• MBA releases Natural Catastrophic White Paper: The Commercial Real Estate Finance Perspective on September 25. Click here to download the full document. The White Paper provides comprehensive information on all aspects of natural disaster insurance, including the effect of disasters on the insurance industry, the types and geographic occurrence of disasters, the current regulatory framework impacting insurance delivery, insurance availability and affordability and the impact on the CREF industry. For more information please contact George Green at ggreen@mortgagebankers.org.
  
  
• MBA Sends Additional Funds to Katrina Relief Efforts and Habitat for Humanity International to provide a program management office that will manage and lead Habitat’s rebuilding efforts in the Hurricane Katrina affected areas.
  
  
• MBA testified before the U.S. House of Representatives Financial Services Subcommittee on September 15, 2005, calling for swift Congressional action and an array of legislative measures to provide relief to the victims of Hurricane Katrina and to spur economic development.
  
  
• MBA recommended a legislative relief package to include:
  • provision of a temporary, emergency waiver of all program requirements for federally- assisted multifamily housing, so that these apartments may be used to provide temporary shelter,
  • blanket waivers of program requirements under certain FHA programs to stimulate renovation of older, multifamily housing stock,
  • liberalization of REMIC rules to assist in renovating adversely affected areas,
  • support for expensing of environmental remediation & clean up costs and expansion to include petroleum, for tax purposes.
    
    
• MBA has donated $100,000 to the American Red Cross and $500,000 to Habitat to lead in the rebuilding effort, orchestrated through its Program Management Office.
  
  
• MBA has conducted a number of conference calls to serve as a discussion forum, including a September 14th COMBOG Asset Administration call that addressed issues ranging from casualty and condemnation issues to physical access and site inspections to handling of insurance issues. Click here to view the agenda for September 14 call.
  
  
• Loan Origination Committee will host a call on September 29 on “The Impact of Hurricane Katrina on Loan Originations” – Agenda to follow.

Legislation

• President Bush Signs Legislation Extending NFIP Borrowing Authority to $18.5 Billion

Environmental Issues

• Mold: A White Paper presented by MBA Mold Working Group
• EDR Text for Map (environmental impact)
• Map of New Orleans Urban Area, Environmental Data Resources

CMNewslink Articles

• Commercial Insurers May Feel Hit of Steep Payouts From Hurricane (9/13/05)
• Katrina Clouds CMBS Delinquencies (9/13/05)
• Insurance Gap Key Factor in Katrina Aftermath (9/12/05)
• Katrina Stirs Up Rate Dilemma as It Hits Growth, Lifts Prices (9/08/05)
• Uncertainty Looms for Construction and Insurers in Bayou (9/07/05)
• FEMA, Homeland Security Increase Housing Availability for Katrina Victims (9/06/05)

Capital Markets - Industry Updates

• U.S. CMBS: Hurricane Katrina Shows Limitations of Current Flood Insurance Practices, Moody's, 9/30/05
• Katrina Exposure—The Bayou Blues , Bank of American (9/19/05)
• Mold Resurfaces as U.S. CMBS Issue In Wake of Katrina , Fitch Ratings (9/19/05)
  Also see Fitch Rating's Hurricane Katrina Updates Web Page
• Re-examining triple-B subordination levels in light of Hurricane
  Katrina , JP Morgan (9/16/05)
• Impact Of Hurricane Katrina On U.S. RMBS To Be Limited , Standard & Poor's (9/13/05)
  Also see S&P Hurricane Katrina Updates Web Site (registration required)
• CMBS: Assessing Katrina - Flood Insurance Limits Are a Concern , Merrill Lynch (9/13/05)
• CMBS Perspectives: A Lesson from History , Morgan Stanley (9/7/05)
• Commercial Property Insurance De-Mystified: Important terms to understand in the wake of Hurricane Katrina, JPMorgan (9/7/05)
• Insurance Coverage Issues in the Aftermath of Hurricane Katrina , Morgan Lewis 9/6/05
• Additional Properties Identified in Katrina's Path , Wachovia (9/2/05)
• Impact of Hurricane Katrina - Flood Insurance Limits Are a Concern , Wachovia (8/31/05)
  

Army Corps of Engineers

• Press Release: Public release of data on New Orleans Levees and Floodwalls
• New Orleans Hurricane Protection Projects Data

HUD

• HUD NOTICE 05-20: Disaster Recovery Guidance by Multifamily Housing After a Presidentially-Declared Disaster
• Multifamily Disaster Clarification of Notice H04-22 and Additional Guidance

Internal Revenue Service

• New Publication Explains Tax Law Changes Related to Recent Hurricanes
• Katrina Victims Will Have Until Jan. 3 2006 to File and Pay Taxes
  IR-2005-96, (Updated 09/12/05 to included clarification for Florida residents.) WASHINGTON – Victims of Hurricane Katrina, including businesses will have until Jan. 3, 2006 to file any returns, pay any taxes or make any deposits due.
• Department of the Treasury Relief Effort Hurricane Katrina Assistance

MBA Releases and Industry Information

• Letter To Undersecretary Tom Dorr Offering Assistance in Hurricane Relief. (9/23)
• The Mortgage Bankers Association Offers Tips to Residents in Anticipation of Hurricane Rita. (9/22)
• Hurricane Katrina Victims, We Encourage You to Contact Your Mortgage Company . (9/20)
• MBA Testifies Before House Financial Services Subcommittee on Hurricane Katrina. (9/15)
• Mortgage Relief to Victims of Hurricane Katrina. (9/06)
• MBA Submits a Letter to its Members Encourages them to Offer Mortgage Relief to Borrowers Who Have Been Affected by Hurricane Katrina (9/01)

Other Resources:

• Banking Agencies Waive Appraisal Requirements for Financial Institutions Affected by Recent Hurricanes
• Emergency Insurance Information for Hurricane Katrina Victims
• Insurance Journal