This is actually a new one. I haven’t seen the Warmists yammer about it before
The mortgage industry isn’t ready for a foreclosure crisis created by climate change
A foreclosure crisis spurred by climate change is becoming a real threat to the mortgage industry as extreme storms and other natural disasters increasingly occur in places where borrowers might not have flood or fire insurance.
The industry is not prepared for the effects of such extreme weather and rising sea levels, according to Ed Delgado, CEO of national mortgage trade association the Five Star institute and a former executive at Freddie Mac.
“If we look at the basic foundation of what drives the mortgage market, it is the application of credit risk. What’s missing is the understanding of weather risk and where those weather events can take place,†Delgado said.
The current system is reactive and local and doesn’t include plans for the widespread effects of climate change. That could affect several major housing markets at once. (snip)
The mortgage market is not factoring the overall risk into its loan underwriting and is not quantifying the amount of potential losses should a wide swath of borrowers walk away from damaged or destroyed homes.
“Whether it’s fires and mudslides in California, flooding in Texas, or tornadoes in the Oklahoma region,†Delgado said. “It’s going to be a problem if the banks don’t start to pay closer attention to what those weather risks are.â€
This is called weather. It’s something that has always happened. A carbon tax won’t stop it. There were plenty of huge weather impacts early in this warm period when CO2 was below the “safe” level of 350ppm, and plenty more during the previous cool and warm periods. It’s not witchcraft, it’s not Gaia being mad at mankind, and it’s not mostly/solely caused by mankind’s output of carbon dioxide. In fact, bad weather events have gone down. But, scaremongerers gotta scaremonger.
And when this doesn’t come to fruition, the Warmists will say “but, it’s coming soon! We promise! Pinky swear!”
