Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced its membership in the Mitigation Framework Leadership Group (MitFLG).
Climate risk poses a serious threat to the U.S. housing finance system. 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 E. Coates, Deputy Director for the Division of Research and Statistics and Executive Sponsor of FHFA’s climate risk efforts.
FHFA’s Strategic Plan for Fiscal Years 2022-2026 affirmed the Agency’s commitment to build on experiences with natural disaster response to ensure the prioritization of climate risk at the Agency and its regulated entities. FHFA additionally intends to learn from and contribute toward shared best practices for innovative and efficient mitigation measures nationwide.
About the Mitigation Framework Leadership Group
Established in 2013 by the Federal Emergency Management Agency (FEMA), MitFLG was formed to organize mitigation efforts across the federal government. The mission of MitFLG is to strengthen the nation’s disaster resilience by expanding mitigation awareness, coordination, and action. MitFLG also follows the priorities of the National Mitigation Investment Strategy released by FEMA in August 2019, and assesses the effectiveness of core mitigation capabilities across the United States. It is composed of federal, state, local, tribal, and territorial public-sector representatives.
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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac, and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $8.3 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter @FHFA, YouTube, Facebook, and LinkedIn.
Contacts:
Adam Russell Adam.Russell@FHFA.gov