Fed chair told Congress that the country's spiraling insurance crisis spells future trouble for getting mortgages
Senior Reporter
The growing crisis in the insurance industry may make it hard to get a mortgage in parts of the country in the coming decades, Federal Reserve Chairman Jerome Powell said on Tuesday.
“If you fast-foward 10 or 15 years, there are going to be regions of the country where you can’t get a mortgage,” he said during his semiannual testimony to Congress, noting that banks and insurance companies have been pulling out of coastal and fire-prone areas they deem too high risk.