FHFA shines a spotlight on climate risk mitigation efforts
The Federal Housing Finance Agency (FHFA) has joined the Mitigation Framework Leadership Group (MitFLG), which organizes natural disaster mitigation efforts across the federal government.
The FHFA has announced its membership in the MitFLG, which aligns with its strategic plan and commitment to build on experiences with natural disaster response to prioritize climate risk at the agency and its regulated entities Fannie Mae and Freddie Mac.
Established in 2013 by the Federal Emergency Management Agency (FEMA), MitFLG comprises federal, state, local, tribal, and territorial public-sector representatives that assess the effectiveness of core mitigation capabilities nationwide. The group aims to strengthen the nation’s disaster resilience by expanding mitigation awareness, coordination, and action.
“Climate risk poses a serious threat to the US housing finance system,” the FHFA said in its press release. “Natural disaster events such as hurricanes, wildfires, and floods resulting from climate change present challenges for Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System along with homeowners and renters.”
“FHFA looks forward to working toward a coordinated, whole-of-government approach for resilience and mitigation measures that increase the housing finance system’s ability to manage and respond to climate risks,” said Daniel Coates, deputy director for the Division of Research and Statistics and executive sponsor of FHFA’s climate risk efforts.
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