Academic journal article Federal Reserve Bulletin

Waiver of Appraisal Requirements for Financial Institutions Affected by Hurricanes Katrina and Rita

Academic journal article Federal Reserve Bulletin

Waiver of Appraisal Requirements for Financial Institutions Affected by Hurricanes Katrina and Rita

Article excerpt

The Federal Reserve Board announced its approval on October 6, 2005, of an order waiving its appraisal requirements for three years for regulated financial institutions affected by Hurricanes Katrina and Rita. This action was coordinated with the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the National Credit Union Administration, collectively referred to as "the agencies."

The waiver covers transactions involving real estate located in certain Alabama, Mississippi, and Texas counties and Louisiana parishes that have been designated by the Federal Emergency Management Agency as qualifying for "Individual and Public Assistance" (all categories) and "Individual and Public Assistance" (Categories A and B) as a result of Hurricanes Katrina and Rita. A listing of the designated disaster areas is on the Board's web site at www.federalreserve.gov/boarddocs/press/bcreg/ 2005/200510062/attachment.pdf. Exceptions for the major disaster declared due to Hurricane Katrina will expire on August 29, 2008, in Alabama, Mississippi, and Louisiana, and for Hurricane Rita on September 24, 2008, in Louisiana and Texas. …

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