The Biggest Short: Climate Change meets the 30-Year Home Mortgage with Dr. Jesse Keenan
In episode 116 of America Adapts, Doug Parsons hosts frequent pod guest Dr. Jesse Keenan of Tulane University. Jesse discusses his new research paper on how sea level rise will impact the viability of the 30 year home mortgage, the foundation of much of the home ownership in the United States. We also discuss how local banks are being more aggressive in avoiding risky coastal loans; Jesse’s new faculty position at Tulane University; what is ‘underwaterwriting’ and much more!
Topics covered:
· Will climate change hasten the demise of the 30 year mortgage loan in coastal areas?
· What is “underwaterwriting” and “bluelining” in terms of real estate.
· Jesse talks about his new paper that looks at these issues.
· Are coastal homebuyers more sophisticated than we give them credit for?
· Jesse talks about his move from Harvard to Tulane University in New Orleans.
· The role of local banks in making less risky loans in coastal areas.
· How mortgage finance will evolve in response to climate impacts in coastal areas, flood zones and from wildfire prone areas.
· Why the federal government will still continue to bail out risky home mortgages unless there is reform in Fannie Mae and Freddy Mac loan institutions.
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Links in this episode:
Request for comment for Fifth National Climate Assessment
https://www.federalregister.gov/documents/2020/07/10/2020-14904/request-for-comment-on-the-draft-prospectus-of-the-fifth-national-climate-assessment
https://www.nytimes.com/2020/06/19/climate/climate-seas-30-year-mortgage.html
https://architecture.tulane.edu/content/jesse-m-keenan
Lyceum Educational Podcasts
https://www.lyceum.fm/about
America Adapts was published in the Federal Reserve!
Federal Reserve Bank of San Francisco
Strategies to Address Climate Change Risk in Low- and Moderate-income Communities - Volume 14, Issue 1
https://www.frbsf.org/community-development/publications/community-development-investment-review/2019/october/strategies-to-address-climate-change-low-moderate-income-communities/
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The best climate change podcasts on The Climate Advisor
http://theclimateadvisor.com/the-best-climate-change-podcasts/
7 podcasts to learn more about climate change and how to fight it
https://kinder.world/articles/you/7-podcasts-to-learn-more-about-climate-change-and-how-to-fight-it-19813
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