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Nov 12, 2019

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Marketplace Morning Report

The government is buying up mortgages with climate risk — report

Justin Ho Sep 30, 2019
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A man carries an American flag he found as he walks on the foundations of homes demolished by hurricane Michael in October 2018 in Mexico Beach, Florida.
Joe Raedle/Getty Images

A natural disaster like a flood or a hurricane can destroy and severely damage property — something we’ve seen happen in coastal regions during every hurricane season. This has, among other things, a big impact on the value of those homes and the mortgages their owners take on. There’s a new paper out today from the National Bureau of Economic Research that says banks have been offloading more of those risky mortgages to the federal government, leaving taxpayers on the hook if homeowners default.

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