Fannie Mae-No Politics (FNMA)

[Robert from yahoo bd]

https://www.cnbc.com/2023/03/20/mortgage-giant-fannie-mae-tackles-climate-risk.html

"Fannie Mae, which backs more than 40% of all residential mortgages, could face much of that risk. The mortgage giant’s chief climate officer, Tim Judge, says mortgage underwriting does not currently account for climate risk. So he is mounting a major effort — really a defense — to figure out the exact climate risk to Fannie Mae’s balance sheet, so that it can ultimately incorporate that risk into mortgage underwriting.

“I think there’s still more that we have to do, and I think we just don’t have the analytics yet to do it,” said Judge.

To help, Judge is hiring climate risk modeling firms, such as First Street Foundation and Jupiter Intelligence, as well as others, to figure out just how to factor climate risk into home values and mortgage underwriting."

"...That’s a lot of the work we have to do. Is it five years away? I’m not sure.”