News

Billion-dollar storms could lead to the next housing crash, experts warn — and big banks have adopted the same worrisome strategy as last time

A new paper identifies a troubling pattern in the US real estate market: Large US banks are selling coastal mortgages to Fannie Mae and Freddie Mac, two government-sponsored companies. As natural disasters become more frequent and intense, coastal homeowners could be more likely to default on their mortgages, the authors […]
Billion-dollar storms could lead to the next housing crash, experts warn — and big banks have adopted the same worrisome strategy as last time