Safeguard Properties

Tornadoes Strike the Northeast, Cause Major Damage

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Disaster Alert
July 30, 2021

Source: The Weather Channel

Additional Resources:

NJ.com (N.J. weather: Multiple tornadoes may have slammed state during powerful thunderstorms)
WPVI ABC 6 (Bucks County residents hunkered down during storm: ‘It sounded like a bomb went off’)

Safeguard Properties Disaster Alert: Great Lakes Derecho

Approximate locations sustaining structural damage (flooding/tornadoes)

New Jersey

Tornadoes

– Barnegat Township (Ocean County, 08005)
– Harvey Cedars (Ocean County, 08008)
– High Bar Harbor (Ocean County, 08008)
– Hopewell Township (Mercer County, 08525)
– Lakehurst (Ocean County, 08733, 08759)
– Long Beach Island (Ocean County, 08008)
– Mount Holly (Burlington County, 08060)
– Willingboro (Burlington County, 08046)

Flooding
– Concordia (Middlesex County, 08831)
– West Caldwell (Essex County, 07006, 07007)

Ohio

Tornado
– Wintersville (Jefferson County, 43952, 43953)

Pennsylvania

Tornadoes
– Bensalem (Bucks County, 19020, 19021)
*Concentrated home damage in Penn Valley Terrace mobile home park
– Buckingham Township (Bucks County, 18912)
– Feasterville-Trevo (Bucks County, 19053)
– Hellertown (Northampton County, 18055)
– Kempton (Berks County, 19529)
– Lynn Township (Lehigh County, 19529)
– New Hope (Bucks County, 18938)
– Plumstead Township (Bucks County, 18949)
– Trevose (Bucks County, 19053)
– Weisenberg Township (Lehigh County, 18031, 18051, 18066, 19530)

NOTE: This has not yet been declared a FEMA Disaster.

At a Glance
  • Multiple tornadoes tore through parts of Ohio, Pennsylvania and New Jersey on July 30.
  • This may have been one of the biggest New Jersey outbreaks on record.
  • That followed a low-end derecho in parts of the upper Midwest.

Severe thunderstorms raked parts of the Midwest and Northeast, including a derecho in Wisconsin and Illinois and a swarm of tornadoes in Pennsylvania, New Jersey and Ohio.

Supercell thunderstorms spawned multiple tornadoes Thursday afternoon and evening in the Ohio Valley and Mid-Atlantic states.

One destructive tornado tore through the village of Wintersville, Ohio, just west of Steubenville near the West Virginia state line around 6 p.m.

For full report, please click the source link above.

FHFA: COVID-19 REO Eviction Moratorium Extended Through September

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Updated 7/30/21: The FHFA published a joint statement on agency actions (FHFA, USDA, VA, Treasury) to prevent evictions.

Secretaries of USDA, HUD, VA, Treasury, and FHFA Acting Director Release Joint Statement on Agency Actions to Prevent Evictions

 

Investor Update
July 30, 2021

Source: FHFA

Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are extending the moratorium on single-family real estate owned (REO) evictions until September 30, 2021. The REO eviction moratorium applies to properties that have been acquired by an Enterprise through foreclosure or deed-in-lieu of foreclosure transactions. The current moratorium was set to expire on July 31, 2021.

“The pandemic continues to have an outsized impact on the ability of Americans to meet their monthly rent or mortgage payments. Today’s extension of the eviction moratorium protects particularly vulnerable Americans who otherwise would be at risk of losing a place to live,” said Acting Director Sandra L. Thompson.

The REO eviction moratorium is just the latest step FHFA has taken to benefit homeowners, renters, and the mortgage market during the pandemic. FHFA continues to monitor the effect COVID-19 has on borrowers, the Enterprises and their counterparties, and the mortgage market. FHFA may revisit its policies based on updated data and health risks. Homeowners and renters can visit consumerfinance.gov/housing for up-to-date information on their relief options, protections, and key deadlines.​

Contacts:

​Media: Raffi Williams Raffi.Williams@FHFA.gov / Adam Russell Adam.Russell@FHFA.gov

Storms, Possible Tornadoes Damage Buildings, Knock Out Power

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Disaster Alert
July 29, 2021

