house then .....
 Quoting: mr jenzie


Too big to fail gdub
 Quoting: Anonymous Coward 61519587


Sadly true.
Carnac

User ID: 69151933
United States
09/18/2017 08:20 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
IF U STOP PAYING WILL U GET REPORTED TO EQUIFAX ????????drevil
 Quoting: HO LEE FUK 73825706


We will ALL find out if they do. ;-)
Have a nice day = GFY. GFY = Go Fuck Yourself. If this offends you then have a nice day.
WhiteAngel
also known at WA

User ID: 13752844
United States
09/18/2017 08:20 PM

Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
And here comes Maria
Isaiah 5:20 KJV
Woe unto them that call evil good, and good evil; that put darkness for light, and light for darkness; that put bitter for sweet, and sweet for bitter!
Thread: Being Prepared - Updated Basic Food List On Page One
Anonymous Coward
User ID: 56473082
United States
09/18/2017 08:21 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
But who in their right mind is going to pay a mortgage bill at the beginning of the month ON A HOME THAT HAS SEVERE WATER DAMAGE or MAY BE A TOTAL LOSS?

Make no sense!!!!
HO LEE FUK (OP)
User ID: 73825706
United States
09/18/2017 08:21 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
IF U STOP PAYING WILL U GET REPORTED TO EQUIFAX ????????drevil
 Quoting: HO LEE FUK 73825706


We will ALL find out if they do. ;-)
 Quoting: Carnac


cruise
Anonymous Coward
User ID: 69989776
Australia
09/18/2017 08:25 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
Safe as houses




cattheend
Carnac

User ID: 69151933
United States
09/18/2017 08:31 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
and of course the mortgage companies and banks are totally generous by stopping them, until they have another house then .....
 Quoting: mr jenzie


Too big to fail
 Quoting: Anonymous Coward 61519587


I have met several here in Houston that have already decided to walk away.

I know one that closed on another house (I think last Friday) and is now going to walk away from their flooded home... but they were lucky in the sense that they had a high dual income and good credit.

Because of their economic situation many are unlikely to qualify for low cost FEMA loans and they do not have the cash.

A lot of these houses are NOT going to be worth as much -- because they are subject to floods and everyone is going to be extremely sensitive to that... Add a primary mortgage, a FEMA loan which is secured (or private second mortgage) - and they would be so far upside down in their homes that they see no option but to walk.

Some are thinking about maxing out credit cards -- doing most of the work themselves (and not doing work that really should be done to save money) and then filing for bankruptcy.

Already talking to investors about picking up some of these shells and finishing them out -- for rental.

I am going to get a lot of 'this is bullshit, Houston is fine, we are back to work and rebuilding...'.

And there is truth to that... many are... but I am telling you from first hand experience, there is a tremendous amount of suffering going on here -- and 100,000s will never fully recover from this.

For those of you who don't care... you should ride with me one day and meet these people who were outside the 500 year flood plain -- outside the 700 year flood plain -- and got flooded. I feel for them as I would never have gotten flood insurance... and in fact bought my house so far above the 500 year flood plain because I did not want to pay those annual fees.
Have a nice day = GFY. GFY = Go Fuck Yourself. If this offends you then have a nice day.
Anonymous Coward
User ID: 71433356
United States
09/18/2017 08:32 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
siren2
Anonymous Coward
User ID: 70718962
United States
09/18/2017 08:41 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
Life is a struggle.
Gelatinous Mass

User ID: 75546577
United States
09/18/2017 08:42 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
I have a great idea, instead of helping them, lets build a useless wall all along our southern border!

Unless them rascals are smart enough to use a ladder, we will be totally safe!
 Quoting: Anonymous Coward 75285167


Liberal, Hispanic or both?
TheOwnmaster

User ID: 72677510
United States
09/18/2017 08:50 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
We are all going to be flat out broke as a joke by the end of this year at this rate in America
Bo
Anonymous Coward
User ID: 39516942
United States
09/18/2017 08:51 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
I have a great idea, instead of helping them, lets build a useless wall all along our southern border!

