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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