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Mortgage Lenders Aren’t Ready for Climate Change: MBA

Mortgage lenders and other stakeholders in housing finance are far from prepared to assess or mitigate risk from climate change, a new report from the Mortgage Bankers Association’s Research Institute for Housing America has found. So reports CNBC.

iceberg g329f5d084 640Climate change could raise the risks of mortgage default, make housing prices more volatile, lead to substantial migration and result in adverse selection in loans sold to Fannie Mae and Freddie Mac, according to the MBA report.

“There haven’t been any rule changes that affect the firms in the mortgage market,” report author Sean Becketti told CNBC, “but they’re being contemplated.”

Read the full article from CNBC.

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