Unless them rascals are smart enough to use a ladder, we will be totally safe!
 Quoting: Anonymous Coward 75285167


how about we build the wall..and you climb over to the other side and stay there
Anonymous Coward
User ID: 70242683
United States
09/18/2017 08:53 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
hmmm sure seems likely why

"Lord" Jacob Rothschild dropped a massive amount of US Assets, Foreshadowing Collapse...........................
MissCleo

User ID: 73977055
United States
09/18/2017 08:55 PM

Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
and of course the mortgage companies and banks are totally generous by stopping them, until they have another house then .....
 Quoting: mr jenzie


Too big to fail
 Quoting: Anonymous Coward 61519587


I have met several here in Houston that have already decided to walk away.

I know one that closed on another house (I think last Friday) and is now going to walk away from their flooded home... but they were lucky in the sense that they had a high dual income and good credit.

Because of their economic situation many are unlikely to qualify for low cost FEMA loans and they do not have the cash.

A lot of these houses are NOT going to be worth as much -- because they are subject to floods and everyone is going to be extremely sensitive to that... Add a primary mortgage, a FEMA loan which is secured (or private second mortgage) - and they would be so far upside down in their homes that they see no option but to walk.

Some are thinking about maxing out credit cards -- doing most of the work themselves (and not doing work that really should be done to save money) and then filing for bankruptcy.

Already talking to investors about picking up some of these shells and finishing them out -- for rental.

I am going to get a lot of 'this is bullshit, Houston is fine, we are back to work and rebuilding...'.

And there is truth to that... many are... but I am telling you from first hand experience, there is a tremendous amount of suffering going on here -- and 100,000s will never fully recover from this.

For those of you who don't care... you should ride with me one day and meet these people who were outside the 500 year flood plain -- outside the 700 year flood plain -- and got flooded. I feel for them as I would never have gotten flood insurance... and in fact bought my house so far above the 500 year flood plain because I did not want to pay those annual fees.
 Quoting: Carnac


good post.
I saw this happen with Hurricane Andrew in Cutler Bay. Took 25 years for those houses to turn a profit at sale.
Many people took insurance money and skipped town leaving a mess for years.
There was a rat problem after the storm, they were climbing on the electric wires that were left because there was no where for them to hide.

it's a sad situation.
Really!?!? Deplorable!!

User ID: 75267919
United States
09/18/2017 09:23 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
and of course the mortgage companies and banks are totally generous by stopping them, until they have another house then .....
 Quoting: mr jenzie


Too big to fail
 Quoting: Anonymous Coward 61519587


I have met several here in Houston that have already decided to walk away.

I know one that closed on another house (I think last Friday) and is now going to walk away from their flooded home... but they were lucky in the sense that they had a high dual income and good credit.

Because of their economic situation many are unlikely to qualify for low cost FEMA loans and they do not have the cash.

A lot of these houses are NOT going to be worth as much -- because they are subject to floods and everyone is going to be extremely sensitive to that... Add a primary mortgage, a FEMA loan which is secured (or private second mortgage) - and they would be so far upside down in their homes that they see no option but to walk.

Some are thinking about maxing out credit cards -- doing most of the work themselves (and not doing work that really should be done to save money) and then filing for bankruptcy.

Already talking to investors about picking up some of these shells and finishing them out -- for rental.

I am going to get a lot of 'this is bullshit, Houston is fine, we are back to work and rebuilding...'.

And there is truth to that... many are... but I am telling you from first hand experience, there is a tremendous amount of suffering going on here -- and 100,000s will never fully recover from this.

For those of you who don't care... you should ride with me one day and meet these people who were outside the 500 year flood plain -- outside the 700 year flood plain -- and got flooded. I feel for them as I would never have gotten flood insurance... and in fact bought my house so far above the 500 year flood plain because I did not want to pay those annual fees.
 Quoting: Carnac


good post.
I saw this happen with Hurricane Andrew in Cutler Bay. Took 25 years for those houses to turn a profit at sale.
Many people took insurance money and skipped town leaving a mess for years.
There was a rat problem after the storm, they were climbing on the electric wires that were left because there was no where for them to hide.

it's a sad situation.
 Quoting: MissCleo


When the floods hit in WV, many of the ppl, my aunt included, were not even eligible for flood insurance. So they were just screwed when it flooded. Many of the places that did flood made no sense. Like those areas should NOT have flooded. It was really weird.
Really!?!? Deplorable!!

User ID: 75267919
United States
09/18/2017 09:25 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
I think u posted more then 50% of the article, I would delete some of it so u and GLP doesn't get in trouble.
Loup Garou

User ID: 75161034
United States
09/18/2017 09:27 PM

Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
Didn't Obama write an executive order telling the Mortgage companies to not foreclose for X-Amount of time?

