The government is buying up mortgages with climate risk — report
The government is buying up mortgages with climate risk — report
A natural disaster like a flood or a hurricane can destroy and severely damage property — something we’ve seen happen in coastal regions during every hurricane season. This has, among other things, a big impact on the value of those homes and the mortgages their owners take on. There’s a new paper out today from the National Bureau of Economic Research that says banks have been offloading more of those risky mortgages to the federal government, leaving taxpayers on the hook if homeowners default.
Click the audio player above to hear the full story.
Stories You Might Like
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
