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    <div id="breadcrumbs" class="breadcrumbs"><a href="/" class="">Home</a> &raquo; Black Knight: Hurricane Harvey could cause up to 300,000 mortgage delinquencies</div>
    

    <span class="topics"><a href="/topics/54-lending" class="topic">Lending</a><span class="del"> </span><a href="/topics/57-real-estate" class="topic">Real Estate</a></span>


    <h1 class="headline">Black Knight: Hurricane Harvey could cause up to 300,000 mortgage delinquencies</h1>

      <h2 class="sub-headline">Disaster-related areas contain 1.18 million mortgaged properties</h2>

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  <div class="date article-summary__post-date">September 8, 2017</div>
  <div class="author article-summary__author"><a href="/authors/367-kelsey-ramirez">Kelsey Ramírez</a></div>
  
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    <div class="tags">KEYWORDS <a href="/keywords/16353-black-knight-financial-services">Black Knight Financial Services</a>   <a href="/keywords/547-houston">Houston</a>   <a href="/keywords/25008-hurricane-harvey">Hurricane Harvey</a>   <a href="/keywords/13880-mortgage-delinquencies">mortgage delinquencies</a></div>

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      <div class="body article-body"><p>Hurricane Harvey swept through South Texas and Louisiana last week, bringing an unprecedented amount of rain and flooding with it.</p>            <div class="advertisement " id=""><div class="advertisement" id="div-gpt-ad-inline"></div></div>


<p>Now, <strong>Black Knight Financial Services</strong> predicts the mortgage industry could see up to 300,000 new delinquencies as a result of the storm, with 160,000 borrowers becoming seriously past due.</p>

<p>Before the storm hit, <strong>Fannie Mae</strong> and <strong>Freddie Mac</strong> announced they were <a href="https://www.housingwire.com/articles/41120-fannie-mae-freddie-mac-suspend-foreclosures-and-evictions-in-wake-of-hurricane-harvey" target="_blank">suspending</a> foreclosures and evictions in wake of the hurricane.</p>

<p>&ldquo;Thankfully, Fannie Mae, Freddie Mac and the Federal Housing Administration have all announced temporary moratoria on evictions and foreclosure sales in Harvey-related disaster areas,&rdquo; said Ben Graboske, Black Knight Data and Analytics executive vice president. &ldquo;With these three organizations accounting for nearly 900,000 of mortgaged properties, the moratoria should help temper the negative effects.&rdquo;</p>            <div class="advertisement ad-mobile-only" id=""><div class="advertisement" id="div-gpt-ad-rect-a-mobile"></div></div>


<p>However, this action, and that of other financial industries who <a href="https://www.housingwire.com/articles/41108-wells-fargo-and-jpmorgan-chase-each-donate-1-million-for-hurricane-harvey-relief-efforts" target="_blank">stepped up</a> to help in the hurricane&rsquo;s wake, may not be enough to keep all borrowers out of delinquencies. Black Knight explained 1.18 million mortgaged properties lie within the FEMA-designated disaster area.</p>

<p>For comparison, the Harvey-related disaster area contains twice as many mortgaged properties as those connected to Hurricane Katrina in 2005, and carried nearly four times the unpaid principal balance at $179 billion. After Katrina hit, mortgage delinquencies jumped 25 percentage points to peak at more than 34%.</p>            <div class="advertisement ad-mobile-only" id=""><div class="advertisement" id="div-gpt-ad-rect-b-mobile"></div></div>


<p>&ldquo;Although the situation around Hurricane Harvey continues to evolve, millions of American lives have already been impacted by the storm and immense flooding,&rdquo; Graboske said. &ldquo;For many, their struggles are just beginning.&rdquo;</p>

<p>Ranking Member of the House Committee on Financial Services,&nbsp;Maxine Waters, D-Calif. explained the severity of the hurricane.</p>            <div class="advertisement ad-mobile-only" id=""><div class="advertisement" id="div-gpt-ad-rect-c-mobile"></div></div>


<p>&ldquo;On August 26, Hurricane Harvey began a path of unprecedented destruction across Southeast Texas,&rdquo; Waters said. &ldquo;The historic levels of rainfall were so extraordinary that the National Weather Service had to add new colors to its map graphics just to record it.&rdquo;</p>

<p>&ldquo;As of August 30, it was estimated that 24.5 trillion gallons of water had been dumped over Texas and Louisiana,&rdquo; she said. &ldquo;Harvey is now being called the most extreme rain event in United States history.&rdquo;</p>

<p>In a <a href="http://www.npr.org/2017/09/06/548819256/harvey-recovery-will-take-time-hud-secretary-ben-carson-says" target="_blank">recent interview</a>, <strong>U.S. Department of Housing and Urban Development</strong> Secretary Ben Carson explained the recovery from Hurricane Harvey will take time.</p></div>


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