President Trump may need to pull the pen out.
Just because YOU don’t believe
in the Rougarou; or the Loup Garou, don’t make you safe; No !

The Constitution is a blend of 'moral certitude' -- which is one of the reasons that criminals are determined to be rid of it and We the People must be even more determined to defend it.

"If there must be trouble, let it be in my day, that my child may have peace." - Thomas Paine

The only thing the Illuminati fears is an independent person who can live, eat, sleep, stay warm and defend themselves separate from Federal help. Pray that the Lord gives us more time! The End is near and time is short!

A fool takes no pleasure in understanding, but only in expressing his opinion. ~Proverbs 18:2


For those who understand, no explanation is needed. For those who do not understand, no explanation is possible

"A candle loses nothing by lighting another candle" - James Keller

Checkd, Keked, and Rekt!

#Kids2
First Born Son

User ID: 73158024
United States
09/18/2017 09:43 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
and of course the mortgage companies and banks are totally generous by stopping them, until they have another house then .....
 Quoting: mr jenzie


Too big to fail
 Quoting: Anonymous Coward 61519587


I have met several here in Houston that have already decided to walk away.

I know one that closed on another house (I think last Friday) and is now going to walk away from their flooded home... but they were lucky in the sense that they had a high dual income and good credit.

Because of their economic situation many are unlikely to qualify for low cost FEMA loans and they do not have the cash.

A lot of these houses are NOT going to be worth as much -- because they are subject to floods and everyone is going to be extremely sensitive to that... Add a primary mortgage, a FEMA loan which is secured (or private second mortgage) - and they would be so far upside down in their homes that they see no option but to walk.

Some are thinking about maxing out credit cards -- doing most of the work themselves (and not doing work that really should be done to save money) and then filing for bankruptcy.

Already talking to investors about picking up some of these shells and finishing them out -- for rental.

I am going to get a lot of 'this is bullshit, Houston is fine, we are back to work and rebuilding...'.

And there is truth to that... many are... but I am telling you from first hand experience, there is a tremendous amount of suffering going on here -- and 100,000s will never fully recover from this.

For those of you who don't care... you should ride with me one day and meet these people who were outside the 500 year flood plain -- outside the 700 year flood plain -- and got flooded. I feel for them as I would never have gotten flood insurance... and in fact bought my house so far above the 500 year flood plain because I did not want to pay those annual fees.
 Quoting: Carnac


I live this shit every day...
No kidding...
I am on augmentin and difulocan because the shit I have been breathing is filling my lungs with crap.
Anonymous Coward
User ID: 73848670
Canada
09/18/2017 09:45 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
damnedhidingpopcorn
Anonymous Coward
User ID: 75547535
United States
09/18/2017 10:06 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
Life is a struggle.
 Quoting: Anonymous Coward 70718962


it sucks
JKD
User ID: 73579338
United States
09/18/2017 10:15 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
I have a great idea, instead of helping them, lets build a useless wall all along our southern border!

Unless them rascals are smart enough to use a ladder, we will be totally safe!
 Quoting: Anonymous Coward 75285167


What does this calamity have to do with the wall. A big leap you made. And how many times did you vote for Hillary last November?
Anonymous Coward
User ID: 74570428
United States
09/18/2017 10:22 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
For those of you who don't care... you should ride with me one day and meet these people who were outside the 500 year flood plain -- outside the 700 year flood plain -- and got flooded. I feel for them as I would never have gotten flood insurance... and in fact bought my house so far above the 500 year flood plain because I did not want to pay those annual fees.
 Quoting: Carnac


Lots of money to e made by working for FEMA, anyone you know jumping in to do inspections and such?
Anonymous Coward
User ID: 59490123
United States
09/18/2017 10:23 PM
Report Abusive Post
Report Copyright Violation
Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
I have a great idea, instead of helping them, lets build a useless wall all along our southern border!

Unless them rascals are smart enough to use a ladder, we will be totally safe!
 Quoting: Anonymous Coward 75285167


no but we could restrict (re)building in the same area (if you want to have insurance) so that it doesn't happen again (duh)

we need the wall - it cost us tax-payers that much to sustain the illegals - every year !





GLP