Reported about 6 hours ago
Federal Reserve Chairman Jerome Powell warns that a growing insurance crisis could lead to regions in the U.S. where obtaining a mortgage becomes impossible. During his testimony to Congress, Powell noted that banks and insurers are pulling out of high-risk areas due to climate change-related natural disasters, making mortgage approval difficult. He emphasized that housing affordability issues stem from a lack of supply, and while interest rate normalization may help, the long-term problems are beyond the Fed's influence.
Source: YAHOO