Before Hurricane Ida made landfall in New Orleans, many of the city’s lower-income homeowners were already struggling.
Of the 35,380 Federal Housing Administration-insured loans in New Orleans, 17.9%, or 6,600, were delinquent as of August, per an analysis of Department of Housing and Urban Development data from the American Enterprise Institute. That puts it behind only a handful of other cities in the country in delinquent share of loans.
The delinquency rate for FHA loans, which typically serve lower-income borrowers, has been consistently much higher than that of borrowers with Fannie Mae or Freddie Mac-backed mortgages. Nearly 80% of all FHA and details ⇒
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