An article in the Business Telegraph entitled “Climate change: the CMBS angle” explains:
“… $56bn in commercial mortgage-backed securities that are exposed to coastal flooding risk in the US, and it’s not pretty viewing.”
“It is often asked why US politicians are blasé about climate change, but we may suggest that will all change if the real estate of their high-profile donors begins to shed value as it slips into the sea. Suddenly, a Green New Deal, perhaps with state-subsidised housing insurance for victims of flooding, may not sound quite so bad.”
Coastal Flooding Risk Map