HUD Says Hurricane Sandy Shows Need for Insurance Change
On September 18, National Mortgage News published an article titled HUD Secretary: Sandy Shows Need for Insurance Change.
HUD Secretary: Sandy Shows Need for Insurance Change
Among the challenges in disbursing recovery funds efficiently in the wake of Hurricane Sandy have been multiple lender insurance policies, HUD secretary Shaun Donovan said at a hearing on storm recovery efforts Wednesday, suggesting a need for some standardization in this area.
Donovan said there was a “huge problem” due to the dozens of different polices held by different lenders, in response to questions about why disbursement of funds to homeowners in affected areas was not faster. He said this challenge in working with the industry and the government-sponsored enterprises shows a need for “a single consistent policy around insurance disbursements.”
“We could be faster on the insurance,” the secretary of the Department of Housing and Urban Development, who also is the chair of the Hurricane Sandy Rebuilding Task Force, said.
While disbursement of funds in Sandy’s wake could have been better, Donovan said it was an improvement on what was seen in the wake of other previous natural disasters such as Hurricane Katrina.
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Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.