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Mortgage Industry Springs into Action for Irma

Hurricane Irma, the biggest hurricane recorded in the Atlantic Basin, hit the Florida Keys Sunday morning leaving a path of destruction behind it.

To combat storm damage, President Trump signed a $15.3 billion disaster relief package into law Friday that will suspend the U.S. borrowing limit and extend the National Flood Insurance Program through December 8, 2017.

The House approved the package of bills Friday morning in a 316-90 vote in which The Federal Emergency Management Agency (FEMA) and Community Development Block Grant program will each receive $7.4 billion of the $15.3 billion. The remaining $450 million will support the Small Business Administration’s disaster loan program.

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and state bank regulators plan to assist financial institutions that are in the Irma affected areas. To help those institutions meet the financial services needs of their communities, they have provided guidelines for a number of services such as lending, investments, and temporary banking facilities.

Additionally, Wells Fargo President and CEO Tim Sloan announced that the company is in the process of deploying Mobile Response Units to areas affected by Hurricane Harvey.

“... Our thoughts are also with everyone now in the path of Hurricane Irma. Our teams on the ground and across the country are closely monitoring the new storm, and we will deliver the same payment, fee relief, and on-the-ground support to customers in impacted communities after Irma passes,” Sloan said.

For those affected by Irma, Freddie Mac recommends to reach out to your mortgage company as soon as possible, register for disaster assistances at the federal (FEMA) and state levels, contact your insurance agents, and document to your home and belongings.

To see details of the bill, including video coverage, click here.

To see the guidelines for financial institutions, click here.

About Author: Brianna Gilpin

Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation's leading diversified media and information services companies. To contact Gilpin, email brianna.gilpin@thefivestar.com.
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