Home / Daily Dose / Wells Fargo Dedicates $300,000 to Assist Victims of Hurricane Fiona
Print This Post Print This Post

Wells Fargo Dedicates $300,000 to Assist Victims of Hurricane Fiona

Wells Fargo has donated $300,000 from its Wells Fargo Foundation to support three organizations providing relief in Puerto Rico following Hurricane Fiona making landfall. The funding to the Hispanic Federation, SBP, and World Central Kitchen will focus on necessities like meals and supplies, as well as resources for rebuilding efforts.

“We understand the urgency when natural disasters hit – especially in Puerto Rico, where communities are still recovering from Hurricane Maria,” said Otis Rolley, President of the Wells Fargo Foundation and head of Philanthropy and Community Impact. “At times like this, our company supports the resilience of Puerto Rico and is quickly deploying resources to help meet the many needs unfolding in the aftermath of this storm.”

The donation will support on-the-ground activities in Puerto Rico through $100,000 grants to:

  • Hispanic Federation, an advocacy organization engaged in rebuilding Puerto Rico through housing and community development, small business support, health services, and emergency assistance, among other initiatives. Hispanic Federation will focus on emergency access to food, water, and supplies.
  • SBP (formerly St. Bernard Project), a long-term home rebuilding and disaster response organization with existing operations in Puerto Rico. SBP will assess damage, distribute supplies, help people navigate federal assistance and rebuild homes for impacted families.
  • World Central Kitchen, which provides meals in response to humanitarian, climate, and community crises. World Central Kitchen is serving freshly prepared meals to the most impacted with the help of local community members.

In addition, the company provides annual funding to the American Red Cross to help communities prepare for disasters big and small. This ongoing support to the Red Cross’ Annual Disaster Giving Program will help the Red Cross provide food, emergency shelter, relief supplies, and comfort to those impacted.

Fannie Mae is also assisting both homeowners and renters impacted by Hurricane Fiona by offering mortgage assistance and disaster relief options. Under Fannie Mae’s guidelines for single-family mortgages impacted by a natural disaster:

  • Homeowners may request mortgage assistance by contacting their mortgage servicer (the company listed on their mortgage statement) following a disaster.
  • Mortgage servicers are authorized to offer a forbearance plan for up to 90 days–even without establishing contact with the homeowner–if the servicer believes the home was affected by the disaster.
  • Homeowners affected by a disaster are often eligible to reduce or suspend their mortgage payments for up to 12 months. During this temporary reduction or pause in payments, homeowners will not incur late fees and foreclosure and other legal proceedings are suspended.

“Our hearts are with all those who have been impacted by Hurricane Fiona since its landfall, and we want everyone in the path of the storm to prioritize their safety,” Cyndi Danko, Chief Credit Officer, Single-Family, Fannie Mae. “As the affected areas begin to recover, Fannie Mae, in conjunction with its service providers, would like to remind homeowners and renters in need that they should contact their mortgage servicer to seek relief options and assistance as quickly as possible. Additionally, homeowners and renters can learn more and receive personalized support by contacting Fannie Mae’s free Disaster Response Network.”

About Author: Eric C. Peck

Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com.

Check Also

Examining New Housing Development, Homebuilder Sentiment

According to a new survey from Redfin, while nearly 80% of respondents support building more homes, one-third of pro-building respondents remained positive about an apartment complex being built in their neighborhood, while 20% of them were opposed to it.