U.S. Taxpayers Are at Risk for Homes Threatened by Climate Change

Originally published in CBS News. Read the full article here.

“Banks are selling mortgages on homes in coastal areas around the U.S. that are vulnerable to natural disasters to Fannie Mae and Freddie Mac, a study finds.

That could leave taxpayers footing the bill because the two government-sponsored enterprises buy the mortgages without adequately accounting for the heightened property risks.

“Climate change could lead to a ‘Big Short’ kind of crisis,” one of the study’s authors said.”