Fed's Powell says some areas of U.S. may be ‘uninsurable’ in next decade | ABA Banking Journal

He predicted that in "10 or 15 years there are going to be regions of the country where you can't get a mortgage."

Federal Reserve Chair Jerome Powell told the Senate Banking Committee that some areas of the United States may be uninsurable in coming years. Testimony during the Fed’s recent semiannual monetary policy report to Congress, Powell said that insurance companies and banks are already “pulling out of coastal areas, areas where there are a lot of fires.” He predicted that in “10 or 15 years there are going to be regions of the country where you can’t get a mortgage.” He noted that the issue likely would fall on homeowners and on state and local governments. “I don’t know that it’s a financial…

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• Omkar Gadewar

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