Rising Seas Threaten an American Institution: The 30-Year Mortgage

New York Times, June 19, 2020–Christopher Flavelle
Climate change is starting to transform the classic home loan, a fixture of the American experience and financial system that dates back generations. “Lenders make sure all properties are properly insured,” said Pete Mills Senior Vice President of Residential Policy with the Mortgage Bankers Association. “For loans in Special Flood Hazard Areas, flood insurance is required,” he added, referring to areas the Federal Emergency Management Agency has determined have a high flood risk.