The number of Puerto Ricans who fell behind on their home loans following the devastation of Hurricane Maria may be peaking while federal mortgage guarantors debate how long to protect property owners from foreclosure, WSJ Pro Bankruptcy reported.
Puerto Rico in Distress
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The U.S. federal board managing Puerto Rico’s finances will consider fast-tracking four energy projects that would invest a combined $1.47 billion in the island’s decimated power grid, Reuters reported.
New leadership at Puerto Rico’s beleaguered electric utility may not be sufficient to compensate for missteps following Hurricane Maria that led to delayed work, recurrent blackouts and more than $500 million in contracts with untested companies now under federal investigation, according to a Reuters commentary.
A bipartisan group of U.S. senators wants federal housing agencies to extend a moratorium on foreclosures in Puerto Rico into 2019 after the devastation on the island and a big surge in mortgage delinquencies, the New York Times reported.
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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.