Source: The Weather Channel

Additional Resources:

WISN ABC 12 (At least 2 Tornadoes Confirmed in Southeast Wisconsin)
Wisconsin State Journal (Gov. Evers declares state of emergency following severe weather, widespread damage across state)

Office of Wisconsin Governor Tony Evers (Gov. Evers Signs Executive Order #128 Declaring a State of Emergency Due to Severe Weather)
Associated County ZIP Code List (Statewide)

Approximate locations sustaining structural damage (flooding/tornadoes)

Wisconsin

– Brandon (Fond du Lac County, 53919)
– Concord (Jefferson County, 53178)
*Possible tornado damage
– Cross Plains (Dane County, 53528)
– Ixonia (Jefferson County, 53036)
– Oconomowoc (Waukesha County, 53066)
– Ringle (Marathon County, 54471)
– Ripon (Fond du Lac County, 54971)
– Tomahawk (Lincoln County, 54487, 54532)
– Wales (Waukesha County, 53183)
– Watertown (Dodge/Jefferson Counties, 53094, 53098)

NOTE: This has not yet been declared a FEMA Disaster.

At a Glance
  • A state of emergency was declared in Wisconsin.
  • More than 130,000 homes and businesses lost power.
  • A shelter was opened for attendees at the annual fly-in in Oshkosh, Wisconsin.

Winds and several possible tornadoes knocked down trees, damaged buildings and left more than 130,000 people without power across parts of the upper Midwest overnight and into early morning.

The impacts stretched from Wisconsin to northeast Illinois, southwest Michigan and northern Indiana, including the metropolitan Milwaukee and Chicago areas.

Wisconsin Gov. Tony Evers declared a state of emergency as damage assessments came in Thursday morning.

“Last night’s storms affected communities from the Mississippi River to Lake Michigan, leaving many regions with widespread damage,” Evers said in a news release.

There were reports of multiple homes and buildings damaged near Concord, Wisconsin, in Jefferson County, about 37 miles west of Milwaukee. A preliminary report from the National Weather Service indicated that an EF1 tornado moved through the area at about 1:15 a.m.

For full report, please click the source link above.

Alaskan Coast 8.2 Magnitude Earthquake Strongest One in Decades

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Industry Alert
July 29, 2020

Source: CNN

NOTE: This has not yet been declared a FEMA Major Disaster.

(CNN) — The 8.2 magnitude earthquake that struck off Alaska’s coast Wednesday night was the strongest one since 1964, an official told CNN.

The very strong quake was located about 56 miles (91 kilometers) east southeast of Perryville, Alaska, and happened around 10:15 p.m. Wednesday, the US Geological Survey said.

At 29 miles deep (46.7 km), the earthquake is considered shallow.

“This event was felt throughout the Alaska Peninsula and Kodiak,” according to the Alaska Earthquake Center.

There have been at least two strong aftershocks, including a preliminary magnitude 6.2 and magnitude 5.6, the USGS reported.

For full report, please click the source link above.

CFPB: Tool to Help Renters and Landlords Access Federal Assistance

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Industry Update
July 28, 2021

Source: CFPB

New resource helps renters and landlords find state and local programs distributing federal rental assistance funds

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released an online tool to help renters and landlords impacted by the pandemic easily find and apply for payment assistance for rent, utilities and other expenses. The Rental Assistance Finder, available at www.consumerfinance.gov/renthelp, connects renters and landlords with the state and local programs that are distributing billions of dollars in federal assistance nationwide to help renters stay housed during the pandemic.

“Millions of people are behind on their rent and at risk of eviction as a result of the pandemic,” said CFPB Acting Director Dave Uejio. “The Rental Assistance Finder will make it easier for renters and landlords to locate the financial assistance available in their area. People across the country are already receiving billions of dollars in assistance, and with this new tool we hope even more renters and landlords will take advantage of this emergency relief. This money is a win-win for both landlords and renters and a better outcome for all than costly, needless evictions.”

