Knuth, Sarah, Cox, Savannah, Zavareh Hofmann, Sahar orcid.org/0000-0003-1337-3896 et al. (3 more authors) (2023) Interrupted rhythms and uncertain futures:Mortgage finance and the (spatio-) temporalities of climate breakdown. Journal of Urban Affairs. ISSN 0735-2166
Abstract
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.”.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | Publisher Copyright: © 2023 The Author(s). Published with license by Taylor & Francis Group, LLC. |
Keywords: | climate risk,Finance,financial disclosure,hazards,housing,mortgage finance,United States |
Dates: |
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Institution: | The University of York |
Academic Units: | The University of York > Faculty of Sciences (York) > Environment and Geography (York) |
Depositing User: | Pure (York) |
Date Deposited: | 25 Sep 2024 23:17 |
Last Modified: | 15 Feb 2025 00:12 |
Published Version: | https://doi.org/10.1080/07352166.2023.2229462 |
Status: | Published online |
Refereed: | Yes |
Identification Number: | 10.1080/07352166.2023.2229462 |
Related URLs: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:217656 |
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Description: Interrupted rhythms and uncertain futures Mortgage finance and the spatio- temporalities of climate breakdown
Licence: CC-BY-NC-ND 2.5