Mortgage Giant Fannie Mae Tackles Climate Risk, But Changes to Underwriting May Take Several Years

CNBC, Mar. 20, 2023–Diana Olick
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.