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King Ridge is already managing the world's first-ever cat-bond ETF for Brookmont Capital Management, which initially planned a European version of its ETF, but shelved it earlier this year.
As forbearance starts to rise due to the fires, servicers that have just gotten a respite from hurricanes recoveries will have to gear up again.
Roughly 40,000 residents of Moore County have been left without power since Saturday, when gunfire damaged two substations. Financial institutions are urging residents to use online banking and call centers if they do not have access to a branch.
Wind and storm surge damage to residential and commercial properties could reach $47 billion, according to a CoreLogic analysis.
Following the third most active season on record, the 2022 forecast predicts La Niña will drive increased Atlantic storm development.
In the wake of Hurricane Ida, the latest storm to batter the Gulf Coast, John Hairston is grappling with the consequences of a warming planet. He suggests that it's imperative for banks and their regulators to be part of the solution.
For decades lawmakers have ignored broad structural flaws in the National Flood Insurance Program, which underpins millions of home mortgages. And the problem is only getting worse.
The percentage of flood damage to residential properties from Hurricane Harvey that is uninsured is turning out to be a little higher than earlier estimates.
The House approved a five-year extension of the National Flood Insurance Program on Tuesday, but it remains unclear whether the Senate will seek to pursue its own bill. The program is due to expire Dec. 8.
The bill includes $16 billion in debt forgiveness for the National Flood Insurance Program and could benefit financial institutions’ customers in areas impacted by recent hurricanes and wildfires.
Ginnie Mae is giving expanded loan buyout authority to certain issuers in order to help them remove loans affected by Hurricanes Irma and Harvey from securitized mortgage pools.
Mortgage delinquencies in areas affected by Hurricane Harvey last month were 16% higher than in July, according to Black Knight Financial Services.
Mortgage investors want Freddie Mac to align its policy with Fannie Mae's when it comes to how delinquencies related to Hurricane Harvey affect credit risk transfer deals.
Given the scale of damage to the region’s homes and cars, bankers are guarding against an expected spike in missed payments by extending loan terms, deferring payments and making other concessions.