The CFPB will conduct a demonstration of the Rental Assistance Finder tool via Webex. Below are the details:

– Date: Wednesday, July 28, 2021

– Time: 11 am, EDT

– Link: https://cfpbevents.webex.com/cfpbevents/onstage/g.php?MTID=e072c8ccfbc4eb8752948875c1d65d4ed 

– Access Code: 199 090 4698

– Password: zYJNnEbh@784 (please do not cut & paste the password)

According to a CFPB analysis of Census Household Pulse Survey data  from June 23–July 5, 16 percent of adults living in households who rent said they are currently behind on their payments. Of adults living in households behind on rent, 49 percent, or approximately 3.6 million of them say that eviction in the next two months is somewhat or very likely.

As part of an unprecedented economic recovery effort, the federal government has allocated more than $46 billion to assist households unable to pay rent, utilities, and other housing costs. All 50 states and hundreds of local, tribal, and other programs are distributing funds. The CFPB’s Rental Assistance Finder tool will make it easier for renters and landlords to connect with rental assistance programs in their area, and take the first steps toward accessing available funds.

The CFPB is working closely with partners across the federal government to provide homeowners and renters the resources they need, including information to understand their rights and protections. Along with the U.S. Departments of Agriculture, Housing and Urban Development, Treasury, Veterans Affairs, and the Federal Housing Finance Agency, the CFPB has created consumerfinance.gov/housing, which serves as the federal government’s one-stop, go-to resource for up-to-date information on relief options, protections, and key deadlines.

The CFPB has taken other actions to support renters during COVID-19, including a joint statement with then-FTC Acting Chair Rebecca Kelly Slaughter promising to monitor illegal eviction activity, an interim final rule detailing illegal debt collection practices in connection with evictions during the pandemic, and a bulletin explaining Fair Credit Reporting Act obligations related to the reporting of rental and eviction information during the pandemic, including particularly the treatment of rental assistance payments.

Access the Rental Assistance Finder.

FHFA: Multifamily Tenant Protections Announced

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Investor Update
July 28, 2021

Source: FHFA

Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) announced that tenants of multifamily properties with mortgages backed by Fannie Mae or Freddie Mac (the Enterprises) who are subject to eviction for nonpayment of rent must be given 30 days’ notice to vacate before the tenant can be required to leave the unit. This requirement applies to all Enterprise-backed multifamily properties, regardless of whether the loan is in forbearance.

FHFA is working closely with the Enterprises to communicate the 30-day notice requirement to landlords of and tenants living in Enterprise-backed properties.

The Centers for Disease Control and Prevention’s (CDC) eviction moratorium expires on July 31, 2021.

“Many families across the country, particularly renters, are still struggling financially due to the COVID-19 pandemic. It is important to clearly communicate available protections to both landlords and tenants,” said Acting Director Sandra L. Thompson. “FHFA wants to ensure tenants in Enterprise-backed multifamily properties know their right to receive at least 30-days of notice before they are required to vacate their rental unit.”

On June 24, 2021, the White House published a Fact Sheet outlining various federal initiatives to promote housing stability by supporting vulnerable tenants and preventing foreclosures. FHFA’s website also has a Fact Sheet on tenant protections for Enterprise-backed properties in response to COVID-19.

In addition, Emergency Rental Assistance funds made available by federal legislation are available to tenants who are behind on rent or continuing to experience hardship due to the COVID-19 pandemic. Tenants can learn more about Emergency Rental Assistance programs by visiting the Consumer Financial Protection Bureau’s online Rental Assistance Finder.

For more information on options available to assist homeowners and renters impacted by COVID-19 visit FHFA.gov or CFPB.gov/housing

Contacts:

​​​Media: Raffi Williams Raffi.Williams@FHFA.gov / Adam Russell Adam.Russell@FHFA.gov

FEMA Designates $700 Million in Hazard Mitigation

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Industry Update
July 15, 2021

Source: DS News

Additional Resource:

FEMA (FEMA Announces $700 Million in Hazard Mitigation Selections)

The Federal Emergency Management Agency (FEMA) has selected the sub-applications for the $700 million being made available in fiscal year 2020 (FY20) for Building Resilient Infrastructure and Communities (BRIC) and Flood Mitigation Assistance (FMA) grant programs.

These FEMA programs provide funding to states, tribes, territories and local governments for eligible mitigation activities to strengthen the nation’s ability to reduce disaster losses and protect properties from disaster damage.

