Do mortgage lenders offload climate-exposed loans to government-sponsored enterprises?

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-07 DOI:10.1016/j.frl.2025.107749

Eszter Baranyai

引用次数: 0

Abstract

We investigate whether US residential mortgage lenders respond to climate change projections by offloading climate-exposed loans to government-sponsored enterprises (GSEs) which largely overlook global warming risks in their framework. Using difference-in-differences estimators we find that both banks and independent mortgage companies sold a higher proportion of loans to GSEs in areas most exposed to climate risks – based on our climate change indicator encompassing risks of extreme heat, drought and flood. This trend has been evident since 2013 but intensified after 2016, when granular climate projections became publicly available. In highly exposed areas only, GSE securitisation rates are inversely related to flood insurance coverage, suggesting one may act as a substitute for the other. While increased awareness of climate risks is a favourable development, the potential transfer of risk to the public sector and possible cross-subsidisation – where lower-risk areas bear costs for higher-risk regions – warrant policy attention.

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抵押贷款机构是否将与气候变化有关的贷款转移给政府支持的企业？

我们调查了美国住房抵押贷款机构是否通过向政府资助企业（gse）出售气候风险贷款来应对气候变化预测，这些企业在很大程度上忽视了其框架中的全球变暖风险。使用差中差估计器，我们发现银行和独立抵押贷款公司在最容易受到气候风险的地区向gse出售的贷款比例更高——基于我们的气候变化指标，包括极端高温、干旱和洪水的风险。这一趋势自2013年以来一直很明显，但在2016年之后加剧，当时粒状气候预测公开可用。只有在高度暴露的地区，政府支持企业的证券化利率与洪水保险覆盖率呈负相关，表明其中一种可能替代另一种。虽然气候风险意识的提高是一个有利的发展，但潜在的风险转移到公共部门和可能的交叉补贴——低风险地区承担高风险地区的成本——值得政策关注。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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