Hurricane Sandy devastated the Eastern Seaboard last week, destroying properties and leaving many businesses and homes without power for days.
According to The Wall Street Journal, the superstorm created a new obstacle for the housing market as well, with big properties financed by commercial mortgage-backed securities (CMBS) possibly having their values negatively affected.
Harris Trifon, head of commercial and asset-backed debt research at Deutsche Bank, said in a report that the storm cut a path over properties backing nearly 7,600 CMBS loans with a total balance of $175 billion.
CFPB joins with FHFA to create mortgage database
The Consumer Financial Protection Bureau (CFPB) and Federal Housing Finance Agency (FHFA) have joined together to create a National Mortgage Database. The partnership will start next year and is designed to gauge market trends in relation to consumer habits, according to a Reverse Mortgage Daily article.
The database will include information on loan life – from the time of origination – through servicing, and will also detail borrower credit and financial profiles.
FHFA acting director Edward DeMarco told the news source that the combined agencies are trying to determine how the housing market is evolving and changing. Ideally, the database will benefit both the government and the public.
CFPB director Richard Cordray, said that the database will be an important tool for regulators and researchers to streamline data for market research and ensure that extensive information is available for market monitoring.
While the government is taking steps to ensure that the housing market and economy as a whole continue to make a full recovery, lenders can also work toward the same goal. By using mortgage loan software, borrowers will be given a repayment plan that is catered to their individual financial needs.
Additionally, an amortization schedule for loans can ensure that payments are made on time.