Business News: thousands of possible delinquent mortgages


L MEDIA. IF YOU THIrtNK OF SOMETHING LIKE THAT HAPPENED WITH THE TECHNOLOGY TODAY, — LET’S GET THE BUSINESS NEWS AND WHAT IS MAKING HEADLINES TODAY. KELLY: ALL THE MAJOR AVERAGES ARrtE FLAT ON THE MONTH. IF THE S&P FINISHES LOWER, IT WILL BE THE FIRST TIME SINCE MARCH THAT HAPPENED. WELLS FARGO TODAY HAS COME OUT WITHrt A NEW NUMBER OF ACCOUNTS OR FAKE ACCOUNTS OR CAP — OR ACCOUNTS OPEN WITHOUT AUTHORIZATION THAT IS 70% HIGrtHER THAN THE INITIAL NUMBER. THEY ARE TRYING TO GET THIS SCANDAL BEHIND THEM. LET’S CHECK THE REAL-TIME NUMBERS AS THE MAJOR AVERAGES ARE POSITIVE. DOW JONES INDUSTRIAL ArtVERAGE UP BY NEARLY 80 POINTS. IN CASE YOU ARE WONDERING, THE MAJOR AVERAGES YEAR-TO-DATE THROUGH AUGUST UPrt 10% TO 18%. THOUSANDS OF HOMEOWNERS AFFECTED BY HURRICANE HARVEY COULD BECOME DELINQUENT ON THEIR MORTGAGES. REPORTS THIS WEEK NOTE THERE ARE TWICE ASrt MANY MORTGAGE PROPERTIES IN THE DISASTER AREA THAN THERE WERE IN HURRICANE KATRINA, ABOUT HALF OF LOANS BACKED UP BY FANNIE MAE OrtR FREDDIE MAC. AS MANY AS 43,000 BORROWERS COULD FACE FOR CLOSURE IN THE NEXT 4 — FORECLOSURErt IN THE NEXT FOUR MONTHS. THE FULL SCOPE YET TO BE DETERMINED IN THE MONEY TO BE SPENT WILL BE INCREDIBLY HIGH.

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