WASHINGTON—Fannie Mae is calling on the Federal Emergency Management Agency (FEMA) to set federal standards for how home sellers disclose flood risks to potential buyers.
In a letter to FEMA, Fannie Mae said federal standards would “shine a light on potential damages homeowners would face from climate change,” which it said has contributed to rising sea levels, stronger storm surges, and heavier rainfalls that increase flooding.
The government-sponsored enterprises (GSE) wrote to the agency in response to FEMA's request for information on the National Flood Insurance Program's floodplain management standards for land management and use.