Finance Debt – Translate Company Thu, 21 Oct 2021 02:46:06 +0000 en-US hourly 1 Finance Debt – Translate Company 32 32 Feds are granting 2016 flood credit for 3 fire departments in BR, says Rep. Graves Wed, 20 Oct 2021 21:40:00 +0000

BATON ROUGE, La. (WAFB) – The federal government is providing more than $ 1.5 million in disaster loans from the 2016 flood for three fire departments in the Baton Rouge area, Rep. Garret Graves (R-LA) told WAFB.

Rep. Graves says the lending he fought for was included in the government’s stopgap solution passed in the US House of Representatives earlier this month, which included reconstruction funding for Hurricane Ida.

Fire departments used the loans during the 2016 flood to keep paying firefighters as taxes were suspended.

The following Fire departments have waived their loans:

  • Central Fire Prevention District # 4, $ 770,299.35
  • East Side Fire Prevention District # 5, $ 581,657.42
  • East Baton Rouge Fire Prevention District No. 6, $ 216,339.73

“This loan repayment affects every single person in our community. After a disaster, local governments suffer financially from tax implications and emergency aid increases. That means more needs with less money. Rescue efforts were critical and not an option during the 2016 flood – these fire departments should not be punished for their heroic work. At that time, they had to keep people on the payroll and provide emergency services. The waiver of these loans will ease an ongoing large financial burden and the budget flexibility will allow the fire department districts to provide better service, equipment, training and technology for future deployment efforts. This will ultimately improve first responder efforts and help protect lower home insurance rates while keeping any risk to fire rates at bay. This is a good win that we are happy to bring to the finish line and we will continue to work with officials for the support they need, ”said Graves.

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What the US Climate Risk Assessment means for FHA, VA loans, and more Tue, 19 Oct 2021 14:39:17 +0000

A federal effort to provide private flood insurance to FHA borrowers in flood areas is nearing final approval, according to the latest White House intelligence Climate risk report.

The Department of Housing and Urban Development is “in the process of finalizing a settlement” that would allow some homeowners with Federal Housing Administration loans to insure their homes with private plans, the report said.

The Biden government presented this update as it has announced that it will also initiate an early assessment effort to see if its underwriting and loan program standards can be updated to address the risks of climate change.

One of the measures discussed would go further to educate buyers of FHA-insured homes about the risks of flooding and other impacts of climate change.

“These disclosures will enable homeowners to make appropriate decisions about their purchase,” the report said.

However, the Biden government’s priorities go beyond additional disclosures and affect some of the most popular types of government-backed loans.

Here’s what the report could mean for three types of loan: FHA, VA, and USDA.

FHA loans

For some buyers struggling to make a conventional deposit, the Federal Housing Administration supports credit that can offer another way to own a home.

These FHA loans are now the subject of early climate-related discussions in government circles. Officials will discuss how climate events can affect the risk of insuring such loans and protecting lenders serving FHA buyers, the White House said.

New data collection efforts, drawing standards and additional disclosures for buyers are on the table, the report said.

FHA-insured homes that are foreclosed by HUD and later acquired by HUD would be included in this disclosure effort, the report said. These HUD homes are more likely to be in an existing floodplain than a typical home. found an NPR analysis Last month.

The Biden government says climate change won’t be the only consideration when updating its guidelines. The government would weigh climate risk against other government goals such as ensuring affordable housing, environmental justice, access to credit and other factors, the report said.

Over the next year and a half, several government agencies will work together to find ways to better assess climate risk while prioritizing these other goals.

Officials will meet with business leaders, state officials and local communities. Stakeholders from racial and ethnic minority groups will be involved in the process as the group addresses “issues of equality, pests in the community and historical racism in housing policy,” the report said.

Borrowers with FHA-insured mortgages may also be on the verge of being eligible for private flood insurance instead of being limited to the National Flood Insurance Program. The report says officials are finalizing the new rule, which read: Announced at the end of last year.

VA loan

As with other government-sponsored mortgage programs Credit system for veterans affairs could pose a significant risk from a changing climate, the report said.

The government program guarantees mortgage loans for U.S. service members, veterans, and surviving spouses.

“[The program] Guarantees home loans to veterans of the country with outstanding loans of $ 913 billion

The program has already appointed a team to identify climate-related financial risks and propose possible changes to credit terms, underwriting standards and other policies.

Like other authorities, the VA implements new data-based risk assessment methods to assess the increased risk of floods, forest fires and other extreme events.

USDA loan

Over time, the warming atmosphere is expected to put more homes in the ways of floods and forest fires. Housing supply chains could be affected and the local agriculture-based economy could experience significant disruption, the report argues.

Part of the government’s efforts to better address climate risk could be to update its underwriting standards for the U.S. Department of Agriculture’s loan programs. These programs help low-income families secure their rural homes by offering direct loans to some borrowers or guaranteeing loans from approved lenders.

However, the government’s USDA loan portfolio is at “serious financial risk” from climate change, the report said. As these adverse changes affect more and more agricultural communities, more borrowers may struggle to repay their debts.

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Business news | Stock and stock market news Mon, 18 Oct 2021 04:29:06 +0000

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