Dec. 10, 2024
Backers of most U.S. mortgages have done little about climate risks
As sea levels rise and natural disasters become more intense, homes in low-lying coastal areas or tinder-dry mountains are starting to lose value.
By Lydia DePillis
New York Times News Service
As sea levels rise and natural disasters become more intense, homes in low-lying coastal areas or tinder-dry mountains are starting to lose value.
That's a problem for the finances of Fannie Mae and Freddie Mac, the government-sponsored enterprises that back half of the nation's outstanding mortgages -- and keep the residential real estate market liquid by buying mortgages from banks and repackaging them into sec...
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