As the Federal Housing Administration prepares to release its annual actuarial report sometime this month, the industry is questioning how the reverse mortgage program fits into the agency's future.
The San Juan company has largely recovered from the hurricane that hit a year ago, and it has made extensive preparations for future natural disasters. Yet its home market is still suffering from debt and net outmigration of residents.
Every year communities are hit by hurricanes, earthquakes, tornadoes and other disasters. These banks have found novel ways to take care of customers and employees in those emergencies.
The new policy, meant to assist borrowers in Puerto Rico and the U.S. Virgin Islands, will let servicers evaluate borrowers using pre-disaster payment information.
Reps. Ed Royce, R-Calif., and Earl Blumenauer, D-Ore., introduced a bipartisan package of legislation Tuesday to extend the National Flood Insurance Program through Nov. 30.
