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Hurricane Irma – Final FEMA Declarations

FEMA issued a Major Disaster Declaration for an additional 21 Florida counties and 2 Puerto Rico municipios.

Just to be complete, we are updating our Irma exposure mapping and zip code list. However, from all we have read and heard first-hand, Monroe County, FL and St. John and St. Thomas in the U.S. Virgin Islands are the most affected by Irma. In the Florida Keys, FEMA estimates that 25% of homes were destroyed with an additional 65% incurring significant damage. There is not another Florida county that suffered this level of devastation or even close to it. Therefore, use this data wisely. The FEMA Major Disaster Declarations are:

  • Florida Hurricane Irma (DR-4337) – 37 counties ONLY (out of 67) - counties in RED are new

  • Northeast: Clay, Duval, Putnam, St. Johns

  • North Central: Citrus, Marion

  • East Central: Brevard, Flagler, Lake, Osceola, Orange, Seminole, Sumter, Volusia

  • West Central: Desoto, Hardee, Hernando, Hillsborough, Manatee, Pasco, Pinellas, Polk, Sarasota

  • Southwest: Charlotte, Collier, Glades, Hendry, Lee

  • Southeast: Indian River, Martin, Okeechobee, Palm Beach, St. Lucie

  • South: Broward, Miami-Dade, Monroe

  • Puerto Rico Hurricane Irma (DR-4336)

  • Canovanas (Municipio), Culebra (Municipio), Loiza (Municipio), Vieques (Municipio)

  • U.S. Virgin Islands Hurricane Irma (DR-4335)

  • St. John (Island) (County-equivalent), St. Thomas (Island) (County-equivalent)

Our Non-Agency RMBS mapping includes the following columns:

Given the devastation in the Florida Keys and the U.S. Virgin Islands, we added a separate column for the 1,334 non-agency loans in Monroe County, FL (the Florida Keys) plus the 52 non-agency loans in St. John and St. Thomas. In our opinion, this is the column to be concerned with.

FYI - The September remittance is as of 8/31/2017. It will be the October 2017 remittance which will show the effects, if any, of Irma. Harvey hit very late in August, so most likely the October 2017 remittance.


from Elliott Z. Stein, Bloomberg Senior Litigation Analyst

“Wells Fargo, as residential mortgage-backed securities trustee, will be in New York state court on Sept. 20 to argue its motion to dismiss a lawsuit by BlackRock, Pimco, Prudential and other RMBS investors alleging that the bank failed in its RMBS trustee duties. In a related, smaller case in New York federal court between the same parties, plaintiffs have until Jan. 12 to file for their motion to be certified as a class, with briefing scheduled to end Feb. 26. The New York federal court on March 30 allowed contract and other claims to proceed in the smaller suit. An Aug. 21 ruling in that case denied plaintiffs' bid to use sampling as a means of obtaining evidence of Wells Fargo's alleged breaches. (09/14/17)”

Contact us at 203-276-0672 to become a client and access all reports and attachments.

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