We identify two issues in the work of Ouazad and Kahn (2022). Correcting either reverses the original result. The two changes are to use the correct FHFA conforming loan limits for each county and year and to compare the individual loan amount to that limit correctly. There is no evidence that lenders transfer climate risk by altering loan origination and securitization behavior. None of our results calls into question the value and importance of the O&K model as a test for adverse selection. The question addressed and the setup of the test are important and should be replicated over time.

中文翻译：

---

逆向选择和气候风险：对 Ouazad 和 Kahn 的回应 (2022)

我们确定了 Ouazad 和 Kahn (2022) 工作中的两个问题。纠正其中任何一个都会颠倒原始结果。这两项更改是针对每个县和年份使用正确的符合 FHFA 的贷款限额，并将个人贷款金额与该限额进行正确比较。没有证据表明贷款机构通过改变贷款发放和证券化行为来转移气候风险。我们的结果都没有质疑 O&K 模型作为逆向选择测试的价值和重要性。所解决的问题和测试的设置很重要，应该随着时间的推移进行重复。