Corporate governance

No matter which path Hurricane Irma takes when it strikes Florida, analysts say the damage could be monumental — and reach hundreds of billions of dollars.

The hurricane was expected by many to deliver catastrophe. Instead, bankers are largely looking to restore power and confirm the status of employees.

Just a week after Hurricane Harvey struck Houston, Irma Jalifi was doing something that might sound crazy: closing on a home.

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.

Mortgage companies in Florida are bracing themselves for the potential landfall of Hurricane Irma, which has followed close on the heels of Hurricane Harvey.

Ginnie Mae will help issuers with certain servicing obligations if more than 5% of their portfolios are in areas Hurricane Harvey has ravaged.

The Federal Home Loan Bank of Dallas is providing $6.7 million in grants along with $1 billion in additional advances to its members as part of its Hurricane Harvey relief efforts.

“You can’t serve the public if your employees are shellshocked,” said one top banker, comments echoed by other institutions dealing with the aftermath of Hurricane Harvey.

The long-term recovery for thousands of Texans whose homes were decimated by Hurricane Harvey rests with a Trump administration government outsider who wants his agency's budget cut by billions of dollars.

Residential flood damage from Hurricane Harvey could reach as high as $37 billion, with more than two-thirds of losses not covered by insurance, according to CoreLogic estimates.