Wildfires

As climate change causes more frequent disasters, more mortgages are at risk of going underwater. How can banks limit their exposure?

Until last month, Altadena was a flourishing melting pot. Now, with thousands of houses burned and no functioning banks, residents wonder if it will ever be the same.

The Bank of America branch in Altadena burned down last month. Now the bank must determine whether customers' prized possessions survived.

Nine bank branches, many belonging to top U.S. banks, were affected by the recent Los Angeles wildfires.

Catastrophic weather events illustrate the risks and opportunities for banks.

Financial services providers in the region say they're ready to do their part rebuilding Southern California after a series of devastating fires. For many regional and community banks, initial fire-damage surveys identified limited impact.

The insurance market going into the Jan. 7 catastrophe already had been hit with non-renewals and cancellations -- and an overburdened state-supported insurance plan. A Morningstar analyst said the state insurance commissioner's reform strategy could have turned it around but now faces new obstacles.

High winds continue to impede firefighters' progress in the Pacific Palisades and Eaton fires.

Bankers are putting pre-established action plans for disaster recovery into motion as wildfires in Los Angeles sweep across the region.