Let housing market "slowly acclimate" to climate risk, Fannie Mae exec says
Let housing market "slowly acclimate" to climate risk, Fannie Mae exec says
Consumer awareness about living in vulnerable areas is key to "letting that air out of the balloon," says Tim Judge, chief climate officer.
Fannie Mae is a US government-sponsored enterprise which buys up mortgages from banks, packages them, and sells to investors. Their rules largely dictate what kinds of mortgages are available in the US.
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Not sure I’d want to take risk management advice from the mortgage-backed securities ghouls who crashed the economy 15 years ago, but okay I guess.
Also, it's clearly not working, because you can't buy insurance 100 years out. All the insurance companies do is jack up the prices every year until a property becomes uninsurable. As for house prices, the lower cost and therefore most at-risk ones are the only options for the poor. They have no options but to take the risk.