The End of Mortgages Because of the Climate Crisis?

While the rest of us are freaking out about the future of the planet . . . and humanity . . . the financial sectors are worried about earning their last dollar.  And, if you think about it for a minute, that is a real problem.  It is most likely the reason the climate crisis is not being addressed at the drastic level it should be.  Well, the rest of us are concerned about our jobs being threatened but I personally don’t think as much.  I like to say these people at the top have so much money, what do they really have to worry about.  How about food when we can’t grow it anymore?

So, I came across this article that is a prime example of a financial sector worrying about their bottom line in the face of humanity going extinct.  Mortgages.  Yes, the 30-year mortgage is at risk of disappearing.  This would be mainly in areas of the US where the climate disasters are happening, which would affect the industry as a whole.  It seems that with all the flooding, agricultural losses, and forest fires due to the climate crisis, insurance companies are not able to keep up with all that risk.  So, they will not be covering those houses in areas ravaged by the climate crisis.  Hmm.

Now, we have their attention.  If we know how to speak the financial sectors’ language, they all of a sudden know that the climate crisis is real . . . finally.

In a segment on CBS News, Irina Ivanova wrote a piece called, “Climate change could end mortgages as we know them” on November 8, 2019.

In the article, Ivanova, states, “In California, for instance, 50,000 homeowners can’t get property or casualty insurance because of the increased risk to their homes.”  This wipes out a lot of home ownership, which means less taxes paid in those areas for schools, roads, etc.  I believe, if you don’t have insurance for your house, you don’t get a mortgage.

All of a sudden, they are looking for policy changes to address the financial issues from the climate crisis.

This past year, from Greta Thunberg, the Sunrise Movement, Extinction Rebellion, and countless other climate groups around the world, all have been demanding that the governments of the world address the climate crisis.

It may just be the financial sectors that push this to the table.

https://www.cbsnews.com/news/climate-change-could-end-mortgages-as-we-know-them/