“Mitigation is an investment that makes a real difference in our communities,” said FEMA Administrator Deanne Criswell. “We’re seeing the effects of climate change now. We must continue to identify opportunities to combat the impacts of climate change and help our communities become more resilient against the threats of future disasters.”

These FY20 selections are a first for the BRIC program which was authorized by Section 1234 of the Disaster Recovery Reform Act of 2018, which “Authorizes the National Public Infrastructure Pre-Disaster Mitigation fund, which is funded through the Disaster Relief Fund as a 6% set aside from estimated disaster grant expenditures. This allows for a greater investment in mitigation before a disaster.”

FEMA has reviewed sub-applications to ensure that they are eligible, long-term, cost-effective and technically feasible in reducing the impacts of hazards. A sub-application can be determined as one of three categories: “Identified for Further Review,” “Not Selected” or “Does not Meet HMA Requirements.”

For full article, please click the source link above.

ATTOM: East Coast States Most at Risk for Housing Impacts

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Industry Update
July 22, 2021

Source: ATTOM Data Solutions

Chicago Area and East Coast States Remain More Exposed to Pandemic’s Impact During Second Quarter of 2021; Most Vulnerable Areas Are More Scattered Around Nation Than in Prior Quarter; Western States Continue to Have Most Favorable Market Conditions

IRVINE, Calif. — July 22, 2021 — ATTOM, curator of the nation’s premier property database, today released its second-quarter 2021 Coronavirus Report spotlighting county-level housing markets around the United States that are more or less vulnerable to the impact of the ongoing Coronavirus pandemic, still endangering the U.S. economy. The report shows that states along the East Coast, as well as Illinois, were most at risk in the second quarter of 2021 – with clusters in New Jersey, Delaware, the Chicago area and central Florida – while the West remained far less exposed.

But the 50 most at-risk counties around the U.S. were spread over a wider area than in the first quarter of 2021, as most states had no more than two counties in the top group in the most recent time period.

The report reveals that Florida, New Jersey, other East Coast states and Illinois had 37 of the 50 counties most exposed to the potential economic impact of the pandemic in the second quarter of 2021. They included seven counties in the Chicago metropolitan area, four near New York City, all three in Delaware and four in central Florida.

However, only Florida, New Jersey, Illinois, Louisiana and Delaware had more than two counties in the top 50, compared to eight states in the first quarter of 2021. The top 50 were scattered across 18 states in the second quarter, compared to 15 the prior time period.

The only three western counties in the top 50 during the second quarter of this year were in northern California and southern Arizona.

For full report, please click the source link above.

VA: Circular 26-21-13: COVID-19 Home Retention Waterfall

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Investor Update
July 23, 2021

Source: VA

1. Purpose. This Circular provides VA’s waterfall of home retention options for helping borrowers affected financially by the COVID-19 pandemic. This Circular also announces the COVID-19 Refund Modification, a type of loan modification specific to those borrowers needing payment reductions when exiting COVID-19 forbearance.

2. Effective Date. This Circular is effective on July 27, 2021.

To view full circular, please click the source link above.

 

 

HUD: FHA INFO #21-61: COVID-19 Recovery Loss Mitigation Options

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Investor Update
July 23, 2021

Source: HUD

Today, the Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2021-18, COVID-19 Recovery Loss Mitigation Options. This ML reinforces FHA’s commitment to helping homeowners who have been financially impacted by the COVID-19 pandemic to remain in their homes with new, streamlined loss mitigation options. Read today’s Press Release.

This ML amends FHA’s COVID-19 Loss Mitigation policies for borrowers with FHA-insured forward mortgages, as found in Section III.A.2.o., Presidentially-Declared COVID-19 National Emergency, of the Single Family Housing Policy Handbook 4000.1 (Handbook 4000.1). It establishes the COVID-19 Recovery Loss Mitigation Options (COVID-19 Recovery Options) “waterfall” that streamlines and revises FHA’s previous options for struggling homeowners, reduces documentation requirements, and provides greater payment reduction options for eligible homeowners with FHA-insured Single Family Title II forward mortgages.

To view full announcement, please click the source link above.