Floods, wildfires and other types of extreme weather are threatening not only the real estate industry but also the mortgage industry. Mortgage lenders are unprepared for widespread foreclosures as natural disasters increasingly hit areas where few borrowers have insured their properties against fire or flood damage, according to former Freddie Mac executive Ed Delgado. Assessing credit risk is a fundamental function of the mortgage industry, but lenders lack an understanding of “weather risk and where […]
source https://therealdeal.com/miami/2019/01/19/mortgage-lenders-face-mass-foreclosures-due-to-extreme-weather-in-under-insured-areas/#new_tab
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