TY - JOUR
T1 - Interrupted rhythms and uncertain futures
T2 - Mortgage finance and the (spatio-) temporalities of climate breakdown
AU - Knuth, Sarah
AU - Cox, Savannah
AU - Zavareh Hofmann, Sahar
AU - Morris, John
AU - Taylor, Zac
AU - McElvain, Beki
PY - 2023
Y1 - 2023
N2 - As intensifying climate-related disasters strike cities across the United States, they are provoking rising concern for the stability of the U.S. housing market and broader financial system. How homeowners, mortgage lenders, federal institutions/regulators, and investors will variously encounter and manage climate risk is an urgent question for urban scholars, as is who might bear the costs of restabilizing mortgage finance under new breakdowns. This paper’s multi-scalar intervention draws on financial “following” methods to explore how climate risks are being experienced and governed at multiple illustrative moments of U.S. mortgage finance: (1) working households at the front line of urban climate impacts, (2) mortgage professionals brokering loans to them, (3) government-sponsored enterprises (GSEs) negotiating incoming federal climate risk disclosure requirements, and (4) capital markets off-taking GSE risks through financial derivatives like credit risk transfers. Emerging concerns include ruptures between household risks and financial system-preserving responses and new dangers of “climate redlining.”.
AB - As intensifying climate-related disasters strike cities across the United States, they are provoking rising concern for the stability of the U.S. housing market and broader financial system. How homeowners, mortgage lenders, federal institutions/regulators, and investors will variously encounter and manage climate risk is an urgent question for urban scholars, as is who might bear the costs of restabilizing mortgage finance under new breakdowns. This paper’s multi-scalar intervention draws on financial “following” methods to explore how climate risks are being experienced and governed at multiple illustrative moments of U.S. mortgage finance: (1) working households at the front line of urban climate impacts, (2) mortgage professionals brokering loans to them, (3) government-sponsored enterprises (GSEs) negotiating incoming federal climate risk disclosure requirements, and (4) capital markets off-taking GSE risks through financial derivatives like credit risk transfers. Emerging concerns include ruptures between household risks and financial system-preserving responses and new dangers of “climate redlining.”.
KW - climate risk
KW - Finance
KW - financial disclosure
KW - hazards
KW - housing
KW - mortgage finance
KW - United States
UR - http://www.scopus.com/inward/record.url?scp=85166755913&partnerID=8YFLogxK
U2 - 10.1080/07352166.2023.2229462
DO - 10.1080/07352166.2023.2229462
M3 - Article
AN - SCOPUS:85166755913
SN - 0735-2166
VL - 47
SP - 35
EP - 52
JO - Journal of Urban Affairs
JF - Journal of Urban Affairs
IS - 1
ER -