David Burt helped two of the protagonists of Michael Lewis' book The Big Sh...
NEW YORK - David Burt helped two of the protagonists of Michael Lewis’ book The Big Short bet against the U.S. mortgage market in the run-up to the 2008 financial crisis. Now he’s betting against the market again, but this time, the risk is not from underwater subprime mortgages, it’s from homes sinking under water.
“The market’s failure to integrate climate science with investment analysis has created a mispricing phenomenon that is possibly larger than the mortgage credit bubble of the mid-2000s,” Burt wrote in a presentation to prospective clients. These maps determine the premiums on government-sponsored home insurance policies. Due to budget cuts, more than three-quarters of the maps have not been updated in at least five years, according to First Street Foundation, an organization that is developing a publicly accessible database of up-to-date flood risk information.
The Federal Emergency Management Agency has said it aims to fix some of these problems with a major risk re-rating on Oct. 1, 2020.
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