A women walks through the floodwater at the corner of West 1st Avenue and West 27th Street in Hialeah, Fla. | Photographs by Josh Ritchie for POLITICOWith its lively parks and colorful bungalows, Hialeah, Fla., has been the gateway to the American middle class for thousands of Cuban immigrants.
of mortgages on homes in some areas outside the specially designated federal floodplain, according to an analysis of federal data by Amine Ouazad, an associate economics professor at Canadian business school HEC Montréal. “It never reaches the point of people really kind of being forward-thinking about this until the crisis is upon you or about to hit you in the face.”“It just has not reached that level of concern. And it never does, right?” Clifford Rossi, a former senior risk officer at both Fannie Mae and Freddie Mac, told POLITICO. “It never reaches the point of people really kind of being forward-thinking about this until the crisis is upon you or about to hit you in the face.
Officials at the FHFA, which oversees Fannie Mae and Freddie Mac, maintain that taxpayers are protected by flood insurance requirements. Parts of Hialeah, though, don’t fall into the floodplain, a result of outdated maps that do not consider future flood scenarios arising from climate change — a problem that, policymakers maintain, is replicated in communities across the country.
For now, however, “There’s a tendency not to want to address these hard issues and we allow a lot of capital to go in” to at-risk neighborhoods, added Golding, who is now executive director of the Massachusetts Institute of Technology Golub Center for Finance and Policy.The mortgage giants appear to be taking fledgling steps to understand the true cost of climate-threatened loans on their books. In June, Fannie Mae hired a vice president of climate-risk analytics.
The idea was simple: Banks would lend to families in their own communities and, provided they followed certain underwriting criteria, would be eligible to sell the loans to Fannie Mae shortly thereafter, thereby clearing their balance sheet to make more loans. As with most aspects of climate change, there’s a lack of certainty: Mortgage assessors can’t say exactly when and exactly where life- and property-destroying events will occur, even if they know the risks of them will increase.
This is a potential financial problem
I'll trade anyone their beach house for my track house
This is foremost in our minds when thinking about where we will move to - for the opposite reasons: heat and no water.
Correct. Even our 509 year flood plain maps (newly drawn) in the mountain states will prove inadequate. Early heavier runoff. But our coasts. Our cities with big rivers Red River in Dakotas. The coast are not the only worry. Meanwhile. Housing answer?
Sunk capital. Pub intended. Replacement: Cost or Investment?
What apps are these? I'd like to check them out.
Too late, government lockdowns are already doing it
Coastal properties with a view maintain strong property values. solarscam
Cannot be true . Trump says it does not exist .