Maui, Hawaii – In the wake of the devastating wildfires that have swept through Maui, the Department of Commerce and Consumer Affairs (DCCA) has stepped forward with a series of relief measures for affected homeowners.
Immediate Assistance on the Horizon
Banking Commissioner Iris Ikeda, representing the DCCA, conveyed her deep condolences to the victims. “Our hearts go out to everyone impacted by this terrible tragedy,” Ikeda remarked. She further emphasized the department’s unwavering commitment to support the affected communities.
One of the primary relief measures announced is a 90-day forbearance for homeowners with Freddie Mac or Fannie Mae mortgages. This initiative ensures that no mortgage payments are due for the next three months. Impressively, this relief is automatic, eliminating the need for homeowners to contact their mortgage servicers.
However, for those with mortgages under the Federal Housing Finance Agency (FHFA) and Veterans Affairs (VA), a similar 90-day forbearance is available. These homeowners are required to contact their mortgage loan servicer to avail of this relief.
Support Beyond Financials
Recognizing the emotional and psychological toll of such disasters, the Federal Housing Administration (FHA) is offering housing counseling to all affected homeowners, regardless of their mortgage origin. Victims can seek guidance from the FHA housing counseling services and the FHA Resource Center.
A Glimpse into the Impact
Preliminary estimates shed light on the extent of the impact:
- Freddie Mac services an estimated 5,200 affected mortgages.
- Fannie Mae oversees around 9,800.
- Ginnie Mae and FHA manage 2,400 and 1,300 mortgages, respectively.
- 927 mortgages fall under the VA.
FDIC Steps In
The Federal Deposit Insurance Corporation (FDIC) is not far behind in extending support. They’ve introduced a series of steps aimed at providing regulatory relief to financial institutions in the affected regions. The FDIC is actively encouraging banks to collaborate with borrowers impacted by the wildfires. Furthermore, banks can potentially receive favorable Community Reinvestment Act considerations for their disaster recovery support efforts.
Reaching Out
For homeowners seeking more information or assistance, the DCCA’s Hawaiʻi Division of Financial Institutions is available for contact. They can be reached at 808-586-2820 or via email at dfi@dcca.hawaii.gov.
For further updates and information, stay tuned to local news channels and the official DCCA website.
Scott Sweeney is the creator of Virtual Hawaii 360. Scott is a professional marketer and a lifelong Hawaii enthusiast. Scott splits time between Oahu and Dayton, Ohio. In addition to his marketing endevours, he is also a published Ukulele musician.