About 400,000 homes with U.S.-backed loans in Harvey’s aftermath

(Reuters) – U.S. mortgage agencies face possible losses on some of the 400,000 mortgages they guarantee on homes ravaged by Hurricane Harvey, but they will not know the extent of the damage until the wind and rain stop in Texas and Louisiana.

Some of the structures may not have flood insurance, which may result in homeowners abandoning the buildings because they will not have the money to rebuild. Even with insurance, some homeowners may suffer job losses or health problems and fall behind on their mortgage payments.

Source: About 400,000 homes with U.S.-backed loans in Harvey’s aftermath

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