this post was submitted on 17 Jun 2024
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Banks Are Finally Realizing What Climate Change Will Do to Housing | Extreme weather threatens the investment value of many properties, but financing for climate mitigation efforts are just starting (www.wired.com)
submitted 2 weeks ago by [email protected] to c/[email protected]
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[–] [email protected] 3 points 2 weeks ago (1 children)

Headline mentions banks "realizing"

  1. In the US most mortgages are not originated by the retail banks but rather shady companies like UWC or Rocket Mortgage etc Rocket alone originates more than than WF and BoA combined.

  2. Also, the only mention of this fact within the article: "some banks are starting to highlight climate risk to borrowers. HSBC’s UK website, for example, has a page about how climate change could affect people’s mortgages."

This provides zero indication that they are realizing anything. Realizing would require them to include this factor in the underwriting process... maybe they are doing it but author provides zero evidence of this.

  1. Followed by: "And yet, plenty of people are still buying US coastal properties,"

Just slopping writing that neither understand how mortgage industry operates, jurisdictional differences or how to connect headline to the thesis properly.

People will buy coastal properties as long they can get insurance and mortgage to do so clearly "banks have not realized jack shit vis a vis climate change.

[–] Iampossiblyatwork 3 points 2 weeks ago

Yeah. I don't think banks will give a shit as long as the properties are insured. The banks worry is probably shifted to making sure that the insurer has enough capital not to go under in the event of a single catastrophic event where the insurer goes bankrupt.